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Page added on January 31, 2018

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Russia Struggling To Expand Arctic Oil Production

Production

Oil production from Russia’s Arctic region increased in 2017 as new onshore developments and the only offshore producing platform ramped up production. But challenges in Russia’s arctic remain.

Last year, production from onshore fields in Yamal-Nenets autonomous region in northern Russia contributed the most to the rise in oil production in the Arctic. Output from the only producing offshore oil field — Prirazlomnoye — also increased in 2017. And Russia has ambitions to continue to develop its Arctic oil resources.

Russia’s ambitions, however, are not without challenges; it must contend with several factors that, for now, are preventing it from fully developing its offshore Arctic oil potential. For starters, U.S. sanctions prohibit the exports of goods, services, or technology that Russia needs to support exploration or production in Russia’s deepwater, Arctic offshore, or shale projects — all which have the potential to produce oil. Another obstacle is that only state-controlled giants Gazprom and Rosneft have access and licenses to operate in the offshore Arctic, and they are not keen on cooperating with local private companies with relevant experience.

Nevertheless, Russia had a good year in the Arctic. Oil production in the Yamal-Nenets autonomous region is expected to have increased by 13.4 percent year on year in 2017, thanks to rising production at new onshore oil and condensate fields and increased crude oil shipments from Gazprom Neft’s Novy Port project via the Arctic Gates oil terminal, the government of the Yamal-Nenets autonomous region said earlier this month. Gas production in the region is expected to have increased by 6.7 percent last year compared to the previous year.

 

In addition, at the end of last year, Vladimir Putin officially launched the $27 billion Yamal LNG project in the Arctic. Russia’s second LNG plant intended to challenge the dominance of Qatar and Australia — and perhaps the U.S. in the future — on the global LNG market.

Gazprom Neft, the oil arm of gas giant Gazprom, said in its preliminary 2017 results at the end of December that its total oil and gas production had increased by 4.2 percent compared to 2016, mostly due to the development of major new projects in the Arctic. The Novoportovskoye field, the Vostochno-Messoyakhskoye field — the northernmost onshore field in Russia — and the offshore Prirazlomnoye field contributed the most to production growth in 2017, Gazprom Neft said.

At the end of last year, Russia’s largest oil company, Rosneft, struck a new joint venture with BP, which is a 20-percent shareholder in Rosneft, to jointly develop the reserves of two license blocks in the Yamal-Nenets autonomous region — Kharampursky and Festivalny — which hold a combined 880 billion cubic meters of natural gas.

Despite growing its Arctic oil production and the government vowing to develop the region, sanctions and the unwillingness of Gazprom and Rosneft to cooperate with private Russian companies prevent Russia from fully exploring its vast Arctic oil and gas resources, Stanislav Pritchin wrote in an article published on Monday.

The Russian zone of the Arctic has the largest share, and its potential reserves are some 48 billion barrels of oil and 43 trillion cubic meters of natural gas. The only offshore production field, Prirazlomnoye, is a relatively easy platform to develop because it is close to the coast and not in very deep waters, Pritchin says.

But sanctions are preventing Russia from partnering with Western companies that have the know-how and technology to drill in Arctic waters. Apart from externally imposed restrictions, Russia has one self-imposed hurdle — only Gazprom and Rosneft have access to the Arctic shelf.

While sanctions are unlikely to be lifted soon, with increasingly tense relations between Russia and the West, part of the solution could be if the two state-controlled giants partnered with private Russian firms with more experience in subsea development, Pritchin argues

“But while that is not recognized, Russia is losing much-needed private investment and the opportunity to exploit its potential Arctic riches,” the expert says.

By Tsvetana Paraskova for Oilprice.com



141 Comments on "Russia Struggling To Expand Arctic Oil Production"

  1. JuanP on Wed, 31st Jan 2018 8:17 pm 

    So, regardless of the US illegal sanctions against Russia its oil and gas production keep rising. Russia should send ALL Western corporations packing, including BP. Every day that passes the USA is weaker and Russia is stronger. In a few months President Putin will be reelected. He has proven to be smarter and more resourceful than all the US politicians and bureaucrats put together. Poor, poor Russians; there Arctic oil and gas production keeps increasing, as well as every industry they need to become the only self sufficient country in the world. If only we were so unlucky in the USA! LOL! What I wouldn’t give to have a president like Putin in the USA. The sad truth is that no US politicians are worthy of shaking his hand. Putin is the best politician of the new millennium. The West is made up of a bunch of decadent, disintegrating former empires. Only some pretentious fools in places like the US and the UK can’t see that. To the rest of the world it is becoming clearer every day. Russia is going up and the USA is going down; it is as simple as that.

