Iraq Set To Triple Oil Output In Six Years

Iraq, which is currently producing more than three million barrels of crude oil per day, will increase its capacity of production to more than ten million barrels a day in the next six years. “This is to assure the world market that there is sufficient crude for them,” Iraqi Deputy Prime Minister for Energy Hussain […]

An update on global net oil exports: Is it midnight on the Titanic?

The Association for the Study of Peak Oil & Gas, USA is hosting a series of online webinars, as a service to members. With a minimum donation of $100 (greater amounts are always appreciated), one can join ASPO-USA and have full access to the webinars, or you can pay a one time fee of $40. […]

Iran oil industry safe after cyberattack

An Iranian official says the country’s oil industry is working well despite an attack from hackers and a computer virus that targeted the sector’s computer systems. Deputy minister for oil and civil defense Hamdollah Mohammadnejad says all field units and exports of crude have continued working without interruptions. His remarks were reported Tuesday by state […]

Long Irish efforts pay off in an oil find

It’s been a long time coming, but oil has flowed out of an Irish well. Platts’ Ireland correspondent Kieran Moran has the story in this week’s Oilgram News column, At the Wellhead. ———————————————————————————————- It has taken over forty years and 156 exploration and appraisal wells, but last month a well drilled offshore Ireland finally produced […]

China Begins to Face a New Wealth of Energy

According to estimates from the US Energy Information Administration, China leads the world, with about 36 trillion cubic meters of recoverable shale gas reserves in several basins on land and under the South China Sea. The reserves are believed to be able to meet China’s demands for more than 300 years at the current rate […]

The Myth That the US Will Soon Become an Oil Exporter

Countries trade crude oil and oil products back and forth. When all of these transactions are netted out, is the US close to becoming a “net” oil exporter? With the recent increase in oil production (perhaps even exceeding that of Russia on a “barrels-per-day” basis), a person might think that US oil production problems are […]

Russian Energy Oligarchy’s Fears of Shale Gas Rising

Now and again Russian President Putin has warned Russian gas-giant Gazprom that it must face the growing threat of abundant shale gas. Shale gas is a massive and newly accessible energy resource ranging from North America to China to South America to Europe. But it is the shale gas resources in Europe and China that […]

Iraq New Plateau Oil Production Plan Lower, Longer

–Iraq revised its medium-term oil field redevelopment plan, meaning production will peak slightly lower than 12 million barrel a day target- Deputy Prime Minister –Iraq expects to be producing between 5 million and 6 million barrels a day of oil by 2015, Deputy PM adds –Iraq plans to increase its production and exports significantly this […]

Gas from Coal: Europe’s Opportunity

For several years, coalbed methane (CBM) has been seen as an increasingly important contributor to overall natural gas production in the United States. A low natural gas price meant CBM was not a highly-profitable source of natural gas during the 1980s and much of the 1990s. But, the higher gas price environment during the last […]

March Iranian and Saudi Oil Production

The above graph shows average Saudi oil production (left scale) and Iranian oil production (right scale).  Neither side is zero-scaled but they are on the same sized scale (to better show and compare absolute changes).  The data point in March is based solely on the secondary sources for the OPEC MOMR but appears to show […]

Chancellor pours oil on troubled North Sea

The mood in Britain’s oil and gas industry was so buoyant after last month’s Budget, it was difficult to believe the North Sea has suffered from 12 consecutive years of rapid declines in production. Part of the euphoria was relief that the Chancellor hadn’t sprung another nasty surprise, as he did last year by slapping […]

Saudis committed to lower oil prices

Ali Al-Naimi, the Saudi Minister of Petroleum and Mineral Resources, released a statement commenting on the prolonged period of high oil prices. “We are not happy about it. The Kingdom [of Saudi Arabia] is determined to see a lower price and is working toward that goal,” he said during his visit to Seoul. Saudi Arabia […]

Arctic Opening: Opportunity and Risk in the High North

From The Guardian “Lloyd’s of London, the world’s biggest insurance market, has become the first major business organisation to raise its voice about huge potential environmental damage from oil drilling in the Arctic. The City institution estimates that $100bn (£63bn) of new investment is heading for the far north over the next decade, but believes […]

What the New 2011 EIA Oil Supply Data Shows

The US Energy Information Administration (EIA) recently released full-year 2011 world oil production data. In this post, I would like show some graphs of recent data, and provide some views as to where this leads with respect to future production. World oil supply is not growing very much   Figure 1. World crude oil and […]

OPEC Pumps More Oil as Iraq Boost Offsets Iran Decline

OPEC’s crude oil production rose to the most in more than three years in March as Iraq boosted output and offset a decline in Iranian supply, according to the International Energy Agency. The 12 members of the Organization of Petroleum Exporting Countries pumped 31.43 million barrels a day of crude last month, up from a […]

