Oil Supply Continues Flat

Above is the latest data on global oil supply (all liquids from various sources above, and the green curve being only crude and condensate below).  We continue to be in a pattern in which supply has been very flat since the beginning of 2012.  A close up just of the last few years shows this […]

US Oil Production Could Hit 10 MMbopd by 2040

U.S. crude oil production could reach approximately 10 million barrels per day (MMbopd) between 2020 and 2040, the U.S. Energy Information Administration (EIA) reported Friday. EIA projects in its Annual Energy Outlook 2013 report that U.S. oil production could range from 6 to 8 MMbopd over the next 30 years. However, EIA also developed a […]

BP: US oil production growth hit record-high in 2012

The US recorded the largest single-year increase in oil production in 2012, according to the BP Statistical Review of World Energy. The review, released June 12, was the company’s 62nd annual report. Backed by increasing production of unconventional oil and gas, the US recorded the highest growth in both oil and natural gas output in […]

Iraq to Increase Production in 2014

Iraq will ramp up oil production to 4.5 million barrels per day by year-end in 2014, an increase of about 1.6 million that the country currently produces, an Iraqi senior official announced, reported the Associated Press. Under the country’s strategy to boost production, Iraq is bearing in mind three scenarios for increasing production, with the […]

Low energy return on investment (EROI) need not limit oil sands extraction

This is a guest post by Adam Brandt, Assistant Professor from Stanford University, Department of Energy Resources Engineering. 1. Introduction Low energetic returns (e.g., EROI, NER) from oil sands extraction and upgrading have been noted as a potential limit to the development of the oil sands as a substitute for depleting conventional oil resources (e.g., […]

Future oil production in Canada

The Canadian Association of Petroleum Producers (CAPP) has just released a report ”Crude Oil – Forecast, Markets & Transportation”. In 2007 we wrote our article on production from the Canadian oil sands titled, “A crash program scenario for the Canadian oil sands industry” and since then I have followed developments in Canada. Therefore, it was […]

Tech Talk – Concerns over future oil production from Iraq

Let me begin with two brief apologies – first, my last post on Iraq on TOD was hit with a vast quantity of spam that made it difficult to find all the pertinent comments, hopefully this post will have a little easier time. And secondly, although I used an EIA graph to show Iraqi production […]

Alaska uses drones to inspect oil and gas pipelines at a fraction of the cost

No pilot was required when the Aeryon Scout took off into the leaden skies of Alaska to inspect a stretch of oil pipeline. The miniature aircraft was guided by an engineer on the ground, armed only with a tablet computer. The 20-minute test flight, conducted by BP Plc last fall, was a glimpse of a […]

Where Does America’s Oil Come From? (An Update)

In 2005, 60% of all petroleum consumed in the U.S. came from imports. The conventional wisdom then and for several years thereafter was that America was fated to become ever-more-dependent on increasingly costly petroleum imports. Peak oil alarm was in vogue, popularized by books such as Peak Oil Survival: Preparation for Life after Gridcrash (2006), Twilight in the […]

China’s Iraqi-oil dominance: Should the U.S. be miffed?

“Imperialism doesn’t pay,” says Robert Scheer at The Huffington Post. That’s the lesson we Americans should draw from last week’s New York Times report detailing how China — and not the U.S. — is cashing in on Iraq’s oil. So much for “the myth of wealth following the flag.” The U.S. spent more than $3 […]

Natural gas 101: Choosing between LNG and CNG

Part 1 of the “Natural gas 101″ series discusses how natural gas has become a viable fuel for trucking. Part 2, here, goes in-depth on the key differences between compressed natural gas and liquefied natural gas and what’s right for your fleet. Part 3 will run Friday and will examine how natural gas-powered trucks can […]

Peak water limiting energy production

One of the most controversial subjects in the energy world is that of “peak oil”; the idea that oil production has peaked and will keep declining until we have used the last of the world’s oil resources. I will be taking a more detailed look at the peak oil issue in a future column but […]

The Argument Against Oil Drilling in Arctic Seas

The Natural Resources Defense Council has issued a statement concluding that recent events — most notably the grounding of a Shell Oil drilling rig in Alaska — show the oil industry is not ready to safely, cleanly drill offshore in the Arctic. I agree. There’s no logic for pushing fossil-fuel frontiers this extreme while neglecting […]

Canadian Crude Output to Double by 2030 on Oil Sands Growth

Canada’s crude output will more than double to 6.7 million barrels a day by 2030, with almost all the growth coming from Alberta’s oil sands, an industry group representing the country’s petroleum producers said. Oil sands production will rise to 5.2 million barrels a day by 2030 from 1.8 million currently, the Canadian Association of […]

CNOOC Eyes First Foray Into Offshore Arctic Oil Drilling

China National Offshore Oil Corp., or CNOOC, is partnering with Iceland’s Eykon Energy in an application for a license to explore and produce oil and gas in Arctic waters offshore Iceland, the country’s hydrocarbon licensing manager told Dow Jones Newswires Wednesday. If the application is successful and a license is awarded, it would mark the […]

Rail vs. pipeline: How should we ship oil?

