EIA Short Term Energy Outlook

The EIA’s Short Term Energy Outlook is out. The data is in million barrels per day. Not much has changed in the EIA’s projection since last month, however their projection for the remainder of this year and next year has increased slightly. The EIA has Non-OPEC total liquids peaking, so far, in 2015. They have Non-OPEC […]

The Seneca Cliff of Oil Production

  The concept of the “Seneca Cliff” seems to have gone mainstream. Below, it is mentioned in a recent post by Dennis Coyne on “peakoilbarrell” as an obvious concept. Just as when you say “Gaussian Curve”, you don’t have to specify what shape the curve has, so it is for the “Seneca Curve”. It looks like I started […]

‘We’re just not competitive’: Why the oil patch can’t cut its way to growth

No matter how much Canadian oil sands producers cut costs, John Stephenson argues it can never be enough. While the CEO of Stephenson & Co. noted some players in the sector will be able to squeeze out tiny profits in a US$50 per barrel oil price environment – Husky Energy and Suncor Energy, for example, […]

Bakken Shows: U.S. Tight Oil Production is Up Against its Limits

Geology, drilling efficiency and increased focus on the best producing areas have all contributed to the dramatic increase in drilling productivity over the last 10 years in the Bakken, argue Jilles van den Beukel (ex-Principal Geoscientist with Shell) and Enno Peters. The contribution from technology is much smaller; for a given well location the well […]

Bank of Scotland warns of further North Sea pain after ‘severe’ oil slump

North Sea oil companies are poised to make even deeper cuts to the embattled workforce this year as almost half say that costs need to fall further to manage the aftermath of the oil market crash. The Bank of Scotland has warned that nearly a third of companies are planning further job cuts to survive […]

Saudis Pledge Not To Shock Oil Market As OPEC Clash Looms

Saudi Arabia promised on Thursday not to flood the oil market with extra barrels as OPEC headed into a heated debate about production policy, with Iran insisting on the right to raise output steeply. Tensions between the Sunni-led kingdom and the Shi’ite Islamic Republic have been the highlights of several previous OPEC meetings, including in […]

On Track for a Golden Age of Gas?

The global energy industry must overcome significant new challenges if natural gas development is to achieve the vision of a Golden Age of Gas. Low energy prices and reduced investment are only half the battle as regulations complexify and organized opposition grows. Five years ago the International Energy Agency (IEA) issued a report entitled, “Are […]

Nigerian oil production halved as militants blow up pipelines

Militants blew up strategic gas and crude pipelines belonging to Shell and Agip on Saturday in an increasingly fierce campaign that has chopped Nigeria’s oil production in half, militants and residents said. A new militant group, calling itself the Niger Delta Avengers, reported in social media that they had dynamited the trunkline linking the Dutch-British […]

Oil Production: Low And Heading Lower

Summary Oil prices have been generally higher recently, driven by a number of factors, including a drop in crude and overall inventories. In addition, oil production is still seeing declines week after week and demand, while taking a small dip, is still very strong. Add to all of this the fact that the rig count […]

Global 4.5% Oil Production Decline Rate Means No Near-Term Peak

The missing link for understanding the future of world oil supply – a solidly based view of oil field decline rates – has now been filled by a new field-by-field analysis of production data by Cambridge Energy Research Associates (CERA) and IHS Inc. The aggregate global decline rate is 4.5 percent, rather than the eight […]

Peak Oil 2.0: Is It Time to Panic?

Longtime energy investors remember the days before hydraulic fracking and horizontal drilling. Back then, everyone was concerned about peak oil. In case you need a refresher, peak oil is the idea that we’ve hit the maximum rate of oil extraction. From there, production can only dwindle. That idea might sound silly today. After all, the […]

Iranian Sanctions Repealed – Focus On Natural Gas

Summary Iran is resuming energy exports and foreign vessels are able to call on Iranian Ports. While most focus on crude, the potential of natural gas is largely ignored. Iran is poised to become a leading producer and exporter of natural gas which could redefine the nation and impact the global energy landscape. Since the […]

8 Countries that Produce the Most Natural Gas in the World

These 8 countries that produce the most natural gas in the world are fully devoted to milking the cow while it lasts. Before we head on to the biggest natural gas producers in the world, let us first say something about the process of natural gas formation and the history of its use. Natural gas is […]

The IEA’s crude production forecasting dilemma

Since its creation more than 40 years ago, the International Energy Agency has side-stepped predictions of OPEC crude production, acutely aware that the producer group’s output quotas made the job at best tricky, at worst politically inexpedient. But this may be about to change. Next month, the IEA is considering publishing “scenario” forecasts of OPEC crude production for the […]

Africa’s largest oil producer has been dethroned

Nigeria has been dethroned as Africa’s largest oil producer. Nigeria’s oil production is now below that of Angola after various attacks on energy infrastructure by a new militant group called the Niger Delta Avengers, according to the BBC. Data cited by RBC Capital Markets’ commodities team in an early-May research note shows that Angola’s oil […]

