New technology could recover more oil from early Bakken wells

Oil companies are applying new hydraulic fracturing techniques to early Bakken wells, a process industry leaders say has the potential to recover more oil without increasing the footprint on the land. Operators are targeting wells drilled between 2008 and 2010, the early years of Bakken development before fracking technology advanced to where it is today. […]

Shale production may soon hit a wall

A decade or so ago I was doing a TV interview and talked about a technology called horizontal fracturing and shale oil that might one day make the U.S. energy independent and I was laughed off the air. You see back then the concept of energy independence was thought to be an impossibility. Fast forward […]

Shale a sword of Damocles over oil

Opec and non-Opec members decided during their meeting on May 25 to renew their production agreement at current levels for another nine months. In a joint statement Khalid Al Falih, the Saudi Arabian energy minister, and the Russian energy minister, Alexander Novak, stressed the need for an inventory target, rather than a price one. This […]

Oil majors submit surveys to develop Iran’s Azadegan

International energy companies including Total, Petronas and Inpex, have presented technical surveys for the development of the Azadegan oilfield, an Iranian oil official was quoted as saying on Saturday. Tehran is looking to ramp up its crude output and with 37 billion barrels of oil, the Azadegan field is Iran’s largest, shared with its neighbor […]

The Dark Side Of The Oil Tech Boom

As artificial intelligence becomes ever more attainable and tech start-ups continue to divide and multiply, traditional oilfield research and development is going the way of the buffalo. Drilling is still an inexact and complex process, with high costs of labor and environmental damages. In the wake of the past years’ oil slump, energy industries are looking […]

Building blockchains in energy markets

The idea of using blockchain technology to ease trading in the energy and commodities markets is cropping up more and more. Famously, blockchain is the technology behind cryptocurrency Bitcoin. Blockchains can be public, as with Bitcoin, or private, such as a group of traders. The individual participant receives an online wallet that can be charged […]

Digging the Graveyard of Oil’s Past

Moored off the port of Rotterdam, Netherlands, Pioneering Spirit looms so large that it is difficult to recognize as a ship. The crew of 450 is dwarfed by the cranes and pipes that dominate the sprawling layers of decks. For decades, Edward Heerema, head of Allseas, the Swiss-based energy services company, dreamed of building a […]

US oil output poised to hit 10 million barrels a day next year, breaking 1970 record

The U.S. Department of Energy on Tuesday signaled it is now more confident that U.S. oil production will rise to 10 million barrels a day next year, the highest average annual level on the books. The department’s Energy Information Administration forecast output would surge to the historic level in 2018 after last month projecting the […]

Big oil, small US towns see new reward in old production technique

Amid the frenetic activity of American shale oilfields recovering from a two-year recession sit a handful of oil towns that seemed impervious as many producers went into bankruptcy and the economy around them sank. Occidental Petroleum Corp (OXY.N) and a few other oil producers with wells near this town on New Mexico’s border with Texas […]

Saudi Arabia vs. Russia: The fight to become China’s top oil supplier

Crashing oil prices brought Russia and Saudi Arabia closer together than ever. But now, a race to satisfy China’s huge energy needs threatens to drive them apart. Russia and Saudi Arabia have closely coordinated their efforts to eliminate a massive oil supply glut that sent crude prices crashing last year to unthinkably-low prices. They agreed, […]

Crude Oil Begins To Flow Through Controversial Dakota Access Pipeline

Crude oil is now flowing through the Dakota Access Pipeline, despite months of protests against it by Native American tribes and environmental groups. The pipeline spans more than 1,000 miles from North Dakota to Illinois and cost some $3.8 billion to construct. It is expected to transport approximately 520,000 barrels of oil daily. “Construction on […]

Oil Price Target: $0

This is not a joke, but neither should you worry if you are long oil, as the price will most likely hit (at least) $100 long before it heads south, and that is due to a rising deficit between oil production and new oil discoveries (exhibit 1). Exhibit 1: Oil discoveries vs. oil production (globally) […]

Has Permian Productivity Peaked?

The U.S. shale industry might have just received a huge windfall with the nine-month extension of the OPEC cuts. Shale output was already expected to come roaring back this year, but the extension of the cuts provides even more room in the market for shale drillers to step into. The sky is the limit, it […]

Energy Return on Investment of Canadian Oil Sands Extraction from 2009 to 2015

Abstract : Oil sands, as unconventional oil, are so essential to both Canada and the world that special attention should be paid to their extraction status, especially their energy efficiency. One of the most commonly used methods to evaluate energy efficiency is the Energy Return on Investment (EROI) analysis. This paper focuses on EROI analysis […]

‘Axis of love’: Saudi-Russia detente heralds new oil order

A meeting between the two men who run Russia and Saudi Arabia’s oil empires spoke volumes about the new relationship between the energy superpowers. It was the first time that Rosneft (ROSN.MM) boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting – going beyond the numerous times they had […]

