Status on the Bakken ”Red Queen”

This post presents a study of developments of Light Tight Oil (LTO, shale oil) extraction for 8 companies in Bakken(ND) that as of April 2015 had added around 600 (or more) producing wells in the Bakken/Three Forks formations since January 2008. The 8 companies are; Continental Resources, EOG Resources, Hess Bakken Investments, Marathon Oil Company, […]

Global Oil Production Substantially Lower Than Believed

Even the paper of record for the oil industry, Oil & Gas Journal, got it wrong. With the release of the latest BP Statistical Review of World Energy, media outlets appeared to be taking dictation rather than asking questions about which countries produced the most oil in 2014. If they had asked questions, they would […]

North Dakota’s Oil Production Has Peaked

North Dakota’s crude oil output has peaked, according to the latest production data published by the state government, as the slump in prices takes its toll. The state produced 1.17 million barrels per day (bpd) in April, down from a peak of 1.23 million in December, the Department of Mineral Resources (DMR) reported on Friday. […]

The Oil Production Story: Pre- and Post-Peak Nations

In reviewing BP’s latest Review, 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 came from North America.  […]

Guess on how long Bakken oil will be pumped

Million Dollar Way – A Long Rambling Note on a Bunch of Things Regarding the Bakken – If you are still wondering why I am so powerfully positive on the Bakken, check out Mr. Oksol’s post. My overly compressed summary: With the current estimates of total oil in place (likely understated) which excludes a couple of […]

Argentina’s Oil Output Up Yr/Yr

Argentina’s oil output rose in April thanks to increased production by state-controlled energy company YPF, the government said on Monday, marking the first year-on-year monthly increase in 2015. YPF, taken over by the government in 2012, is Argentina’s biggest energy company. The state seized control of YPF after accusing its previous parent company, Spain’s Repsol, […]

The Shale-Oil Boom is Over

It comes now from the US Energy Information Agency, and is headlined by Bloomberg Business, so yes, it’s official. As Bloomberg put it, “US Shale Boom Grinds to a Halt.” Which, actually, is overstating the case by a good bit, there isn’t going to be a “halt.” Nevertheless, as sane people everywhere have been insisting […]

Saudi Arabia ready to raise oil output further to meet demand

Saudi Arabia is ready to increase its oil output in the coming months to a new record to meet a rise in global demand, despite increased domestic use, a senior state oil company official said on Thursday. Ahmed Al-Subaey, Saudi Aramco’s [SDABO.UL] executive director for marketing, told Reuters the world’s top oil exporter was already […]

US Ousts Russia as Top World Oil, Gas Producer

The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields. U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy released […]

China’s Offshore Oil and Gas Production Started to Peak in 2010

The China National Offshore Oil Corporation (CNOOC) is the largest producer of offshore oil and gas in China. Production statistics should therefore be pretty much indicative of what is happening along China’s coastline. Data from annual reports show that net oil and gas liquids production in 4 key offshore areas increased rapidly in the first […]

OPEC + Different EIA Data

The latest OPEC Monthly Oil Market Report is out. There were no big surprises. OPEC crude only production was up 23,000 bpd in May but that was after April had been revised upward by 110,000 bpd. Almost no change is Saudi production, down 5,000 bpd to 10,107,000 bpd. Iraq had the largest change of all, […]

Kurdistan Warns Oil Output at Risk of Collapse

Oil producers in Iraqi Kurdistan will have to close operations if they don’t receive agreed export payments, according to the regional authorities. “We need to stabilize the payment situation,” Ashti Hawrami, natural resources minister for the Kurdistan Regional Government, or KRG, said Tuesday in London. “We can’t keep saying to oil companies: ‘Give us one […]

Conventional Crude Oil Production Reaches New High

Since May 2005, global conventional crude oil + condensate production (C+C) has been constrained to a bumpy plateau of around 73.2 Mbpd. That limit was breached in December 2014 with a new high of 74.28 Mbpd (Figure 1, blue area is conventional C+C). This comes on the back of a prolonged period of record high […]

The Bakken ”Red Queen” is restrained with more credit

This post is an update on Light Tight Oil (LTO) extraction in Bakken based upon published data from the North Dakota Industrial Commission (NDIC) as per March 2015. Extraction developments of LTO from Bakken may be followed by county, formation, vintage of wells, and one important source to understand the developments are coming from studying […]

Kuwait wants 40% hike in oil and gas production by 2020

Kuwait’s oil minister has confirmed plans to hike hydrocarbon production to 4 million barrels per day, by 2020, almost 40 percent more than the current level. The announcement comes ahead of the awaited OPEC meeting this Friday. “We have discovered new reserves… that contain both oil and gas. This will support Kuwait’s plans to increase […]

US Crude oil production heading 11 to 15 million barrels per day

The latest Energy Information Administration (EIA) forecast for US crude oil production is for an increase to about 11 million barrels per day and then having a plateau. When US crude oil production gets past 10.1 million barrels per day then it will have passed the old production peak in 1970. This will take a […]

World Oil Output Last 3 Years

The EIA publishes every possible energy stat for the USA and hardly anything for the rest of the world. Well, anything current for the rest of the world anyway. Their International Energy Statistics is already five full months behind and working on six. December 2014 is the last international oil production data we have. Anyway during […]

The shale outlook

A glut of product that has depressed prices has led the U.S. shale oil industry to cut jobs and idle more than half its rigs. But it’s only a temporary retreat for a sector that now has the upper hand globally, two experts write in The Wall Street Journal. “Now the question is whether U.S. […]

Why US oil will never go it alone

Let me keep this simple. American energy independence is an enormous red herring, no matter how much the U.S. shale hawks and politicians want it to be true. I can already hear the air over the other side of the Atlantic turning blue as I sit in my airplane seat at 33,000 feet on the […]

A visit to the heart of Canada’s oil sands industry

Since 2007 when we published our article, ”A crash program scenario for the Canadian oil sands industry” a visit to Fort McMurray and the areas where oil sands are mined has always been high on my wish list. On my current trip I passed Calgary on the way to Toronto so I finally got an […]

Arctic drilling: Why oil won’t be flowing anytime soon

Shell’s Arctic campaign this year will be pivotal. If the company cannot find large reserves of oil, it will likely set back Arctic oil development for a generation. The Financial Times reported that Royal Dutch Shell will not see Arctic oil come online anytime soon, even in the best of scenarios. Even Shell officials think that the […]

US oil production hits 43-year high

<p>Commodities tomorrow: Record US production</p> <p>CNBC&#039;s Jackie DeAngelis discusses the day&#039;s activity in the commodities markets. Crude and gas inventories were down today despite record US production. </p> U.S. oil production surged to a 43-year high, despite a price war that resulted in a more than 50 percent reduction in active U.S. oil wells. Oil […]

OPEC according to the EIA

OPEC publishes monthly production data for all OPEC nations in their Monthly Oil Market Report. The data crude oil production only and does not include condensate. I have found the data to be highly accurate and any errors are corrected in the next month’s report or the month following that. The OPEC data is from […]

OPEC may condemn the world to an oil glut for years

The Organization of the Petroleum Exporting Countries could flood the market with oil for years if it opts to do nothing to alter its output ceiling at a highly-anticipated meeting in June. “If they don’t do something and find a way to get on the same page, we will all be floating on a glut […]

Bakken, Eagle Ford Not Past Prime

Bakken production will keep growing, albeit at a slower pace, and the Eagle Ford still has running room within high-return portions of the play, according to a recent analysis by Wood Mackenzie. The Bakken and Eagle Ford together produce just over 2.5 million barrels per day of oil, or nearly two-thirds of U.S. tight oil […]

Shell’s Arctic voyage marks beginning of peak oil era

In his critically acclaimed 2005 book ‘Twilight in the Desert’, the prominent oil economist Matthew R. Simmons predicted that Saudi Arabia’s oil wells would soon run dry. His argument was based on the age of the seven main fields, which the kingdom still to this day depends upon to pump the bulk of its 10m […]

New drilling technology could unlock old oil

Analysis from research center IHS finds advances in hydraulic fracturing used in the United States could unlock oil in mature fields outside North America. IHS researchers looked into what would happen if new and advancing drilling techniques were applied to 170 mature oil fields that may have what was described as incremental hydrocarbon resources. By […]

The Effects Of Increased Oil Well Efficiency

Summary Oil rig count has decreased significantly since the start of the oil crash. Yet despite this, oil production is still rising. Oil well efficiency gains can only last so long. Introduction Recently I have written several different articles on the effect of supply and demand on the current oil price situation. However, several people […]

Who Wants To Be A Swing Producer? No One

U.S. shale producers are the new “swing producers” in the oil market, as many analysts have noted, but the status of swing producer is hugely misunderstood. It is often portrayed as if it confers power and control. In fact, it often means the opposite. The swing producer often becomes the passive absorber of shifts in […]

Bakken Data + Short Term Energy Outlook

North Dakota has published their Bakken Production Data as well as North Dakota Production Data. North Dakota production was up 12,501 bpd above February but still stands 37,531 bpd below the December high and is still 789 bpd below the January production numbers. Barrels per day per well is dropping, 12o for Bakken wells, 99 […]

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