OPEC oil output: a big jump, lifted by Iraq

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) climbed by 240,000 barrels per day (b/d) to 30.11 million b/d in February from 29.87 million b/d in January following a surge in Iraqi exports and despite new setbacks in Libya, a just-released Platts survey of OPEC and oil industry officials and analysts […]

Energy Crunch: Peaks and tipping points

Off-shore oil rig image via *Psycho Delia*/flickr. Three things you shouldn’t miss this week Global riot epidemic due to demise of cheap fossil fuels – From South America to South Asia, a new age of unrest unfolds as industrial civilisation transitions to post-carbon reality. UK oil and gas production in terminal decline? Offshore production by field: http://crudeoilpeak.info/uk-peak […]

Iraq returns as world’s fastest-growing oil exporter

* Iraq boosts February exports to 35-year high * Oil execs say more Iraqi growth possible in 2014 * OPEC delegates relaxed, for now, about extra Iraqi oil Iraq is reclaiming its rank as the world’s fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving OPEC market share rivalries down […]

How Ukraine Crisis Threatens Natural Gas, Oil

Kent Moors, executive chair at Global Energy Symposium, discusses the impact of the Ukraine crisis on global natural gas and oil markets on Bloomberg Television’s “The Pulse.”

New Spy Technology to Spawn Oil Revolution

The future of oil exploration lies in new technology–from massive data-processing supercomputers to 4D seismic to early-phase airborne spy technology that can pinpoint prospective reservoirs. Oil and gas is getting bigger, deeper, faster and more efficient, with new technology chipping away at “peak oil” concerns. Hydraulic fracturing has caught mainstream attention, other high-tech developments in […]

A cascade of woes hitting Venezuela’s oil industry

At a conference that annually celebrates–for the most part–the explosion of North American supply, a panel that featured two PDVSA alumni turned into a bleak review of an almost unfathomable crisis gripping the Venezuelan oil industry. The strife in the streets of Caracas, and the lines of people waiting to buy the basic stuff of […]

EIA’s Petroleum Supply Monthly by State, Texas Reporting Problems

The EIA releases two monthly petroleum data sets for US oil production. The Monthly Energy Review which gives the US production and consumption of all forms of energy, oil, natural gas, coal and electricity.  The other, the Petroleum Supply Monthly deals only with petroleum but gives every possible statistic, production, refining, export and import from every state and district. […]

Dream of U.S. Oil Independence Slams Against Shale Costs

The path toward U.S. energy independence, made possible by a boom in shale oil, will be much harder than it seems. Just a few of the roadblocks: Independent producers will spend $1.50 drilling this year for every dollar they get back. Shale output drops faster than production from conventional methods. It will take 2,500 new […]

When Will Peak Oil Actually Arrive? Costs Way Too High and Rising

When will Peak Oil actually arrive? There has been considerable debate on that point recently. Well if you are talking about “Conventional Crude Oil” it arrived in 2005. But in many cases unconventional crude oil works just as well so I think we must count that. I will comment on that at the end of […]

Oil Supply and Demand Forecasting

A fascinating presentation by Steven Kopits, Managing Director, Douglas-Westwood, for the The Center on Global Energy Policy, recorded February 11, 2014. Kopits examines oil supply and demand modelling, peak oil, the link between oil and the economy, and capex spending in the oil industry.

Arctic Oil Still Seen Decades Away as Producers Balk at Costs

Lundin Petroleum AB (LUPE), the Swedish explorer focused on Norway, said there won’t be any new oil output in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges. “I don’t think we’ll see any oil production in the Arctic any time soon — probably not this decade […]

Wells That Fizzle Are a ‘Potential Show Stopper’ for the Shale Boom

The oil patch needs more brain for its brawn. The reason is enough to give pause to anyone enjoying the benefits of cheap, abundant energy produced in the U.S. New wells are fizzling out in their first year, threatening the 3-year-old oil boom. The challenge is forging alliances between two groups who previously rarely needed […]

New Frontiers: Eagle Ford vs. Permian, the great Texas oil showdown

Production in West Texas’ Permian Basin has grown at a moderate clip over the last few years, but how does it stack up to its faster-growing peer resource plays? Two prominent operators in the biggest US unconventional oil plays traded thoughts recently on how it measures up to the giant Eagle Ford field, which has […]

Libya oil output dives after key field shut

Oil output drops to 230,000 barrels a day as the el-Sharara field is forced to close down due to security conditions. Libya’s oil production has fallen to 230,000 barrels a day from 570,000 bpd due to the closure of the el-Sharara field following protests, state-owned National Oil Corp (NOC) said. “The country’s oil production has […]

Reverse Engineering the North Dakota Bakken Data

This is a guest post by Ovi Colavincenzo There is considerable discussion on this site regarding when the North Dakota portion of the Bakken will peak.  Having looked at the monthly Bakken data that the State publishes, it raised the question of whether it was possible to do a reverse analysis of the data and then […]

EIA Chief: Boundless Natural Gas, Boundless Opportunities

Despite stockpiles imploding and prices exploding in the short-term, The U.S. Energy Information Administration (EIA) has predicted that natural gas production in the US will continue to grow at an impressive pace. Right now output is close to 70 billion cubic feet a day and is expected to reach over 100 billion cubic feet per […]

ConocoPhillips CEO: Skeptics’ warnings of shale bubble are unfounded

ConocoPhillips CEO Ryan Lance targeted shale boom skeptics Friday, refuting arguments that the surge in oil and gas production will be short-lived. Speaking at Rice University’s Baker Institute for Public Policy, Lance said he believes the country’s shale revolution is only in the “first inning of a nine inning game,” and critics shouldn’t assume growing […]

US to be world’s biggest oil supplier by 2016

As the US economy continues to grow, experts say it will rely less on the world’s major oil exporters in Africa and the Middle East, regions largely sustained by U.S. imports. According to the International Energy Agency, the economy will grow by 2.8 percent in 2014, higher than the 2.6 percent it previously forecasted. The […]

EIA’s International Energy Statistics Update

The EIA has updated their International Energy Statistics with the October data. There were some major revisions in the September data. I only track Crude + Condensate so all figures and graphs are for C+C only. Revisions for September were World, revised down 417 kb/d, Non-OPEC revised down 377 kb/d, Canada revised down 327 kb/d […]

The Peak Oil Crisis: A Winter Update

As the years go by, those studying peak oil are beginning to develop a better understanding of what has been happening since the concept of limits to oil production came to widespread attention. First of all, it is important to understand that in one sense, production of what had been thought of as “conventional oil” […]

‘Big oil’ getting smaller as production keeps falling

* Top seven western majors all seeing liquids output fall * Supermajors’ share of global market dropping every year * BP reports fastest decline of 30% from 2009-13 * Production becoming more evenly split between oil and gas   The biggest western oil companies are continuing to see their oil output decline, despite record investment […]

Cyprus: Stepping on the gas

Italian energy giant ENI will speed up its exploratory activities in Cyprus’ Exclusive Economic Zone (EEZ), as it has been further encouraged by developments in the Cyprus problem. The pledge also comes after US President Barack Obama has given his full backing to the peace process and the government’s right to exploit the island’s energy […]

Trains That Go Boom

For most of the 14 years that Tinamarie Hatlee has lived in Ravena, N.Y., a small town south of Albany, she didn’t mind the trains that passed 50 feet from the back door of her house. They came only a few times a day and moved slowly, so the noise was bearable. But starting last […]

Bakken Update, Big Drop in December

North Dakota has published the latest production numbers. ND Monthly Oil Production Statistics (All North Dakota) ND Monthly Bakken* Oil Production Statistics (Bakken Only)   Bakken production fell 48,395 bp/d to 862,389 bp/d and all North Dakota production fell 53,226 bp/d to 923,227 bp/d. That was after Bakken November production had been revised up by […]

The economics of shale oil

Frackin’ the Bakken DENNIS LITHGOW is an oil man, but sees himself as a manufacturer. His factory is a vast expanse of brushland in west Texas. His assembly line is hundreds of brightly painted oil pumps spaced out like a city grid, interspersed with identical clusters of tanks for storage and separation. Through the windscreen […]

UK To Get Hands-On In Quest For Remaining North Sea Oil

Britain is likely to have to ditch its hands-off approach to the oil industry for a mix of regulation, tax breaks and investment if it is to reap the benefits of the billions of barrels of hard-to-extract oil remaining under the North Sea. Changing the way an industry has worked for decades will be no […]

Shale Presents Competition for Arctic Oil, Gas Development

The Arctic region holds significant untapped oil and gas resources, but Arctic development faces major competition from unconventional oil and gas resources and other alternative hydrocarbon sources, according to a panelist speaking at the Arctic Technology Conference Wednesday in Houston. The conference highlighted the latest in technology and strategies for all aspects of Arctic exploration […]

OPEC Update and EIA Short Term Energy Outlook

The OPEC Monthly Oil Market Report is just out with OPEC crude only production numbers for January 2014. OPEC Crude production was up 28,000 bp/d in January but that was after December production had been revised upward by 240,000 bp/d. November production was revised down by 51,000 bp/d. Of course Saudi is always the one to […]

Oil and Gas: A Flawed Prediction?

One of the comments I quite often get at external events is that “The oil and gas industry has only got 20 years”. This doesn’t just come from enthusiastic climate campaigners, but from thoughtful, very well educated people in a number of disciplines related to the climate issue. A report by WWF a few years […]

One of the world’s great investment thinkers is convinced fracking is causing earthquakes

  “To me at least the connection is clear and statistically certain… far more certain than anything I ever see in the stock market or the economy.” + That’s Jeremy Grantham, the highly-regarded co-founder of the $117 billion investment fund GMO, who predicted both the dot com crash of the late 1990s and the subprime […]

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