Oil Tanker Passing Through Red Sea Attacked By Unknown Militants

An oil tanker passing through the Red Sea near Yemen suffered an attack on Wednesday perpetrated by unknown agents, according to the European Union’s naval forces. The assailants used rocket-propelled grenades on a tanker bearing the Marshall Islands’ flag in the Bab al-Mandab Strait, which is the focus of the proxy war between Saudi Arabia […]

Texas Update, May 2017

The Chart above compares several different combinations of past (vintage) data to estimate output. The dotted line is based on the most recent 8 months (August 2016 to March 2017) of data saved from the RRC website, the blue solid line is based on the past 12 months of data, and the yellow line is […]

Venezuela: The Brutal Consequences Of Oil Addiction

Oil prices continue to waver after an 18-month slump, and the world’s most oil-dependent nations are feeling the effects. Saudi Arabia, home of the world’s biggest oil company Saudi Aramco, has announced that they intend to become completely independent of oil by 2030. While this news looms large for the industry and stands starkly as […]

No, US Shale Drillers Have Not Won A War With OPEC

More than 200 U.S. energy companies filing for bankruptcy in less than 2 years; A commodity price about half of what it was 3 years ago; Rig count half of the 2014 level; An industry just now beginning recover from large layoffs during 2015 and 2016. If the current state of the U.S. upstream oil […]

China, Japan mine seas’ frozen gas

Commercial development of the globe’s reserves of a frozen fossil fuel known as “combustible ice” has moved closer to reality after Japan and China successfully extracted the material from the seafloor off their coastlines. But experts said Friday that large-scale production remains many years away — and if not done properly could flood the atmosphere […]

Saudi Arabia, Russia push to extend oil output cut until March 2018

Saudi Arabia and Russia, the world’s top two oil producers, agreed on Monday on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in a statement they would […]

Texas is back as King of the oil world

Weekly US oil production is back to 9.3 million barrels per day and is nearing the 9.6 million barrel peak in mid-2015. OPEC raised its outlook for U.S. production growth by 285,000 barrels a day to 820,000 a day in 2017. The number of drilling rigs operating in the country has more than doubled since […]

OPEC to U.S.: Please produce less oil for the ‘prosperity of the world economy’

OPEC, the oil cartel really cares about the world. That’s the message of a new monthly report issued Thursday. OPEC says what the world needs now is a bit less supply on the global oil market. In particular, they would really appreciate it if the United States would stop producing so much damn oil…for the […]

A Sobering Look At The Future Of Oil

The current discussion about the future of oil is how soon will it be before petroleum becomes a sunset industry. If it isn’t already. Flat or falling demand. Carbon taxes. Electric cars. Renewable energy. Oil has no future. It is only a matter of time, although how much time remains is subject to considerable discussion […]

Russian supply vs production

Extending the deal with Opec is the only barrier to oil-output growth in 2017. But Russian exports should keep rising whatever is decided in Vienna Despite financial and technological sanctions, lower oil prices and the depletion of mature fields, Russian oil firms lifted output in 2016 by 2.6%, to 11m barrels a day—within touching distance […]

Saudi Arabia: Oil Output Cuts Could Run ‘Beyond’ 2017

Saudi Arabia’s oil minister said he is confident that an agreement by oil producers to curb output and shrink a market glut will be extended into the second half of the year and possibly beyond. While U.S. shale output growth and refineries shut for maintenance have slowed the impact of cuts by OPEC and its partners, producers […]

Can the US Become the Saudi Arabia of Natural Gas?

The Department of Energy gave a Texas-based energy company permission Tuesday to export liquefied natural gas (LNG) to countries with which the U.S. does not have free trade agreements. Golden Pass Products will build an LNG export terminal capable of shipping 2.21 billion cubic feet per day (Bcf/d) of natural gas around the world. It’s […]

Russia announces oil production milestone above Arctic Circle

Nearly 200 tankers have left an oil field above the Arctic Circle in Russia that’s passed the production milestone of 35 million barrels, Gazprom Neft said. A subsidiary of Gazprom Neft, the oil arm of Russian energy company Gazprom, said Friday total cumulative production from the Novoportovskoye field above the Arctic Circle has reached 5 […]

All Eyes On Saudi Arabia As OPEC Begins To Unravel

Has OPEC failed? That’s the question analysts have begun to ask, approaching the group’s next meeting later this month. When the members gather at their headquarters in Vienna, it will likely be to agree on an extension of production cuts in place since January. Those cuts, originally intended to re-balance markets and boost prices, had an […]

Chevron Drilling VP: Oil, Gas Needs to be Innovative, but Make Money

Technological innovation is a hot topic for oil and gas operators and service companies. During a Tuesday panel at the Offshore Technology Conference, some of the industry’s leaders shared how to embrace innovation while maintaining profit margins. When industry panelists were asked if profit margins did, in fact, stifle innovation, responses were mixed. “That’s precisely […]

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy