Iraq Hopes to Complete Oil Pipeline to Raise Exports This Year

Iraqi Oil Minister Abdul Kareem Luaibi said on Wednesday his country hoped to complete construction of a 200 km (124 miles)oil pipeline to raise exports to Turkey to more than 1 million barrels per day (bpd) this year. “We are building a pipeline in Iraq,” Luaibi was speaking to Reuters on the sidelines of an […]

Age of Gas Seen as Sideshow to U.S. Producers Prizing Oil

The “golden age of gas” that the International Energy Agency foresees as a result of the U.S. energy boom is hardly the future being embraced by industry executives. At least based on comments from company officials presenting at the Independent Petroleum Association of America’s conference in New York yesterday. For them, oil is still the […]

One in Five Global Shale Basins May Succeed

Only one in five global shale regions may succeed in producing significant amounts of oil and gas as countries from China to Argentina seek to emulate the U.S. boom, said energy consultants Wood Mackenzie Ltd. Argentina is leading the pack, with plans to drill about 200 shale wells this year, more than three times the […]

Just How Good Are The EIA’s Predictions?

Folks here know that I like to post charts created from oil production data. But there has been a dearth of data lately. But not to worry, the data should start coming fast and furious later this week.  However in the meantime I decided post a little about what the EIA expects in the future. […]

The Insanity Of U.S. Energy Independence & Cracks Beginning To Appear In The Natural Gas Industry

The notion of future U.S. Energy Independence will seriously disappoint the market and American public.  This strategy of energy independence put forth by the energy industry and U.S. Govt may buy some time for our anemic economy and the U.S. Dollar, but will back-fire in a big way when overall oil and gas production declines […]

Troubled Kazakhstan Project Shows The Value Of U.S. Shale Oil

There’s nothing like seeing a big shot fall on hard times to make you appreciate what you have. That’s why American oilmen read news of Kazakstan’s Kashagan project with a strange mix of angst and glee. Kashagan has been a nightmare for some of the biggest of Big Oil. Its polyglot mix of Kazakh (KazmunaiGaz), […]

2014 Bakken Oil Output 1.1M Barrels a Day

Oil production in North Dakota and Montana’s Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm. Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million […]

Does EIA Drilling Productivity Report Reflect Real World?

Last October, the Energy Information Administration (EIA) announced it would introduce a new publication that focused on the impact of drilling rig productivity on oil and gas output. This report was developed to assist the EIA in its forecasting of future oil production given that the American shale revolution has altered the historic relationship between […]

Peak Oil and The Blibbit Principle

Podunk was a small town Arkansas. Back about a hundred years ago Podunk had no sewage plant, everyone just used outdoor toilets. But a problem soon developed, Podunk’s water supply became contaminated. That’s when they decided to build a blibbit* in which they would store their crap. This blibbit was built out of wood and […]

USA now pumping 10% of world’s crude oil

Boosted by the galloping pace of tight oil operations, the United States produced a tenth of the world’s oil at the end of last year, the Energy Information Administration reports. Overall U.S. oil production averaged 7.84 million barrels a day in the fourth quarter of 2013, 10 percent of the world production, up from 9 […]

Iraq Oil: Decades-High Output

Iraqi oil income is set to surge in April as Basrah Light crude to Asia sells at the highest rate in more than a year against Saudi prices and shipments expand. The CHART OF THE DAY shows a tightening discount for Basrah Light, Iraq’s biggest export, relative to Saudi Arabia’s Medium grade for Asian customers. […]

New Geopolitics Means Arctic Oil, Mega-Projects’ BAU Could be Uphill

Western oil leaders may be worrying that Russian President Vladimir Putin’s actions in the Crimea will lead to a ban on international investment in the Russian Arctic, but if it does, that would be doing US companies a favor. The prospects that such mega-investments will remain profitable over 20 years looks questionable at best, even […]

World crude production 2013 without shale oil is back to 2005 levels

Unnoticed by the mainstream media, US shale oil covers up a recent decline of crude oil production of 1.5 mb/d in the rest of world (using data up to Oct 2013). This means that without US shale oil the world would be in a deep oil crisis similar to the decline phase 2006/07 when oil […]

Tech Talk – Natural Gas, China and Russia in the post-Crimea time

The recent takeover of Crimea by Russia has given China a strengthened hand as it continues to negotiate with Gazprom over the supplies of natural gas for the next few years. It was not that long ago that Gazprom was riding high around the world, as it supplied large quantities of its own and Turkmen […]

Is Fracking The Market’s Revenge On OPEC?

Market interference by petro states spurred the energy revolution led by fracking, according to the head of commodities research for Citigroup—and that revolution is bound to spread around the world. As it spreads, governments will find it more difficult to interfere in energy markets, said Edward L. Morse, the managing director and global head of […]

Where the oil is

Oil and gas royalties on University Lands could reach $1 billion this year, and the increasing production in West Texas is the reason why. Most of University Lands’ 2.1 million acres are out here, funneling money into the endowment that supports the University of Texas and Texas A&M University systems and in turn paying for […]

World faces ‘water-energy’ crisis

Surging populations and economies in the developing world will cause a double crunch in demand for water and energy in the coming decades, the UN said Friday. In a report published on the eve of World Water Day, it said the cravings for clean water and electricity were intertwined and could badly strain Earth’s limited […]

U.S. Crude Production Jumps to Highest Level Since 1988

U.S. crude-oil production rose to the highest level in almost 26 years last week as imports declined, the Energy Information Administration reported. Output increased 33,000 barrels a day in the week ended March 14, or 0.4 percent, to 8.215 million, the most since May 1988, said the EIA, the Energy Department’s statistical arm. Production has […]

Tech Talk – Of wood, coal, the UK and Bangladesh

Ice and snow have returned to the central part of Missouri, so the warm heat from the tile stove is again keeping us comfortable. For many folk, however, this is not an option and they rely on a centralized power station to supply the electricity that is a fundamental part of current Western life. Yet […]

Not Into Fracking? Try Nuclear Waste

The U.S. shale oil-and-gas boom has something for everybody. Jobs! Community outrage! Cheap fuel! Financial intrigue! Geopolitical leverage! Dirty water! Really, the only thing nobody’s tried to work in is nuclear waste. Until now. The very characteristics that make shale oil and gas difficult to extract — they’re sealed in hard-to-reach rock — are the […]

Exploring the “why” behind extreme energy

For eight months I’ve been travelling around England and Wales talking about ‘unconventional gas’ – shale gas[1], coal-bed methane[2] and underground coal gasification[3], which the media often erroneously conflate as ‘fracking’[4]. This intensive period of work began last June, and continued into 2014 to meet the continued requests for talks. In particular I’ve tried to […]

Will Shale Oil Growth Lead to New US Refineries?

The revival of US oil production is spurring new investments in refineries, including the restart or new construction of small refineries near these resources. How well such investments perform will depend on both the longevity of shale oil production and policies concerning its export. An article on the revival of some mothballed US oil refineries and […]

Net vs. gross energy: Is it wise to be complacent?

Everyone knows that when a potential employer makes a job offer, the salary or wage he or she proposes isn’t what you’ll be taking home. What you’ll take home is your net pay. The number the employer offers you is your gross pay, and that’s just what it says on your pay stub. It’s not […]

Growth in US Hydrocarbon Production from Shale Resources Driven by Drilling Efficiency

Source: U.S. Energy Information Administration, March 2014 Drilling Productivity Report The productivity of oil and natural gas wells is steadily increasing in many basins across the United States because of the increasing precision and efficiency of horizontal drilling and hydraulic fracturing in oil and natural gas extraction. Many resource-producing basins are experiencing an increasing yield […]

Hess starting up North Dakota natgas plant, may boost Bakken output

Hess Corp will begin selling natural gas from its Tioga, North Dakota, plant this month, firing up the station weeks after severe weather delayed its expansion, the company said Friday. The plant’s start-up may help boost oil production from the prolific Bakken shale after about 100 producing wells had to be shut earlier this year […]

OPEC Production Surges as Iraq Pumps Most in 35 Years

OPEC crude production rose above its target for the first time in five months as Iraq pumped the most in 35 years, according to the International Energy Agency. The 12 members of the Organization of Petroleum Exporting Countries produced 30.49 million barrels a day in February, up from 29.99 million in January, the Paris-based IEA […]

Aramco keen to raise natural gas output

Saudi Aramco plans to produce 200 million cubic feet per day (cfd) of unconventional natural gas by 2018 to supply a new phosphate project and a power plant, an industry source said. Saudi Arabia aims to develop shale gas for power generation in order to save more of its crude oil for export. Aramco is […]

OPEC Update and my argument that OPEC is producing flat out

The OPEC Monthly Oil Market Report is just out with OPEC crude only production numbers for February 2014. OPEC Crude production was up 258.6 kb/d in February on the strength of a big jump from Iraq. Iraqi crude oil production was up 400 kb/d to 3,397 kb/d. OPEC crude only production, less Iraq, was down 141.4 […]

Heinberg: The Oil ‘Revolution’ Story Is Dead Wrong

With all the grandiosity of the media headlines touting our destiny as the new “Saudi America”, many pundits have been quick to pronounce Peak Oil dead. Here at PeakProsperity.com, one of the most frequent questions we’ve received over the past two years is: will the increased production from new “tight” oil sources indeed solve our […]

The EIA’s Drilling Productivity Report, Ghana and China

The EIA’s latest Drilling Productivity Report has been published. I found some strange things in the report. For the Bakken, their data does not jive with that posted by North Dakota. I have plotted the two together. The North Dakota includes all North Dakota but not the Montana part of the Bakken. The EIA data […]

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