While We Dither On Oil, It’s Drill, Beijing, Drill

Energy Policy: A Chinese oil company is now the world’s top producer. While we sleep and watch pump prices rise, China, India and even Cuba seek supplies the world over, including drilling off the Florida coast. Global demand for oil is rising, as is its global price, as energy-hungry economies such as China, India and […]

Out of Africa (and Elsewhere): More Fossil Fuels

THE world’s largest energy companies have big plans for Mozambique. Until recently, the East African country was better known for its long civil war, and had few energy resources compared with regional heavy-hitters like Nigeria and Angola. But in the last 10 years, companies like Exxon Mobil, the BG Group of Britain and Eni of […]

Half of East Coast’s oil refining capacity set to disappear

Sunoco petrol stations are a fixture of the US eastern seaboard, their blue-and-yellow awnings touting the brand’s status as official fuel of Nascar racing. But after July, none of the petrol they sell will actually be made by Sunoco. The 126-year-old company’s decision to quit the refining business is the latest sign of the tumult […]

Iran’s Oil Production to Drop 500K Bopd in 2012

Iran’s crude oil production is expected to fall by approximately 500,000 bopd by year-end 2012 from 3.55 million bopd of production at the end of 2011, according the U.S. Energy Information Administration’s (EIA’s) Short-Term Energy Outlook released Tuesday. Iran’s oil output decline sped up during the last quarter of 2011, which EIA believes is due […]

Kuwait eyes 4 mln bpd oil production by 2020

Kuwait is looking to increase oil production to 4 million bpd by 2020 and maintain it through 2030. Farouk Al Zanki, CEO of Kuwait Petroleum Corporation (KPC), said this in the opening session of Gulf Petroleum Conference and Exhibition 2012 titled ‘The integration of Gulf petroleum industry, prospects and challenges’ Monday at Hilton Hotel. Zanki […]

Study ties oil and gas production to Midwest quake

Oil and gas production may explain a sharp increase in small earthquakes in the nation’s midsection, a new study from the U.S. Geological Survey suggests. The rate has jumped sixfold from the late 20th century through last year, the team reports, and the changes are “almost certainly man-made.” Outside experts were split in their opinions […]

New Zealand’s Potential for Oil Independence in an Uncertain World

Ever since United States oil production peaked in the 1970s there has been debate about the ability of North America to become self reliant by producing all its own oil. Fast forward forty years and this conversation is still taking place and the U.S. is still no closer to oil independence.  So what about New […]

The last sip

A fever has swept over American energy observers in recent weeks as they compete to write the most optimistic story of impending energy independence. For example, see Clifford Krauss in the New York Times, Citigroup’s Ed Morse in the Wall Street Journal, and Raymond James’s outlook covered by Angel Gonzalez for Dow Jones, with perhaps […]

Replacing Iran’s Oil Production

If an embargo is successful in preventing Iran from selling a significant amount of oil on the world market, what would replace it? On Friday the White House released the following statement: there currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil, taking […]

Oil price salvation won’t be found in the Bakken

When gasoline prices ratchet up and it costs a hundred bucks to fill your car, the political comedy starts. Who to blame? In the United States, the right blames the left and vice versa. Fuel taxes are too high, the American motorist moans, even though taxes in the United States are among the lowest in […]

The End of the Saudi Oil Reserve Margin

Riyadh is less and less able to cushion supply shocks as it consumes more and more of its own oil. President Obama’s sanctions plan on Iran follows an old Mideast policy playbook. Western moves against an oil-exporting country take place with the cooperation of Saudi Arabia. U.S. strategy requires the Saudis to ramp up production […]

Does the U.S. Really Have More Oil than Saudi Arabia?

The Difference Between Oil Shale and Oil-Bearing Shale People are often confused about the overall extent of U.S. oil reserves. Some claim that the U.S. has hundreds of billions or even trillions of barrels of oil waiting to be produced if bureaucrats will simply stop blocking development. In fact, in a recent debate between Republican candidates contending […]

Natural Gas: Pros and Cons

Natural gas has been in the news a lot lately, being hailed as the solution to our energy problems on the one hand, and a potential environmental nightmare on the other. Let’s try to sort out the reality behind this old friend with a new face. Before we start, it might be useful to make […]

Production of Oil

Production of Oil Video

A review of the Citigroup Prediction on US Energy

Gasoline prices remain high, and Reuters recently noted that there are enough countries with civil unrest, technical problems, and bad weather with around a million barrels a day of possible supply that are not getting to the market. Yet with Saudi Arabia continuing to reassure that it is willing to pump more oil if needed, […]

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