US Crude Oil Production — Hubbert Peak Oil Theory Revisited

US crude oil production. Link here. I find it incredible such “authoritative” sources as Wikipedia have not updated their “Hubbert Peak Theory” post. Hubbert Peak Theory describes a bell-shaped curve, not “twin peaks.” The Million Dollar Way (The Bakken Oil Blog)

The Energy Giant Taking Over Kurdistan

After the steady buildup of a burgeoning strategic partnership between the Russian national oil company and Kurdistan’s Regional Government (KRG), the year 2018 threw cold water on the ambitious plans of the two sides. Having signed an oil supply contract in February 2017 and an oil and gas infrastructure ownership takeover deal in September, Rosneft […]

US sold oil with high levels of dangerous chemical

Three firms that bought oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Department of Energy emails and shipping documents reviewed by Reuters.

Russian Arctic natural gas comes to India

It was the first ever shipload of Russian Arctic LNG to India. And more is to come. According to Lev Feodosev, Deputy Chairman of Novatek’s Management Board, the Asian market is considered of major importance for the company’s LNG project in Yamal. «One of our main priorities, which is laid down in the company’s strategy until […]

Mexico’s Oil Reserves Drop Again Despite Recent Discoveries

Mexico’s proven oil and gas reserves dropped again last year, after new certified discoveries—mostly by private foreign operators—were unable to keep pace with current production. According to data by Mexico’s National Hydrocarbons Commission (CNH), the country’s proved total oil and gas reserves were 8.484 billion barrels of oil equivalent as of January 1, 2018, which […]

Oil’s Seven Sisters Enter a ‘Golden Age’

The world’s largest oil companies have survived a life-changing crisis, and are now poised to reap the rewards, Goldman Sachs Group Inc. said. Big Oil is in a sweet spot with rising oil prices and low operating costs, leaving them with the biggest cash-flow growth in two decades and boosting earnings, Goldman said in a […]

OPEC Supply Cut Compliance Hits Record, Oil Glut Going Fast

Compliance with a global deal to cut oil supply hit a new high in February and an inventory glut is shrinking fast, a joint OPEC and non-OPEC committee said, bringing producers close to the pact’s original aim. OPEC and its allies achieved 138 percent of pledged output reductions last month, OPEC said, up from 133 […]

EIA Production estimates are way off the mark and so too may be future United States energy dominance

The term energy dominance has been eschewed by the US Department of Energy as the end game of the shale revolution with the resurgence of production to all time highs (oil, natural gas and NGL’s). Politicians and the media are singularly focused on when, not if US oil production will eclipse Russia (at 11.3 million […]

The Middle East and Russia are ill-prepared for a low-carbon future

THE HIGHLIGHT OF a trip to the vast Shaybah oil field in Saudi Arabia’s “empty quarter” is a stroll at dusk to the top of a range of silky sand dunes. There you can watch the sun set over the pride of the Saudi petroleum industry as a muezzin in the mosque below strikes up […]

Ghana is ‘about to have an oil boom’

Ghana, the west African nation known as one of the world’s largest cocoa producers, is on course for skyrocketing economic growth this year thanks to an entirely different commodity. Ghana is “about to have an oil boom,” Imad Mesdoua, senior consultant for Africa at Control Risks, told CNBC via telephone. “This will primarily be driven […]

North Sea Back to ‘New Normal’

The North Sea is now back to a ‘new normal’ but we are never likely to go back to the heyday of 2014, according to Kevin Swann, Wood Mackenzie (WoodMac) UK upstream research analyst. “Cost cutting has been widespread with an average reduction of more than 30 percent in operating expenditure across the North Sea,” […]

China Now Produces More Oil Abroad Than At Home

China is among the most import-dependent large oil consumers, but imports, it seems, are not its only problem when it comes to oil. Apparently, production from assets the Chinese state oil companies own abroad now exceeds domestic production, increasing the country’s dependency on foreign oil. That in itself is not the problem, writes Michael Lelyveld […]

Saudi Arabia Plans Its Own Shale Revolution

Saudi Arabia has big gas plans, with Aramco eyeing a twofold increase in its natural gas production over the next ten years as it seeks to switch local power plants to gas from oil, so it can export more crude. This gas, apparently, could come from shale deposits. The World Energy Council estimates that Saudi […]

Aging Oil Fields Defy Gravity to Pump More Crude

Bob Dudley, in his 38 years in the oil industry, has never seen anything like what happened with BP Plc’s old fields last year: They gushed more crude. “I cannot remember ever in my career having seen a negative decline rate,” the British oil-giant’s chief executive officer said in an interview on the sidelines of […]

ESTIMATING TEXAS PRODUCTION-BRIDGING THE GAP

A Guest Post by Guy Minton (Details for the chart above are explained in the post.) The Texas Railroad Commission (RRC) had the oil and gas production reported online in early 2005, and became fully online for producers and the public on Feb 14, 2005. At the time it was set up, it required the […]

Heinberg: New U.S. Record-Level Oil Production! Peak Oil Theory Disproven! Not.