  2. JuanP on Wed, 31st Jan 2018 9:06 pm 

    I completely agree with Jim Kunstler’s conclusion that it is quite obvious that the FBI and the DOJ colluded with the Clintons and the DNC. The whole world is horrified by what the USA is becoming. It is really scary to think that the US government possesses nuclear weapons. God save us all! This will not end well. The USA seems determined to destroy the world along with itself. Global nuclear war was never more likely than it is today.

  3. JuanP on Wed, 31st Jan 2018 9:07 pm 

    http://kunstler.com/clusterfuck-nation/stormy-weather/

  4. Mad Kat on Wed, 31st Jan 2018 10:05 pm 

    Totally agree on all of your observations above. The US is no longer more than a nuclear armed bully that needs to be taken down before it does something even more stupid than usual.

  5. Mad Kat on Wed, 31st Jan 2018 10:12 pm 

    “The Russian government faces a difficult situation. The foreign policy of the US, and thereby of the Western world, is controlled by neoconservatives who are determined to present Russia in the most threatening light. Russian diplomacy can do nothing to change this. The non-provocative and responsible Russian response has the effect of encouraging more provocations from Washington. At some point Russian passivity might convince the neoconservatives that they can successfully attack Russia. Alternatively, the continual provocations might convince Russia that the country is targeted for attack, thereby causing a Russian pre-emptive action.”

    https://www.paulcraigroberts.org/2018/01/30/washington-reaches-new-heights-insanity-kremlin-report/

    That 3AM flash over American cities is getting closer and closer…

  6. MASTERMIND on Wed, 31st Jan 2018 10:32 pm 

    Putin is one of the worlds richest men..And Russia is a backwards peasant society with no middle class..They have no freedom and are ruled by a criminal elite! I hope we take that bastard out for hacking our election and putting that shit head on the white house!

  7. MASTERMIND on Wed, 31st Jan 2018 10:35 pm 

    Vlad the Bad must die! Fucking with our elections is an act of war! And we could steal all of their oil and gas reserves! If we go down I hope every major country breaks our fall! Fuck em all!

  8. Boat on Wed, 31st Jan 2018 10:43 pm 

    Of course Russia has trouble developing oil. They ain’t Texans. They needed help gettingvoil out of big pools. Hell Texans squeeze it out of rocks. Notice the rest of the world with shale running way behind. They are just not exceptional.

  9. fmr-paultard on Wed, 31st Jan 2018 11:03 pm 

    ((mm)) i don’t hear anything coming out of russia at all. siberia resources better for other countries such as USA for the benefit of improving lives of humanity

  10. Cloggie on Wed, 31st Jan 2018 11:47 pm 

    Vlad the Bad must die! Fucking with our elections is an act of war! And we could steal all of their oil and gas reserves! If we go down I hope every major country breaks our fall! Fuck em all!

    ((mm)) i don’t hear anything coming out of russia at all. siberia resources better for other countries such as USA for the benefit of improving lives of humanity

    The North-American Master Race planning for the destruction of Russia and Putin.

    Patience guys, you will get your war against Eurasia. Everybody there is lusting after American ass. The war booty is rich. Why do you think the EU is setting up an army? After all, it only needs to have the size of the army of North-Vietnam and victory is guaranteed:

    https://www.rt.com/news/387313-us-losing-leadership-eu-mogherini/

    http://s.newsweek.com/sites/www.newsweek.com/files/styles/lg/public/2015/04/17/0417namfall01.jpg

  11. GregT on Wed, 31st Jan 2018 11:54 pm 

    “Of course Russia has trouble developing oil. They ain’t Texans.”

    The ‘Texan’s’ have had a ton of experience developing oil, and ultimately, they shot their wad in 1973. Admittedly, the Russians have a bit of catching up to do, but they have plenty of resource left to practise on.

