Iran puts figure on 2016 oil production goals

Iranian oil production by the end of 2016 will be in excess of 4 million barrels per day, more than in the pre-sanctions era, the nation’s oil minister said. Iranian Oil Minister Bijan Zangeneh said the country will increase net oil production by more than 1.5 million barrels per day, bringing total production for the […]

The World’s First Clean Oil Sands Project: An Interview With Dr. Gerald Bailey

After decades of exhaustive attempts to overcome the dirty reputation of oil sands, we finally have an environmentally-friendly and low cost method to tap into these vast resources in the state of Utah—good news both for Mother Nature and all oil and gas investors.  MCW Energy Group’s CEO, former Exxon President of the Arabian Gulf region, […]

U.S. tight oil production decline

U.S. oil production has begun to drop in response to low oil prices, but not as dramatically as many had anticipated. Oil companies have cut back spending significantly in response to the fall in the price of oil. The number of rigs that are active in the main U.S. tight oil producing regions– the Permian […]

Canadian Oil Sands Halts Crude Production at Oil-Sands Giant Syncrude

Problems affecting output at two Canadian oil-sands producers’ mainstay operations boosted synthetic crude prices—and experts say a prolonged dip in production could alter the volume of crude exports to the U.S. Canadian Oil Sands Ltd. , the largest owner of the giant Syncrude oil-sands project, halted production of its synthetic crude oil after a fire […]

US Oil Production Nears Previous Peak

The EIA’s Monthly Energy Review came out a couple of days ago. The data is in thousand barrels per day and the last data point is July 2015. US consumption of total liquids, or as the EIA calls it, petroleum products supplied, reached 20,000,000 barrels per day for the first time since February of 2008. Something […]

Fire at Saudi oil workers compound kills 11, injures more than 200

A fire swept through an oil workers’ residential compound in Saudi Arabia on Sunday, killing 11 people and injuring over 200 others of various nationalities, some critically, the Civil Defence agency said. Saudi national oil company Saudi Aramco [SDABO.UL] said the cause of the fire which broke out in a basement of the Radium residential […]

It will take much cheaper oil for Saudi Arabia to take action

THERE comes a time when any self-respecting cartel boss has to focus on protecting his turf. Saudi Arabia has spent the past nine months fighting to safeguard its share of the global oil market, increasing its own crude production to record highs. That exasperates its weaker OPEC partners. It also seems utterly self-defeating, especially after […]

Pre- and Post-Peak Nations 2015

In reviewing BP’s latest Statistic Review of World Energy, the big story for world oil last year was obvious: the USA’s third straight record-breaking increase in average annual production. Just over 75% of the net increase in world oil production during 2014 came from the USA; add in Canada and 90% of the total increase […]

EIA Expects Decline in Natural Gas Production

Source: U.S. Energy Information Administration, Drilling Productivity Report, August 2015 Natural gas production across all major shale regions in EIA’s Drilling Productivity Report (DPR) is projected to decrease for the first time in September. Production from these seven shale regions reached a high in May at 45.6 billion cubic feet per day (Bcf/d) and is […]

The King is Dead!

On August 5th, West Virginia Attorney General Patrick Morrisey banded together with 15 other state attorneys general to demand that the Environmental Protection Agency (EPA) suspend the implementation of new rules devised by the Obama administration to slow the pace of climate change.  The regulations, announced just two days earlier, sought to reduce power plant emissions of carbon dioxide […]

Daniel Yergin: ‘hard times’ ahead for producers

In a Q&A, the vice chairman of IHS explains why crude prices are plunging anew and predicts “there’s going to be a lot of turmoil and hurt.” It’s getting ugly in the oil patch again. On Monday, the price of benchmark West Texas Intermediate crude closed at $38 per barrel, the lowest level since the […]

Jean Laherrere’s Bakken Update

Jean Laherrere sent me the below charts the other day. I had planned on posting them with more Bakken data. But my schedule has been busy so I am posting them alone. Jean’s interpretation for ND is as follows Bakken ultimate = 3 Gb Non Bakken ultimate = 2.2 Gb ND ultimate 5.2 Gb Detail […]

Why Water Is More Important To Iran’s Future Than Oil

As Congress prepares to vote on the Iran nuclear deal, the focus remains on what separates the Islamic republic from the United States, which, depending on your worldview is either a lot, or everything. The truth is that similarities, though perhaps few in number, do exist. Similar though contrasting religious convictions, a penchant for exceptionalism, […]

Low Oil Prices Could Break The “Fragile Five” Producing Nations

Persistently low oil prices have already inflicted economic pain on oil-producing countries. But with crude sticking near six-year lows, the risk of political turmoil is starting to rise. There are several countries in which the risks are the greatest – Algeria, Iraq, Libya, Nigeria, and Venezuela – and RBC Capital Markets has labeled them the […]

OPEC May Boost Oil Output to Record With Iran Back Amid Glut

OPEC could potentially boost crude oil production to 33 million barrels a day, the most ever, after international sanctions are removed against Iran amid a global supply glut, according to the country’s OPEC representative. The global oil market is already in surplus by about 3 million barrels a day, with Saudi Arabia and Iraq responsible […]

Peak of Gas Production in the Barnett Shale

An ocean of ink has already been spilled on pros and cons of using Hubbert curves to model production from a large collection of wells in one or many reservoirs.  In 2010, I published together with my last graduate student in Berkeley, Dr. Greg Croft, a highly cited paper on this subject. I have also commented multiple […]

Feds allow Shell to drill for oil in Arctic Ocean

The federal government on Monday gave Royal Dutch Shell the final permit it needs to drill for oil in the Arctic Ocean off Alaska’s northwest coast for the first time in more than two decades. The Bureau of Safety and Environmental Enforcement announced that it approved the permit to drill below the ocean floor after […]

Iran is hiding more oil at sea than we realized

One of the biggest mysteries in the oil market surrounds just how much oil Iran is hoarding at sea. That’s a key question because Iran’s nuclear deal with the West could lift crippling sanctions, and pave the way for tons of Iranian oil to hit the market. A surge in Iranian exports would only deepen […]

Oil at $30 Is No Problem for Some Bakken Drillers

The lowest crude prices in six years might not be enough to put the brakes on the U.S. energy renaissance. Some parts of North Dakota’s Bakken shale play are profitable at less than $30 a barrel as companies tap bigger wells and benefit from lower drilling costs, according to a Bloomberg Intelligence analysis. That’s less […]

Producers are boiling in cheap oil

For oil producing companies and states struggling under the burden of low prices, it is hard to think of any news that could have been worse. Early last month, the number of rigs drilling for oil in America started to increase. The rise was small compared with the steep declines over the previous seven months, […]

US Shale Declining and OPEC Still Climbing

There is new data out today. The EIA published their International Petroleum Statistics yesterday. The EIA also published their Drilling Productivity Report which gave their expected shale oil and gas production through September. Then this morning OPEC published their Monthly Oil Marketing Report with OPEC crude only production numbers through July. First the Drilling Productivity […]

The Secret of the Seven Sisters

On August 28, 1928, in the Scottish highlands, began the secret story of oil. Three men had an appointment at Achnacarry Castle – a Dutchman, an American and an Englishman. The Dutchman was Henry Deterding, a man nicknamed the Napoleon of Oil, having exploited a find in Sumatra. He joined forces with a rich ship […]

International Rig Count Still Falling

The Baker Hughes International Rig Count is out. I have decided to try something new with the charts. That is to compare the current year’s rig count with the previous two years count and to insert, within the charts, the percent change for this year as compared to last year. Also, this is the total […]

Global Oil Supply More Fragile Than You Think

Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary. But the collapse of prices in July – owing to the Iran nuclear deal, an ongoing production […]

Venezuela’s lake of endless oil a lawless mess

From the moment the diver in red nylon coveralls and blue Chuck Taylor sneakers resurfaces after replacing rusted pipeline on the bed of South America’s largest lake, it’s a race against time. Coated head to toe in dark-black oil, he clambers aboard the service boat, rips off his makeshift uniform and scrambles to hose himself […]

US Oil Production Finally Starting to Decline

There has been very little data to post about recently and as everyone should know by now, I post primarily about data. So if there is no data there is not much to post about. Also I have been very busy for the a week now and have checked in only a couple of times. […]

Saudi Aramco Testing C02 to Get More Oil From Giant Ghawar Field

Saudi Arabian Oil Co. started injecting carbon dioxide to try and boost extraction rates from the world’s biggest oil field as the company steps up plans to recover more crude from its deposits. Saudi Aramco, as the company is known, already started injection and will put 40 million standard cubic feet per day of CO2 […]

Texas Oil Production On Track To Break Record

Just about everyone knows that crude oil and natural gas production in Texas has been on the increase for several years. But the size of the increase – especially in crude oil production – has been lost until just a few days ago when economist Karr Ingham told a gathering of reporters in Houston that […]

Saudi Arabia to Cut Oil Production After Summer

The world’s top crude-oil exporter, Saudi Arabia, is planning to pull back from record-high levels of production at the end of the summer when domestic energy demand subsides, according to people with knowledge of the matter. The reduction could begin as soon as September and would amount to about 200,000 to 300,000 barrels a day, […]

BP, Total writing off oil assets in Libya

Libya has become a major headache for European oil companies as a four-year conflict forced BP to join Total in writing off millions of dollars in investments in the North African country. BP on Tuesday said it had taken an impairment of almost $600 million in the second quarter as fighting forced it to suspend […]

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