More than 97,000 rail carloads of crude oil were delivered in the United States during the first quarter of the year. That’s 20 percent more than the fourth quarter of 2012 and 166 percent more than during the same period last year. Rail shipments of grain, metallic ores and minerals declined, however. Oil companies are […]

Let China pump Iraq’s oil

A big chunk of Iraq’s oil production is going to China, according to a story Monday in the New York Times. That may be a good thing for both U.S. companies and consumers. The Times reported on what has been an ongoing trend — companies from China and elsewhere winning Iraqi oil contracts. According to […]

Will Saudi Arabia Allow the U.S. Oil Boom?

Technology, technology, and more technology—this is what has driven the American oil and gas boom starting in the Bakken and now being played out in the Gulf of Mexico revival, and new advances are coming online constantly. It’s enough to rival the Saudis, if the Kingdom allows it to happen. Along with this boom come […]

Daniel Yergin On Promise, Perils Of U.S. Oil Boom

They’re calling it a “supply shock” in the world’s energy markets. A recent report by the International Energy Agency says oil production in North America will grow so much in the next five years that it will turn the United States into a net oil exporter, transforming the global oil market in the process. For […]

A ‘Culture Shock’ Is Coming For Oil Drillers

What happens to oil drillers when there’s too much supply and not enough demand? Answer: “culture shock.” In a new note, a Morgan Stanley led by Ole Slorer says exploration and production spending is poised to decelerate from past-decade highs of around 16% annually to just 5%. Basically, it’s getting harder to get more cash […]

Pace of shale gas development won’t be easy to repeat outside US

The progress of major shale gas developments outside North America is apt to lag the pace of the US shale gas revolution, according to a recent report from Deloitte analysts, who note that developers of US unconventional assets had advantages over their counterparts in Poland, China, and Argentina. “These countries still have a long road […]

Iraq in talks to lower oil targets with foreign energy firms

Iraq is in talks with foreign energy firms to lower long-term oil production targets agreed several years ago because of sagging global crude demand forecasts, the country’s top energy official said. Hussein al-Shahristani said that Iraq was re-negotiating all of the oil field contracts awarded in 2009 to lower the peak production target and spread […]

An Interview with Steven Kopits

By Steve Andrews – The following is taken from an interview with Steven Kopits, managing director of the New York office of Douglas-Westwood, an international energy analysis firm.  The views expressed are atttributable to Mr. Kopits and do not necessarily represent those of Douglas Westwood.         Q:  You’re dialed in right now […]

Tech Talk – Future Oil Production from Iraq: An Optimistic View

There is often quite a debate in the Peak Oil community over the difference between a reserve and a resource. Simplistically a resource is, for the sake of discussion, the amount of oil that is in the ground in a certain country, while the reserve is the amount of oil that can be both technically […]

OPEC’s high output, high price days dwindle

* Smooth meeting belies tough decisions ahead * U.S. shale creates price versus market share dilemma * Echoes of 1980s non-OPEC supply surge * Secretary general decision postponed OPEC’s halcyon days of high prices and high production may be drawing to a close as soaring U.S. output opens a new era for world oil markets. […]

OPEC Keeps Oil Output Ceiling at 30M Barrels a Day

The Organization of the Petroleum Exporting Countries kept its current oil-production ceiling at 30 million barrels a day Friday in a widely expected move that members described as an easy decision. But concerns about the growing threat from shale oil overshadowed the group’s otherwise smooth meeting. OPEC ministers in an open session before their meeting […]

PetroEcuador Says Biggest Oil Pipeline Cut by Amazon Landslide

OPEC member Ecuador’s biggest crude pipeline, known as SOTE, was cut today by a landslide in the country’s eastern Amazon region, said PetroEcuador, the nation’s state-owned oil company. The pipeline, which transports Ecuador’s Oriente crude to the Esmeraldas refinery and the oil port of Balao on the Pacific coast, halted operations after an avalanche of […]

Libya to Raise Oil Production to 1.7M Barrels per Day

Libya may ask to increase its production quota within OPEC when the cartel meets in Vienna Friday, Oil Minister Abdelbari al-Arusi said Thursday. “We are currently producing around 1.5 million barrels per day of crude oil, and we plan to raise our output to 1.7 million barrels per day,” Mr. al-Arusi told Dow Jones Newswires. […]

Iraqi Plan to Boost Oil Production Sets Up OPEC Quota Tussle

Iraq is due to start pumping crude from two of its largest oil fields within weeks, creating a possible obstacle to future efforts by OPEC to curb supplies in the event of a drop in prices. The Gulf state plans to start production at Majnoon within days, followed by Gharraf in July and West Qurna-2 […]

Bakken well costs may have started to decline

The Bakken Shale has been producing oil since 2008. Some 3,000 wells have been drilled and production has risen to 450,000 barrels per day. Throughout the period well cost have been rising, however, and one of the assumptions of Bakken production has been that they would continue to rise and the wells would eventually play […]

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