  12. Davy on Thu, 1st Feb 2018 4:41 am 

    “Patience guys, you will get your war against Eurasia. Everybody there is lusting after American ass. The war booty is rich. Why do you think the EU is setting up an army? After all, it only needs to have the size of the army of North-Vietnam and victory is guaranteed”
    War mongering Nazi Europe’s army couldn’t find it way out of a wet paper bag. North Vietnam was between in most battles and if it was decided to turn the place into a desert then they could eventually been quashed completely. You as usual use faulty military knowledge for what was a political war. BTW, your stupid Europeans started the Vietnam issue. France left with it tail between its legs and didn’t even fight much. Pussies.

  13. JuanP on Thu, 1st Feb 2018 6:25 am 

    MM “Putin is one of the worlds richest men.” Prove it! You may believe that, but your beliefs are completely irrelevant because you have absolutely no credibility. And what if he is? He has earned it. President Putin is the best thing to happen to Russia and Russians know it. That is why every poll in the world, even those conducted by Russia’s enemies, has Putin as the most popular politician of the world this century. Putin will be remembered as an extraordinary man for as long as human civilization exists.

  14. JuanP on Thu, 1st Feb 2018 6:34 am 

    Boat “Of course Russia has trouble developing oil.” i guess that is why they produce around 11mbpd, more than ever before, and they were the top producers of the world in the past few years; it is because of all the trouble they have developing oil! Now I understand; that makes so much sense! LOL! Poor, poor Russians! If only they weren’t the BIGGEST country in the world with the MOST natural and mineral resources and didn’t have enough nuclear weapons to completely destroy the USA and/or the whole world in less than an hour. It must be because of all the troubles they have and how stupid and unexceptional they are. If only they were as smart and exceptional as Americans!

  15. fmr-paultard on Thu, 1st Feb 2018 6:41 am 

    ((mm)) i want to know where u get the breeding idea from pls. it sounds extreme like master race theedrich and SENTAPBs.

    https://imgur.com/a/EMrxG

  16. JuanP on Thu, 1st Feb 2018 6:45 am 

    MM “Russia is a backwards peasant society with no middle class..They have no freedom and are ruled by a criminal elite!”. You mean, so not like the USA where people are so happy and healthy, we have so much freedom, and there is no criminal elite ruling, right? LOL! I wish you could understand how pathetic and ridiculous you sound. You are nothing more than a typical delusional American exceptionalist. You are like a carbuncle in the world’s arsehole and completely full of shit. It is because of assholes like you that most of the people in the world hate the USA and Americans.

  17. Mad Kat on Thu, 1st Feb 2018 6:59 am 

    Juan, Most Americans rarely travel outside of their safe space, called the US, where they are fed bullshit/propaganda 24/7/365 and have no idea what the real world is like. Not a clue.

    I didn’t really notice it until I got out of the gulag and looked around. What a pleasant revelation! And looking back, what a shithole the US has become. Well deserved, I will add.

  18. fmr-paultard on Thu, 1st Feb 2018 7:11 am 

    I’m a libtard but i became blue republican to vote for president paul. but i revert to libtardism. i hated trump but now i don’t anymore. i think he’s awesome because he didn’t grab “it” LUke 22:36 plus he gave Jerusalem to Israel. of course concerts are free of muslims so i’ll be doing tard basic research on vegas.
    https://imgur.com/a/EMrxG

  19. fmr-paultard on Thu, 1st Feb 2018 7:13 am 

    but now this first lady thing protesting his faith and family part of speech is making it hard for me to like him

  20. JuanP on Thu, 1st Feb 2018 7:15 am 

    Thanks for that link, Mak. I have been reading Paul Craig Robert’s articles for years and I 100% agree with him. He is one of the few honest, decent Americans left. I agree that it is almost impossible for ordinary Americans to understand how much the USA is despised abroad. The media bubble they live in is all encompassing; it is the greatest propaganda machine in human history, including movies, plays, TV, newspapers, magazines, online media, the education system, and American society as a whole. To accept the truth an American needs to accept that almost everything he has been told in his/her life is a lie; the emotional cost of doing that is truly brutal and most humans are incapable of such sacrifice. It would also make you an instant social pariah because freedom of expression is a lie and divergent views are not accepted in the “land of the free”.

  21. Davy on Thu, 1st Feb 2018 7:22 am 

    Silly billy, which Americans? All 360MIL don’t travel? Google the numbers brat. Quit disseminating your propaganda from your self-imposed jungle gulag.

