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Oil Exploration Grows But Discovered Volumes Fall To New Lows
Oil Exploration Grows But Discovered Volumes Fall To New Lows Rystad: in the first half of 2023, explorers found 2.6 billion barrels of oil equivalent. The exploration and production (E&P) industry is in a transitionary period, with many companies exercising increased caution and shifting their strategies to target more profitable and geologically better-understood regions. In […]
Decade Of Chaos Could Send Oil To $130 Per Barrel
Decade Of Chaos Could Send Oil To $130 Per Barrel From $35 per barrel to $130 per barrel—this is the range for oil prices in the next few years that we could see, according to a commodity trading group. And it will all depend on what peaks first: demand or investment in new production. “You could […]
It’s Too Late To Avoid A Major Oil Supply Crisis
It’s Too Late To Avoid A Major Oil Supply Crisis There are a number of observable trends in oil supplies and by extension prices, presently. I am going to discuss one of them in this article. A lack of capital investment in finding new supplies of oil and gas. A favorite analogy of mine comes […]
Big Oil Is In Desperate Need Of New Discoveries
Big Oil Is In Desperate Need Of New Discoveries The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks and a shift towards renewable energy, experts warned that nearly $900 billion worth of reserves–or about one-third of the value of big oil and gas companies–were […]
What Oil’s Troubles Mean to the Rest of Us
What Oil’s Troubles Mean to the Rest of Us To the extent that stock prices reflect expectations of future value, investors don’t like the prospects for oil, and oil’s demise signals muted prospects for economic growth. Exxon-Mobil (XOM) was removed from the Dow Jones Industrial Average this past August, ending a run that began when […]
The Race For Arctic Oil Is Heating Up
The Race For Arctic Oil Is Heating Up Despite climate concerns and environmentalist backlash against exploration for oil and gas in pristine sensitive regions of the Arctic, companies continue to explore for hydrocarbon resources in the Arctic Circle, in Russia and Norway in particular. The largest Russian energy companies are looking to explore more Arctic […]
US Oil Exploration Drops by 95 Percent
US Oil Exploration Drops by 95 Percent It is well known that oil discoveries are in continuous decline worldwide in spite of ever-increasing investments. What is less known, however, is that spending on oil exploration is fast dropping in the United States. Exploratory drilling has been decreasing year after year and now stands at only five percent […]
Art Berman: Like It Or Not, The Future Remains All About Oil
Vladimir Yudin | Dreamstime.com iTunes | Google Play | Download | Report Problem Art Berman: Like It Or Not, The Future Remains All About Oil And competition for it is heating up Art Berman, 40-year veteran in the petroleum production industry and respected geological consultant, returns to the podcast this week to talk about oil. […]
A 4.5-Million-Barrel Per Day Oil Shortage Looms: Wood Mackenzie
A 4.5-Million-Barrel Per Day Oil Shortage Looms: Wood Mackenzie A report by Wood Mackenzie has warned the world may face a daily oil shortage of 4.5 million barrels by 2035. The amount represents around half of the global consumption estimate of the International Energy Agency (IEA) for 2016. In other words, a true crisis is looming—and for the moment, […]
With Shell’s Failure, U.S. Arctic Drilling Is Dead
With Shell’s Failure, U.S. Arctic Drilling Is Dead Arctic Drilling in the U.S. is dead. After more than eight years of planning and drilling, costing more than $7 billion, Royal Dutch Shell announced that it is shutting down its plans to drill for oil in the Arctic. The bombshell announcement dooms any chance of offshore oil development […]
Arctic Explorers Retreat From Hostile Waters With Oil Prices Low
Arctic Explorers Retreat From Hostile Waters With Oil Prices Low When Statoil ASA (STL) acquired the last of three licenses off Greenland’s west coast in January 2012, oil at more than $110 a barrel made exploring the iceberg-ridden waters an attractive proposition. Less than two years later, the price of oil had been cut by almost half and […]