Energy future in U.S. bright

Group predicts country to become net exporter for 1st time since ’50s It’s just a projection, but the annual energy outlook for the United States looks bullish, with most sectors growing in the coming years and the nation well on its way to moving from being a net energy importer to a net exporter. “That […]

Shell, Exxon Seen as Majors Most Exposed to Nigeria Attacks

Shell may be losing almost 50,000 barrels a day, says Rystad Exxon fields linked to Qua Iboe terminal also vulnerable Royal Dutch Shell Plc and Exxon Mobil Corp. are the international oil companies most exposed to violence in the Niger River delta that has cut Nigeria’s output and fueled a rally in global crude prices, […]

EIA’s Annual Energy Outlook and the Seneca Cliff

The scenario above shows an Oil Shock Model with a URR of 3600 Gb and EIA data from 1970 to 2015 and the Annual Energy Outlook (AEO) 2016 early release reference projection from 2016 to 2040. The oil shock model was originally developed by Webhubbletelescope and presented at his blog Mobjectivist and in a free […]

The Other Fire: Fort McMurray’s Slow Burn

At the end of the day the $10-billion wildfire that consumed 2400 homes and buildings in Fort McMurray may be the least of the region’s problems. Although the chaotic evacuation of 80,000 people through walls of flame will likely haunt its brave participants for years, a slow global economic burn has already taken a nasty […]

Something Stunning Is Taking Place Off The Coast Of Singapore

“I’ve been coming to Singapore once a year for the last 15 years, and flying in I have never seen the waters so full of idle tankers,” – Senior European oil trader a day after arriving in the city-state.   Back in November, when the world-record crude inventory glut was still in its early innings, […]

Bakken’s 1 Million b/d Production Unlikely to Hold

With the number of uncompleted wells continuing to rise in the Bakken Shale, it is doubtful the 1 million b/d production level can be maintained into next year, North Dakota chief oil/natural gas official Lynn Helms said Thursday in releasing the state’s latest production statistics. Noting that he expected a bigger drop than 10,000 b/d […]

We are all Albertans now

It would be easy–too easy–to point to the wildfires which have devastated huge areas of northern Alberta near Fort McMurray, the hub of tar sands mining in Canada, and say that Albertans are reaping what they have sown. Yes, it’s true that climate change is coming to one of the very areas which is contributing […]

Why Pipelines Still Rule

When assessing U.S. oil production declines and what it means for midstream companies many times we are asked, “What happens to crude oil pipeline volumes if production declines as the EIA expects, by approximately 800,000 barrel per day (bpd) compared to 2015?” That’s a very good question. To clarify, the 800,000 bpd decline in U.S. […]

OPEC Pumps More Oil After Freeze Talks Fail

OPEC said the global oil market remains oversupplied and pointed to a larger supply surplus on the market this year, as its own surging output makes up for losses in outside producers hurt by the collapse in prices. Supply from the Organization of the Petroleum Exporting Countries is climbing after sanctions on Iran were lifted […]

Kuwait Plans To Ramp Up Oil Production By 44% Before 2020

A senior Kuwait Petroleum Corp official has confirmed to media the company’s plans to increase production by 44 percent to almost 4 million barrels a day in 2020. The plan is a continuation of current attempts to pump as much crude as possible and tender new E&P projects in the Persian Gulf. In addition, Kuwait […]

Oil Needs Two Saudi Arabias

I know, I know. What with tracking Canada’s wildfires and Nigeria’s unrest, you can barely tell where oil’s going in the next 25 minutes, let alone 25 years. Unpredictable, That’s What You Are Someone has to try, though. So on Wednesday, the Energy Information Administration released its annual International Energy Outlook, with projections through 2040. […]

Saudi Arabia: We’ll pump more oil… and prices will rise

Saudi Arabia thinks the world needs more oil, not less. Saudi Aramco, the kingdom’s state-owned oil company, will continue to increase production to meet rising demand, its chief executive said Tuesday. And he expects prices to start rising by early 2017. “Supply and demand will come into balance by the end of the year, or […]

Oil Sands City Saved From Fire’s Worst

Alberta premier’s declared Canada’s oil sands city saved and said a plan will be put together within two weeks so 88,000 residents forced to evacuate can return to their homes. At least two neighborhoods in Fort McMurray were scenes of utter devastation with incinerated homes leveled to the ground from a wildfire that the city’s […]

Venezuela’s power struggle a race against time: Fuel for Thought

Venezuela’s oil industry is at risk of grinding to a halt, along with the rest of the nation, as El Guri, Venezuela’s largest hydroelectric power facility, could see a drop in output of 3,800 megawatts if eight of 18 turbines are shut down. That would be roughly a quarter of the power produced in the […]

World Rig Count Still Falling

Baker Hughes recently published their International Rig Count. This rig count is at the end of April. It does not include the US, Canada, any of the FSU countries or inland China. The count includes both oil and gas rigs. Total International Rigs stood at 946 in April, down 39 for the month and down […]

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