The Bakken LTO extraction in Retrospect and a Forecast of Near Future Developments

In retrospect, it becomes easier to understand the amazing growth and resilience of Light Tight Oil (LTO) extraction from Bakken (and other US tight oil plays) if the effects from the use of huge amounts of debts (including assets and equities sales) is put into this context. Debt leverage together with a high oil price […]

World Crude plus Condensate Decline Rate

There is concern that World C+C may decline steeply after the peak, I believe those concerns are over blown. There is always the possibility that there could be a severe recession due to high debt levels, high oil prices or potentially due to both problems in combination. War and environmental damage due to overpopulation are […]

This is what could end the oil rally

Oil’s rally could fizzle if there’s no agreement among major producers for a freeze later this month, and the ripples could be felt across global markets. “It totally matters. The market goes up and down by who said what last,” said John Kilduff, partner at Again Capital, of the meeting. “I don’t think there’s going […]

Iran Says Oil Output Will Hit Presanctions Level In A Year

Iranian Oil Minister Bijan Namdar Zanganeh said on state television on April 6 that the country’s crude output within a year will reach the presanctions peak of 4 million barrels a day. Iran’s oil exports by March 2017 will reach 2.25 million barrels a day, thanks to the lifting of economic sanctions in January under […]

Shale Euphoria: The Boom and Bust of Sub Prime Oil and Natural Gas

Those whom the gods wish to destroy they first send mad Introduction The aim of this article is to show that the shale industry, whether extracting oil or gas, has never been financially sustainable. All around the world it has consistently disappointed profit expectations. Even though it has produced considerable quantities of oil and gas, […]

Saudi Arabia and Iran’s Oil Production Proxy War

Angus Blair, chairman at Signet Institute, talks about the relationship between Saudi Arabia and Iran and optimism for the Saudi Aramco IPO. He speaks on “Bloomberg Surveillance.”

Russian oil output highest in 30 years

Russia’s oil production rose 0.3 percent to 10.91 million barrels per day in March, its highest level in nearly 30 years, raising questions over Moscow’s commitment to freeze output ahead of a producers’ meeting in Doha later in April. Energy Ministry data on Saturday showed that in tonnes, oil output reached 46.149 million in March […]

Saudi to Join Oil Output Freeze Only if Iran Joins

Saudi Arabia will agree to freeze crude oil production levels only if Iran and other major producers do so, the kingdom’s deputy crown prince said in an interview with Bloomberg. Iran has said it will not join fellow OPEC and non-OPEC members in a plan to be discussed in a Doha conference on April 17 […]

Saudi Arabia is Freezing Oil Production By Default

When you are already pumping as much oil as you possibly can – by default – you are forced to freeze production, or agreeing to a production freeze.

Is U.S. Shale Oil & Gas Production Peaking? Part II: Oil Production

In Part I of this post, I discussed production of gas from the four largest shale plays in the U.S. Ordered by production levels, these are the Marcellus, Barnett, Haynesville and Fayetteville shales. In my mind it is quite unlikely that much new drilling will occur in Fayetteville and Haynesville. There will be some drilling […]

Is U.S. Shale Oil & Gas Production Peaking? Part I: Gas Production

by Tad Patzek. Part I of this post shows my calculations of ultimate gas recovery from the Barnett, Fayetteville, Haynesville and Marcellus shales. They might deliver 6-7 years of natural gas consumption in the U.S. in 2015, or might deliver only 3 years worth of U.S. gas consumption. In Part II, I will show my […]

Shale Is the Odd Man Out in Oil Reckoning

After delaying the inevitable, rapid decline rates are poised to catch up with shale crude producers, giving them a big role in balancing the global crude market The world oil market is starting to resemble the old slapstick gag about the French Foreign Legion. The sergeant needs a volunteer to take a step forward for […]

Norwegian Crude Oil Reserves And Extraction per 2015

In this post I present actual Norwegian crude oil extraction and status on the development in discoveries and reserves and what this has now resulted in for expectations for future Norwegian crude oil extraction. This post is also an update of an earlier post about Norwegian crude oil reserves and production per 2014. Norwegian crude […]

U.S. Production of Hydrocarbon Gas Liquids Expected to Increase Through 2017

Source: U.S. Energy Information Administration, Short-Term Energy Outlook, March 2016. Note: Butanes include both normal butane and isobutane. U.S. production of hydrocarbon gas liquids (HGL)—a group of products including ethane, propane, butanes, and natural gasoline—is expected to increase from 3.86 million barrels per day in 2015 to 4.33 million b/d in 2017, according to EIA’s […]

Fracking fuels half of U.S. output

The rise of fracking has reshaped the global energy landscape. It recently hit a new milestone in the U.S. Fracking now accounts for more than half of all U.S. oil output, according to the Energy Information Administration. It’s a stunning feat considering fracking made up less than 2% of American oil production in 2000. Hydraulic […]

Deepwater Horizon – The Movie

Due out in September apparently.

