Leonardo Maugeri: The Coming Oil Glut

The price of oil continues to be set by fear, not by supply and demand. World-wide oil production is growing quickly. By the end of the year, it will probably surpass 92 million barrels per day, with additional spare capacity of more than 3.5 million barrels. Thanks to the shale oil revolution, U.S. crude production […]

Attack of the Bakken Strippers

Dirty, low-output strippers. Oil companies racing to pump dinosaur sauce out of shale reserves are spending millions (that’s a lot of singles!) to defeat them. The inevitable fate of oil wells is easy to overlook in the early stages of a domestic oil production renaissance, but all investors should familiarize themselves with strippers. According to […]

China Looks to Boost Natural Gas Supply through Shale Gas Subsidies

China – the world’s fourth largest natural gas consuming country –will offer government subsidies to shale gas developers in an effort to boost the country’s supply of natural gas and support shale gas exploration efforts, China’s Ministry of Finance said Monday in a statement. According to the statement, a subsidy of $0.06 (CNY0.4) – running […]

Japan plans gas pipeline from Russia

Three Japanese firms are planning an 870-mile-long, offshore pipeline to bring natural gas from Russia’s Sakhalin Island, the Asahi Shimbun reported Monday. When completed in five to seven years, the pipeline, estimated to cost up to $5 billion, would substantially reduce procurement cost, sources told the newspaper. It would link Sakhalin Island with the Tokyo […]

Shell Sets Sights on Natural Gas to Fuel Growth

As weak U.S. gas prices drag down its earnings Royal Dutch Shell RDSB.LN +0.22% is planning to bolster its profits by converting natural gas into road fuels like diesel, which it can sell at much higher prices. Many energy companies are seeking to capitalize on low U.S. natural gas prices by exporting the fuel to […]

Canada’s New Pipeline Woes

AND you thought pipeline politics in the United States were treacherous. Rebuffed by Washington on bringing the Keystone XL pipeline down through the western United States, Canada now finds that its Plan B — to build a pipeline to its west coast for shipping to Asia — has become mired in domestic politics thick enough […]

Nigeria: Oil Wells – Twin Brothers Go for One Another’s Throat

There have been good neighbours for decades, but the age-long bond is being tested by disputed oil wells at their common borders. Unless there is a middle ground at the end of the meeting called by President Goodluck Jonathan to broker peace in the on-going crisis between Rivers and Bayelsa States over the disputed oil […]

Central Asia as Iran’s saviour

Tehran’s high echelon is trying to find new opportunities to enter the Asian markets as U.S. and European economic sanctions strengthen against Iran. The bans on the import of Iranian oil to such countries as China and India is gradually having more influence on the economy as a result of the Western sanctions in connection […]

Natural gas surge called “redefining global phenomenon”

The old ways of looking at energy no longer apply, speakers told a standing-room only-crowd at Rice University Thursday. “This will be the redefining global phenomenon, from a finite world to a surplus world,” said Ken Hersh, co-founder and CEO of NGP Energy Capital Management. He spoke at the 2012 Rice Energy Finance Summit, a […]

Alaska North Slope Output Rises as Prudhoe Bay Ramps Up

Alaska North Slope oil production increased 11 percent in October from a month earlier as fields in Prudhoe Bay ramped up production. Output averaged 571,269 barrels a day in October, up from 516,296 in September, the state’s tax division said on its website today. “This was part of the normal ramp-up following the planned summer […]

U.S. natural gas inventories notch record high

U.S. natural gas inventories climbed last week to an all-time high, the fourth straight year a record high has been hit at this point in the season, according to data released Thursday by the Energy Information Administration. The EIA report showed that total domestic gas inventories climbed last week by 65 billion cubic feet to […]

Libyan oil workers vie for regional vs central control

Libya’s National Oil Corporation is reviewing a proposal for a Benghazi branch as officials contend with opposition by NOC staff in Tripoli versus protests and threats of output cuts by workers in the oil-rich east who want more control there. The NOC in early October issued a resolution to open a branch in the eastern […]

Shell Completes 2012 Arctic Drilling Program

Shell has concluded its 2012 exploratory drilling programs in the Beaufort and Chukchi Seas, the company said in a statement Wednesday. The mandatory close of the offshore Alaska drilling window “ends a season in which we once again demonstrated our ability to drill safely and responsibly in the Arctic,” Shell said. “The work we accomplished […]

The Big Deal About U.S. Energy Self-Sufficiency

Mark J. Perry caused a minor sensation on October 22, 2012 when he posted a blog about record-breaking fossil fuel production in the United States. Perry is an economics professor at the University of Michigan at Flint and a visiting scholar at the American Enterprise Institute. His blog is titled as an economics and finance […]

Norwegian Robot Rig Technology

Statoil, ConocoPhilips and Norske Shell are teaming up with WeST Drilling Products to help develop a new fully-robotized drilling technology. The ‘Continuous Motion Rig’ technology enables continuous drilling and, promises WDP, “substantial efficiency improvements” that will result in cost reductions. Additionally, the CMR technology can help achieve several well-related improvements, including better pressure control and […]

