THE ENERGY DISASTER KICKING INTO FULL GEAR: World Is Totally Unprepared For What’s Ahead
There’s more evidence finally surfacing in the media of the dire energy predicament the world is now facing. The negative ramifications of peak oil and the falling EROI were going to hit the world economy within the next 2-5 years, but the global contagion has sped up the process considerably. Unfortunately, the world will never return back to the energy consumption and GDP growth experienced in 2019. I believe the peak of unconventional oil production has finally arrived… FOREVER.
Here are a few highlights describing the ongoing ENERGY DISASTER taking place
U.S. Bakken Oil Production Peaked Oct 2019 While Setting A New Record In Wastewater Production
According to Shaleprofile.com, the Bakken’s production peaked in October 2019 at 1,506,358 barrels per day (bd) and fell to 1,462,025 bd in December. When the data comes out for Mar-Apr-May, I believe that Bakken’s oil production will begin to drop off considerably.
Furthermore, even without the global virus destroying oil demand, the Bakken was going to peak shortly due to a key indicator… a tremendous increase in the amount of associated wastewater production. Surging wastewater production is a bad sign signaling reservoir depletion. Using the data from the North Dakota Department of Mineral Resources, the Bakken is now producing nearly 1.5 barrels of wastewater for each barrel of oil:
In January 2016, the Bakken was producing 115% more wastewater than oil, but that has surged to 149% during January 2020. While oil production increased by 8.2 million barrels (per month) since January 2016, wastewater surged by an additional 23.2 million barrels (per month).
The Death of the Bakken has finally arrived. Due to the collapse in U.S. oil consumption, I see a huge decline in Bakken oil production over the next three quarters.
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