  22. fmr-paultard on Thu, 1st Feb 2018 7:46 am 

    https://imgur.com/a/EMrxG

    of course the media has specialists and supertards working for them. david wood is a supertard and he told me jihadists attract to concerts. the media works with president trump and he didn’t grab the bumpski. it’s too bad the first lady isn’t happy about him now. but that’s vegas thing and working with the media is a good thing because he didn’t grab the bumpski. it’s good because it would break the law regarding regulation of a stupid “thing”. it makes joke of the law. it’s good becuase bumpski are for SENTAPBs supremacist extremist nazi tard preachers bumpskied. these jerks work with jihadists in principle while operating on their fake bible “mein kampf”.
    this is good because otherwise it would give them publicity victory, sow panic,fear and retribution. it would destroy supertards’ natural habitat. i don’t want that. i want supertards to give me safe electricty only. thank you!

    i mean the woman said “you all be killed, they everywhere” and as usual the woman is a bum. oh yes the usual narative of sacrifying women … or as supertard explained “our girls”

  23. Mad Kat on Thu, 1st Feb 2018 7:48 am 

    Juan, It was a startling revelation. But, after 10+ years of observing the US from the outside, away from the incessant propaganda, it is obvious. The US is 3rd world under the thin layer of lies and propaganda.

    The US empire is almost over and the world is seeing behind the curtain more and more every day. Trump has ripped holes in it, aided by the Hillary gang and the Fact that the US is being blocked by China and Russia at every turn.

    We definitely live in interesting times and I am glad I am observing it from the outside.

  24. fmr-paultard on Thu, 1st Feb 2018 7:50 am 

    i don’t want any stupid aswangland suicide shower. if thy want it they can keep it. sorry i’m in a bad mood today

  25. fmr-paultard on Thu, 1st Feb 2018 7:56 am 

    of course this include this so called libtard media MSM. it doesn’t matter who working with whom as long as Luke 22:36 is untouched. this is what supreme grandtard commanded us to do.

    if supertards are beyond reproach then you guess it, supreme Grandtard the father’s words are commands so suck it up.

  26. deadly on Thu, 1st Feb 2018 8:20 am 

    Them Ruskies are gonna drill in the Arctic, come what may. Just ask Greenpeace how it worked out for them here a few years ago now.

    If you get too close, they’ll shoot you.

    Toughky shitsky

    http://www.truth-out.org/progressivepicks/item/31657-greenpeace-activists-risked-harsh-imprisonment-in-russia-to-stop-arctic-drilling

    “Religion is what keeps the poor man from murdering the rich.” – Napoleon

    http://mindprod.com/quote/napoleon.html

    Except during the French Revolution, the poor were chopping off the heads of the rich, Marie Antoinette had a bad hair day.

    The Reign of Terror began in France and migrated to Syria.

    The Frenchman who marched 400,000 fellow Frenchmen into Russia and returned with 10,000 met his Waterloo, just like Stonewall Jackson sang it.

    Not all of them died, just those who didn’t desert the ranks.

    It ain’t summer all of the time.

  27. GregT on Thu, 1st Feb 2018 8:20 am 

    “Juan, Most Americans rarely travel outside of their safe space,”

    “Silly billy, which Americans? All 360MIL don’t travel? ”

    Give it a rest Davy. You’re just making yourself look stupid.

  28. Davy on Thu, 1st Feb 2018 8:42 am 

    Silly billy, you mean it took you leaving the US then 10 more years in the P’s to get a brain. Most intelligent people realize these things anyway.

  29. Davy on Thu, 1st Feb 2018 8:46 am 

    Greggie, show us you are not stupid. When is the last time you made a comment that said anything?

  30. GregT on Thu, 1st Feb 2018 9:00 am 

    If you so badly feel the need to stalk and prick your fellow American, at least try to make some sense while doing so. Otherwise, you’re only making yourself look stupid.

    Capice?

  31. fmr-paultard on Thu, 1st Feb 2018 9:22 am 

    if supertards strategy is going after jihadi’s bomb makers as supertard david wood implies then we need to figure out a way to go after SENTAPBs’s support network to kill and degrade. can you imagine there are jihadi supertards bomb makers working among us? that’s enemy combattants which can be used to bargain in order to discover other bomb makers and hang.

  32. MASTERMIND on Thu, 1st Feb 2018 9:32 am 

    JuanP

    You are as dumb as they come! And Paul Craig Roberts is a total nut job! Just look at his picture on his blog! he is crazy old feeble minded man! Just like Mad kat! Like minds think alike!