No slip up for UAE oil industry

The UAE produced on average 2.69 million barrels per day (bpd) in September, similar to the production levels in a month earlier, latest data from the Paris-based International Energy Agency (IEA) showed. The UAE has a sustainable oil production capacity of 2.79 million bpd at present, said the IEA, which advises 28 industrialised countries on […]

Tech Talk – Global crude oil and Iran

There has been a little stir in the news on Energy lately, as folks have begun to extrapolate the growth in American oil and gas production to the point that they predict that the United States may out-produce Saudi Arabia, in terms of the totality of hydrocarbon production. Of course, in some cases, it has […]

Peak Oil; Schwartz Cal Poly Physics

Table of Contents: 00:19 – 01:01 – 01:41 – 02:25 – 07:24 –

Putin Is the New Global Shah of Oil

Exxon Mobil is no longer the world’s number-one oil producer. As of yesterday, that title belongs to Putin Oil Corp – oh, whoops. I mean the title belongs to Rosneft, Russia’s state-controlled oil company. Rosneft is buying TNK-BP, which is a vertically integrated oil company co-owned by British oil firm BP and a group of […]

America’s (Un)Peak Oil

News stories in recent days have touted America’s recent surge in oil production, positing the US could produce more oil than Saudi Arabiaby 2020. US oil production has indeed surged in recent years—to levels not seen since 1995. Because of falling US demand and the production surge, the US now imports just 40% of the […]

Statoil to Cut 2013 Oil and Gas Production

Norwegian oil and gas firm Statoil ASA cut its 2013 output guidance due to a major divestment and low gas prices in the U.S., and also flagged a major fourth-quarter maintenance outage. Statoil, the biggest listed company in the Nordics with a market capitalization of $79-billion (U.S.), said its 2012 equity production would be around […]

Can natural gas live up to potential?

Editor’s note: Peggy Williams is editorial director of Hart Energy, an energy publisher that advises natural gas companies. The views expressed are her own. As nations seek alternative fuel sources in an effort to reduce petroleum use, the world is paying increasing attention to natural gas as an efficient option. Multi-stage fracturing and horizontal drilling […]

US set to become “New Middle East” for discord and (hopefully) oil

As it heads rapidly towards energy independence, the US has been dubbed “The New Middle East” by Energy Department officials, hoping desperately that it will be true. Slightly rising oil production, a lot of shuffling paper around to make “liquids” look like oil, and a new policy of fostering internal discord and violence will, hopefully, […]

OPEC to Increase Shipments on Heating Demand

PEC will boost crude shipments next month as winter demand for heating oil and diesel climbs in the Northern Hemisphere, according to Oil Movements. The Organization of Petroleum Exporting Countries will export 23.84 million barrels a day in the four weeks to Nov. 10, up 0.8 percent from 23.64 million a month earlier, the tanker- […]

Shale Oil: The Latest Insights

The impact of unconventional fuels like shale oil on the global energy system is still an issue of great uncertainty. Not so much because of the size of the tank (the resource base), but due to the large physical effort necessary to obtain a sizeable supply of this type of fossil fuel. For instance, to […]

Study: ‘One of the Most Significant Energy Events in the Last 100 Years’

Additional insight on the new IHS Global unconventional oil and natural gas study that projects more than $5.1 trillion in industry cumulative capital spending by 2035, supporting 3.5 million jobs. Here’s John Larson, IHS vice president for public sector consulting, during a conference call with reporters: “This really is … a game changer in energy […]

South Africa, Congo to Cooperate On Oil Exploration

South Africa and Congo signed a deal Tuesday for the joint exploration of hydrocarbons in Congo, the two countries said. The deal was signed by each country’s state-controlled oil company, Cohydro in Congo and PetroSA in South Africa, according to a statement from the foreign affairs ministers of both countries. The chief executive of PetroSA, […]

Iran says may stop oil sales if sanctions tighten

Iran said on Tuesday it would stop oil exports if pressure from Western sanctions got any tighter and that it had a “Plan B” contingency strategy to survive without oil revenues. Western nations led by the United States have imposed tough sanctions on the Islamic Republic this year in an attempt to curb its nuclear […]

Heinberg: Gas Bubble Leaking, About to Burst

For the past three or four years media sources in the U.S. trumpeted the “game-changing” new stream of natural gas coming from tight shale deposits produced with the technologies of horizontal drilling and hydrofracturing. So much gas surged from wells in Texas, Oklahoma, Louisiana, Arkansas, and Pennsylvania that the U.S. Department of Energy, presidential candidates, […]

Historic First China Begins Oil Extraction In Afghanistan

In a surprising (if not quite shocking) move, late on Friday Canada blocked Petroliam Nasional Bhd.’s C$5.2 billion takeover of Progress Energy Resources Corp. saying the bid by the Malaysian state-owned company “wasn’t in Canada’s national interests.” As BusinessWeek explains, “in what investors say is a test case for the $15.1 billion bid by CNOOC […]

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