by Kelly Gilblom, March 26, 2018 in BloombergMarkets
Big Oil’s weight in equity indices to rise from 50-year low
Cost cuts, recovering oil prices put companies in a sweet spot
The world’s largest oil companies have survived a life-changing crisis, and are now poised to reap the rewards, Goldman Sachs Group Inc. said.
Big Oil is in a sweet spot with rising oil prices and low operating costs, leaving them with the biggest cash-flow growth in two decades and boosting earnings, Goldman said in a report Monday. That will increase their attraction for investors after years of elevated spending followed by crude’s slump sent their weighting in global equity indexes to a 50-year low, according to the bank (…)
by L’essentiel, 18 mars 2018
Grâce à une production de pétrole en plein boom, les États-Unis exportent désormais sans complexe leur or noir dans le monde, entraînant une refonte des infrastructures sur leur territoire et rebattant les cartes sur le marché mondial. En pompant actuellement plus de 10 millions de barils par jour, le pays est devenu le deuxième producteur de brut au monde, derrière la Russie et devant l’Arabie saoudite. Un essor lié aux nouvelles techniques permettant d’extraire à moindre coût du pétrole de schiste
by PennEnergy Editorial Staff, February 2, 2018
U.S. crude oil production reached 10.038 million barrels per day (b/d) in November 2017, according to EIA’s latest Petroleum Supply Monthly. November’s production is the first time since 1970 that monthly U.S. production levels surpassed 10 million b/d and the second-highest U.S. monthly oil production value ever, just below the November 1970 production value of 10.044 million b/d.
Within the Lower 48 states, November 2017 production reached a record high in Texas at 3.89 million b/d, followed by North Dakota at 1.18 million b/d. Production in the Federal Gulf of Mexico reached 1.67 million b/d, up 14% from the October 2017 level as the region recovered from Hurricane Nate.
by D. Middleton, March 8, 2018 in WUWT
Not quite a year ago (April 18, 2017) I authored a post on the completion of the Petra Nova carbon capture project at the W. A. Parrish coal-fired power plant in Fort Bend County, Texas. Petra Nova was billed as “the largest post-combustion carbon capture project in the world.” In addition to capturing CO2 from a very large coal-fired power plant, Petra Nova was also designed to serve a useful purpose: Deliver CO2 for enhanced oil recovery to West Ranch Oil Field in Jackson County, Texas. The ultimate goal is to boost production in the field from around 500 barrels of oil per day (BOPD) to 15,000 BOPD and recover about 60 million barrels that would otherwise have been left in the ground.
EIA had an update on the carbon capture aspect back in October…
by J. Worland, March 6, 2018 in Time
The widespread adoption of fracking in the U.S. opened billions of barrels of oil and trillions of cubic feet of natural gas to production and transformed the global energy sector in a matter of a few years. Now, a leading global energy agency says U.S. natural gas is about to do it again.
The International Energy Agency (IEA) said in a new forecast this week that growth in U.S. oil production will cover 80% of new global demand for oil in the next three years. U.S. oil production is expected to increase nearly 30% to 17 million barrels a day by 2023 with much of that growth coming from oil produced through fracking in West Texas.
by W. Mahdi and B. Stanley, March 7, 2018 in Bloomberg
Saudi Aramco, the world’s largest oil exporter, is set to join the shale revolution with plans to start producing unconventional natural gas this month and exploit a deposit that could rival the Eagle Ford formation in Texas.
Saudi Arabia’s gas resources from shale and other alternative supplies are “huge,” Khalid Al Abdulqader, general manager of unconventional resources at Aramco, said Wednesday in Manama, Bahrain. Production at the kingdom’s North Arabia basin will start by the end of March and reach its target by the end of this year, he said, without giving details.
by R. Heinberg, March 6, 2018 in Resilience.org
Well, I’m amazed and impressed. Tight oil production has pushed total United States petroleum output to more than 10 million barrels a day, a rate last seen almost a half-century ago. It’s a new U.S. record. Fifteen years ago I was traveling the world with a Powerpoint presentation featuring a graph of U.S. oil production history. That graph showed a clear peak in 1970 and a long bumpy decline thereafter. (…)
by Patti Domm, January 31, 2018 in CBNC
- U.S. crude oil production broke 10 million barrels a day in November for the first time since production peaked in 1970, at the start of a decades long decline.
- The U.S. is the world’s third largest oil producer, and its status is growing. Russia is the largest, with about 11 million barrels a day. The U.S. output rivals Saudi Arabia, which has had production of 10.6 million barrels a day, but currently has cut back due to the OPEC deal with Russia and others to keep supply off the market.
- The U.S. production is expected to expand and could top 12 million barrels a day by the end of 2019, according to Dan Yergin, IHS Markit Vice Chairman.
by Haaretz and Reuters, January 29, 2018
Surging shale production is poised to continue pushing U.S. oil output to more than 10 million barrels per day – toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. The U.S. government forecasts that the nation’s production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world’s top producer.
New technology, new fields
The next phase of shale output growth depends on techniques to squeeze more oil from each well. Companies are now putting sensors on drill bits to more precisely access oil deposits, using artificial intelligence and remote operators to get the most out of equipment and trained engineers.
by Clifford Krauss, January 28, 2018 in TheNewYorkTimes
HOUSTON — A substantial rise in oil prices in recent months has led to a resurgence in American oil production, enabling the country to challenge the dominance of Saudi Arabia and dampen price pressures at the pump.
The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States. Those strategies backfired and ultimately ended up benefiting the oil industry.
Overcoming three years of slumping prices proved the resiliency of the shale boom. Energy companies and their financial backers were able to weather market turmoil — and the maneuvers of the global oil cartel — by adjusting exploration and extraction techniques.
by Paul Gosselin, January 12, 2018 in NoTricksZone
Quartz.com here presents an interesting chart which tells us the green energy revolution of the past 30 years has resulted in practically nothing. It’s been a flop. Fossil fuels remain as wildly popular as ever.
by Jillian Ambrose, January 9, 2018, in TheTelegraph Business
Cuadrilla will be allowed to test wells in the Sussex countryside until 2021 to see whether the fossil fuel flows from underground limestone rock could be a commercial source of homegrown energy.
The unanimous approval of the county council does not include permission to use the controversial process of hydraulic fracturing, or fracking, but is nonetheless likely to reignite local opposition.
by Samuel Furfari, December 13, 2017 in Eco-Business
The world has nothing to worry about reserves. After 40 years of fearing energy shortages, we now live with abundance. Guard against false narratives, not scarce resources says Samuele Furfari, Professor at Université libre de Bruxelles.
by Rice University, January 5, 2018 in Sciencedaily
The geopolitical risks to the United States’ oil supply are the lowest since the early 1970s, due to fracking, climate action and a more diverse global supply, according to a new paper. America’s energy prosperity contrasts with a more fraught period for energy-exporting countries where geopolitical challenges have been compounded by fiscal stress and rising domestic energy demand, the authors said.
by Press Release, U.S. Department of the Interior, January 1, 2018
U.S. Secretary of the Interior Ryan Zinke today announced the next step for responsibly developing the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, which proposes to make over 90 percent of the total OCS acreage and more than 98 percent of undiscovered, technically recoverable oil and gas resources in federal offshore areas available to consider for future exploration and development. By comparison, the current program puts 94 percent of the OCS off limits. In addition, the program proposes the largest number of lease sales in U.S. history.