  33. MASTERMIND on Thu, 1st Feb 2018 9:34 am 

    The End of the Oil Age is Imminent

    Recently, the HSBC oil report stated that 80% of conventional oil fields were declining at a rate of 5-7% per year. This means that there will be an oil shortage of ~30 million barrels per day by 2030 and ~40 million barrels per day by 2040.
    http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017

    What is mentioned far less often is that annual oil discoveries have lagged annual production since the 1980s.
    https://imgur.com/a/6dEDt

    Now, this problem has nothing to do with the recent decline in the oil price, which started in 2014. This has been an on-going problem for the past 30 years. Now, the IEA is predicting oil shortages by ~2020 due to declining exploration.
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

    Here, the IEA blames this problem on the low oil price. But, this problem started in the 1980s. The problem is geological: we are running out of conventional cheap oil. Shale and tar sands are not the answer, either. Those resources are far too expensive, compared to conventional oil, because the global economy is based on cheap conventional oil. Expensive oil is not a replacement for cheap oil.

    Based upon the HSBC report and the IEA, the End of Oil Age will start around ~2020: there will be a dramatic economic depression due to exhaustion of cheap oil. This will cause a global economic collapse.

  34. MASTERMIND on Thu, 1st Feb 2018 9:42 am 

    Existing oil reserves are scheduled to begin a catastrophic crash within 1 to 3 years. When it hits the economic and social damage will be catastrophic. The end of Western Civilization, from China to Europe, to the US, will not occur when oil runs out. The economic and social chaos will occur when supplies are merely reduced sufficiently….

    https://imgur.com/a/6dEDt
    http://www.nature.com/nature/journal/v481/n7382/full/481433a.html
    http://www.sciencedirect.com/science/article/pii/S0301421509001281
    http://www.sciencedirect.com/science/article/pii/S030142151300342X
    http://www.sciencedirect.com/science/article/pii/S0016236114010254
    http://www.geo.cornell.edu/eas/energy/the_challenges/peak_oil.html
    http://www.energybulletin.net/sites/default/files/Peak%20Oil_Study%20EN.pdf
    http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

  35. fmr-paultard on Thu, 1st Feb 2018 10:16 am 

    ((mm)) i will research your links especially the german’s study

    https://imgur.com/a/EMrxG

  36. MASTERMIND on Thu, 1st Feb 2018 10:57 am 

    Australian Government (Leaked) 450 pages Study: concludes world peak oil around 2020

    https://web.archive.org/web/20170415190328/https://www.aspo-australia.org.au/References/Bruce/BITRE-Report-117-Oil_supply_trends-2009.pdf

    https://imgur.com/a/Xp9uQ

  37. Cloggie on Thu, 1st Feb 2018 11:56 am 

    ((mm)) i will research your links especially the german’s study

    The study is of 2010, 3 years before shale kicked in. The German army never ever referred to peak oil again since. They are all hiding under the bed now in shame, shouting Scheisse.

    https://deepresource.wordpress.com/2012/01/26/german-army/

  38. Cloggie on Thu, 1st Feb 2018 11:59 am 

    Australian Government (Leaked) 450 pages Study: concludes world peak oil around 2020

    Hahahahahahahaha, millimind pushes another 2009 study. He has to, in order to keep his peak oil corps warmed up and sensationalism warm.

    Millimind, the village idiot and 2010-style peak oil fossil.

  39. Cloggie on Thu, 1st Feb 2018 12:06 pm 

    Recently, the HSBC oil report stated that 80% of conventional oil fields were declining at a rate of 5-7% per year. This means that there will be an oil shortage of ~30 million barrels per day by 2030 and ~40 million barrels per day by 2040.

    Eh no, it means there will be a conventional oil shortage, which is irrelevant.

    #ThirdCarbonAgeRising

    https://www.huffingtonpost.com/michael-t-klare/renewable-energy_b_3725777.html

    The North Sea harbors enormous amounts of coal, dwarfing the total amount of fossil fuel consumed by humanity to date.