This Isn’t The 1985 Oil Glut, Dont Expect A 20 Year Bear Market

Summary Expectations are for oil prices to trend lower in the coming weeks as the recent gains were probably a relief rally. The dollar should continue to weigh on oil prices through year end as the US economy significantly outperforms markets abroad. Although we have seen improvements in contango and current prices, the 3.1 billion […]

Russia pulls 10 millionth barrel of oil from Arctic

Russian oil company Gazprom Neft said it reached a milestone with production at its Arctic Prirazlomnoye field with its 10 millionth barrel of oil. “The 10-millionth barrel of oil is a major landmark, proving that oil production on the Arctic Shelf can be both safe and viable,” Gennady Lubin, the company’s executive director for operations […]

Peak oil delayed but not over

Some analysts say peak oil is over and the current global supply of oil proves it. A closer look suggests peak oil remains an issue but it is occurring differently than had been projected. The peak oil concept was based on the scientific understanding that the amount of conventional, low cost oil in the ground […]

Oil Price Spike Could Be Coming Soon

Oil and gas companies have canceled more than $100 billion in investments and have slashed tens of thousands of jobs in the past year amid the collapse in oil prices. Now an oil shock may be on the way as those cutbacks drive a significant drop in crude supplies, a senior executive from the International Energy Agency […]

Oil search in Arctic is safe claims Statoil

Ice, extreme temperatures and a vulnerable environment are all surmountable challenges as drillers set out to hunt for oil in a new area of Norway’s Arctic Barents Sea, according to Statoil and other explorers. Studies by Statoil and 15 other companies such as Shell show there have been only a “few days” of sea ice […]

Sudan will never recover earlier production levels

South Sudan’s oil ministry has concluded that oil production is in quick decline, and future production will not reach even half of its peak 2010 levels even if all the oil fields began pumping again, according to ministry documents seen by Radio Tamazuj. South Sudan has developed oil reserves in Upper Nile and Unity states, […]

A First: Iraq Exports Natural Gas

New Revenue Source: Iraq ships 10,000 standard cubic feet of gas in first ever export The first ever natural gas export left Iraq’s southern coast yesterday, according to reports from the Associated Press. The historic shipment comes as the Iraq government looks for new sources of funding amid low oil prices and an ongoing battle […]

‘Game-Changing’ Horse Hill-1 Well Produces ‘North Sea-like’ Oil Flows

UK Oil & Gas Investments plc announced Monday that the final production test at the Horse Hill-1 discovery, onshore the UK’s Weald Basin, flowed oil at a stable rate of 323 barrels per day, bringing the final total aggregate stable dry oil flow rate from two Kimmeridge limestones plus the overlying Portland sandstone at the […]

Major Production Projects Start Up Around The World

Production start-ups have occurred all over the globe within the first few months of this year, with considerable increases in Europe, the Middle East and Africa. Several additional projects across the latter two regions are expected in the near future, and a variety of recent developments in East Asia are expected to ramp-up their outputs […]

Art Berman Clarifies Whatever Happened to Peak Oil

Arthur E. Berman is a petroleum geologist with 37 years of oil and gas industry experience. He is an expert on U.S. shale plays and is currently consulting for several E&P companies and capital groups in the energy sector. Berman has published more than 100 articles on oil and gas plays and trends. He has […]

Hydraulic Fracturing Accounts for About Half of Current U.S. Crude Oil Production

Source: U.S. Energy Information Administration, IHS Global Insight, and DrillingInfo Even though hydraulic fracturing has been in use for more than six decades, it has only recently been used to produce a significant portion of crude oil in the United States. This technique, often used in combination with horizontal drilling, has allowed the United States […]

Iraq Halts Pumping of Kirkuk Oil into Turkey Pipeline

Iraq’s state-run North Oil Company has stopped pumping crude produced at fields it operates in the Kirkuk area through a pipeline to Turkey, three sources said on Monday. The pipeline carries crude to the Mediterranean port of Ceyhan, where the Kurds have been selling it independently on the international market, along with oil produced in […]

The US Is Pumping All This Oil, So Where Are The Benefits?

The U.S. has ramped up oil production so dramatically that it’s joined Saudi Arabia and Russia as one of the world’s largest producers. Just glance at the chart below. Since this surge began in 2008, American production rocketed from 5 million barrels a day to nearly 10 million barrels a day at the high point […]

Who’s afraid of cheap oil?

The Economist has an article (from January) on the gyrations of the oil price, reviving their circa-2000 prediction of $10 per barrel oil (this doesn’t look like occurring and if it did it would be for but a fleeting moment) – Who’s afraid of cheap oil?. The world is drowning in oil. Saudi Arabia is […]

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