Well, I’m amazed and impressed. Tight oil production has pushed total United States petroleum output to more than 10 million barrels a day, a rate last seen almost a half-century ago. It’s a new U.S. record. Fifteen years ago I was traveling the world with a Powerpoint presentation featuring a graph of U.S. oil production […]

‘Global oil sector needs $20tr investments over 25 years’

The global oil and gas industry needs to invest more than $20 trillion (Dh73.4 trillion) over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, Saudi Aramco Chief Executive Officer Ameen Nasser said on Tuesday. Speaking at the CERAWeek conference in Houston, Nasser said the […]

IEA Predicts Nightmare Scenario For OPEC

The U.S. will supply much of the world’s additional oil for the next few years, according to a new report from the International Energy Agency (IEA). Over the next three years, the U.S. will cover 80 percent of the world’s demand growth, the IEA says in its newly-released Oil 2018 annual report. Canada, Brazil and […]

US Will Be the World’s Largest Oil Producer by 2023, Says IEA

The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday. U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from […]

Peak Oil? What Peak Oil?

On February 23, 2018, this from the blog: Peak oil? What peak oil? During the past two years there have been numerous articles on lack of investment in offshore projects which some suggest are desperately needed to forestall a shortage of oil in the out year (think, “Peak Oil”). Today, from a GlobalData press release: […]

The Shale Wonderland

The world was taken aback when oil prices fell dramatically early this year. We had grown used to oil at over US$100/barrel. To drop to about half was unprecedented. Many in the oil production business are desperately revising their budgets; the rest of us are starting to enjoy an improved cash flow. Of course, what […]

Offshore Oil Recovery Beginning in World’s Harshest Environments

Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year, Jeremy Thigpen, Transocean’s Chief Executive officer told analysts and investors in […]

Russia Is Taking Over Syria’s Oil And Gas

It finally happened… In accordance with an energy cooperation framework agreement signed in late January, Russia will have exclusive rights to produce oil and gas in Syria. The agreement goes significantly beyond that, stipulating the modalities of the rehabilitation of damaged rigs and infrastructure, energy advisory support, and training a new generation of Syrian oilmen. […]

Russia’s oil production in Arctic may hit peak in 2020s

Russia’s oil production in the Arctic will reach peak levels in the 2020s, head of the state commission on natural resources Igor Shpurov said. Over 2017, he said, Russia produced in the Arctic about 76 million tonnes of oil, and the production would be growing to 2026 hitting a record of 122 million tonnes a […]

Clean Oil That Only Costs $20

The United States is in the midst of an energy revolution. Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies. The proof is in the numbers. […]

Venezuela oil production is plummeting

Venezuela’s main source of cash is dwindling at a breathtaking pace. The country’s oil output in January fell to its lowest level in nearly 30 years, not including a brief oil strike in 2003, according to S&P Global Platts. A monthly OPEC report published Monday revealed Venezuela pumped 1.6 million barrels of oil per day […]

The Crisis Engulfing Venezuela’s Oil Patch Is Far Worse Than Anticipated

Summary Venezuela’s oil industry is caught in a deep-crisis. There are signs that oil production is declining at a faster rate than many analysts are anticipating. If output drops as sharply as it appears to be it could dislocate anywhere up to 900,000 barrels daily from global supplies bolstering prices. President Maduro’s attempts to hang […]

From shortage to surplus: Where will energy innovation take us next?

Forty-five years ago, I passed my driving test and giddily slipped my driver’s license into my wallet, ready to enjoy the freedom that a dollar’s worth of gas – then 28 cents a gallon at the local Hess station – could provide. Several months later, those prices had just about doubled. My mother was waking […]

Kunstler: Party On, Dudes

As of this week, the shale oil miracle launched US oil production above the 1970 previous-all-time record at just over ten million barrels a day. Techno-rapturists are celebrating what seems to be a blindingly bright new golden age of energy greatness. Independent oil analyst Art Berman, who made the podcast rounds the last two weeks, […]

US Oil Production Will Collapse Just As Quickly As It Increased

While U.S. oil production reached a new peak of 10.25 million barrels per day, the higher it goes, the more breathtaking will be the inevitable collapse. Thus, as the mainstream media touts the glorious new record in U.S. production that has both surpassed its previous peak in 1970 and Saudi Arabia’s current oil production, it’s […]

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