    Peak-oilers a la Heinberg-2010 are plain brain dead.

    http://www.resilience.org/stories/2005-12-28/3000-billion-tons-coal-norways-coastline/

    http://www.thejournal.co.uk/news/north-east-news/drilling-date-set-north-seas-6896191

    https://www.walesonline.co.uk/news/wales-news/now-king-coal-set-rule-6923421

    The limiting factor is the atmosphere and climate, not fossil fuel reserves.

    https://deepresource.wordpress.com/2015/04/07/fracking-is-for-amateurs/

  40. GregT on Thu, 1st Feb 2018 12:08 pm 

    https://imgur.com/a/Xp9uQ

    Shows mankind still burning 15 gigabarrels of oil per year past 2050, and 5 Gbbls/year out to 2100, 82 years from now.

  41. GregT on Thu, 1st Feb 2018 12:16 pm 

    “The limiting factor is the atmosphere and climate, not fossil fuel reserves.”

    Absolutely correct. There are far more than enough fossil fuels remaining to render the planet inhospitable to life as we know it.

  42. roccman on Thu, 1st Feb 2018 12:21 pm 

    The US is the ark of Utnapishtim…it is to be destroyed – then rebuilt.

  43. Davy on Thu, 1st Feb 2018 12:45 pm 

    “Absolutely correct. There are far more than enough fossil fuels remaining to render the planet inhospitable to life as we know it.”

    Sorry boys, the economy is just as an important a limiting factor.

  44. GregT on Thu, 1st Feb 2018 1:31 pm 

    “Sorry boys, the economy is just as an important a limiting factor.”

    Yes, the economy is also rendering the earth inhospitable to life as we know it. The limiting factors are the atmosphere, the climate, and the natural environment. There are more than enough fossil fuels left, to run a large enough economy, to render the planet inhospitable to life as we know it.

  45. MASTERMIND on Thu, 1st Feb 2018 2:25 pm 

    You fools don’t get it! Once oil production goes into decline and oil shortages hit! That will cause an economic collapse! You can’t have oil shortage and increase global GDP for another 50 years. And if you can’t increase GDP you will go into a deflationary death spiral! I swear nobody on this sub is college educated and has never taken a basic economic course.

  46. MASTERMIND on Thu, 1st Feb 2018 2:27 pm 

    Clogg

    There is no time limit on a study. Hubberts study in 1956 took 14 years to be proven accurate! You dumb denier! And the Australian government study shows peak oil happening around 2020..So its still relevant as ever!

  47. MASTERMIND on Thu, 1st Feb 2018 2:30 pm 

    Clogg

    We are not going to convert coal to cover for all the entire worlds declining oil production! And coal is peaking soon anyways! See peer reviewed paper below!

    Projection of World Fossil Fuels by Country (Mohr, 2015)
    http://www.sciencedirect.com/science/article/pii/S0016236114010254

  48. MASTERMIND on Thu, 1st Feb 2018 2:57 pm 

    Clogg

    See peer reviewed scientific paper

    The End of Peak Oil? Why this topic is still relevant despite recent denials (Chapman, 2014)
    http://www.sciencedirect.com/science/article/pii/S030142151300342X

  49. MASTERMIND on Thu, 1st Feb 2018 3:01 pm 

    USA DOE Study: PEAKING OF WORLD OIL PRODUCTION (Hirsch, 2005)
    https://www.netl.doe.gov/publications/others/pdf/Oil_Peaking_NETL.pdf

    USA GAO Study: Uncertainty about Future Oil Supply. Addressing a Peak and Decline in Oil Production
    http://www.gao.gov/new.items/d07283.pdf

  50. Cloggie on Thu, 1st Feb 2018 3:08 pm 

    “Sorry boys, the economy is just as an important a limiting factor.”

    European economy goes from strength to strength. Euro now at $1.25

    https://www.bloomberg.com/news/articles/2018-01-15/euro-area-economic-boom-to-roll-on-after-strong-start-to-2018

    “Euro-Area Economic Boom to Roll On After Strong Start to ’18”

    https://www.reuters.com/article/us-eurozone-economy-gdp/euro-zone-growth-eclipsing-u-s-economy-set-to-be-best-in-decade-idUSKBN1DE17N

    “Euro zone growth, eclipsing U.S. economy, set to be best in decade”

    https://www.theguardian.com/business/2017/sep/16/the-eurozone-strikes-back-why-europe-is-booming-again

    “The eurozone strikes back – why Europe is booming again”

    https://www.politico.eu/article/central-and-eastern-eu-gdp-growth-economies/

    “Romania was the fastest growing economy in the EU last year, with an estimated GDP growth rate of 6.4 percent.”

    The economy is NOT a limiting factor.

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