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Each year the U.S. Energy Information Administration (EIA) produces forecasts of U.S. oil and gas production in its Annual Energy Outlook (AEO), which is widely viewed as an authoritative assessment of what to expect for future U.S. oil and gas output (the EIA prefers the term “projection” to “forecast”). The EIA’s reference case is considered as the most likely scenario by industry, policy makers, and the media.

Considering that AEO reference case forecasts for shale gas and tight oil production in recent releases are remarkably optimistic when considered at the play-level in terms of well productivity, decline rates and prospective areas, I find this baffling and worrisome. It’s one thing for industry to paint a rosy picture of future production, but something altogether different when a government agency—tasked with providing the American public with objective information—does it.

AEO2018, for example, projects that shale gas production will be 130% higher in 2050 than in 2016, while tight oil production will grow by 74%, all at relatively low prices. This despite the fact that average production from individual wells falls 70–90% in the first three years and entire fields would decline 20-40% a year if new wells weren’t constantly drilled.

I recently assessed the EIA’s AEO2017 forecasts and assumptions for all major shale gas and tight oil plays using a proprietary commercial database of well production data—a database that the EIA itself uses for its own analysis. The study revealed that the EIA has overestimated the likely future production of shale gas and tight oil for most plays by a wide margin. This is a result of overestimating the size of the prospective area and hence the number of wells that can be drilled, and underestimating future declines in well productivity.

…click on the above link to read the rest of the article…

Saudi Arabia Plans Its Own Shale Revolution

March 9, 2018

Saudi Arabia Plans Its Own Shale Revolution

Saudi Arabia has big gas plans, with Aramco eyeing a twofold increase in its natural gas production over the next ten years as it seeks to switch local power plants to gas from oil, so it can export more crude. This gas, apparently, could come from shale deposits.

The World Energy Council estimates that Saudi Arabia has recoverable gas reserves of 7.49 billion tons of oil equivalent. Proved reserves stood at 8.489 trillion cu m as of 2014. These are just conventional gas figures, the WEC notes. According to Aramco’s head of unconventional resources, Khalid Al Abdulqader, the country’s shale gas resources are “huge.”

One of the top spots for shale gas drilling is the Jafurah basin, which is similar in size to Texas’ Eagle Ford, according to Al Abdulqader, but he declined to give any details regarding the reserves in place. Analysts that Bloomberg’s Wael Mahdi and Bruce Stanley spoke to believe that it is perfectly possible for the shale basins in the Kingdom to contain a lot of gas. The question is whether this gas is actually recoverable at a cost that is low enough to make production viable.

If historical data is any judge, this is doubtful. Mahdi and Stanley note the string of exits by international oil and gas companies after they failed to make any meaningful gas discoveries in the Kingdom. These included French Total, Italy’s Eni, and Spanish Repsol. Exxon and Chevron have operations in the country, but not in gas exploration. Lukoil was the latest to announce it was pulling out of its Saudi gas drilling venture last year after it failed to discover any reserves.

…click on the above link to read the rest of the article…

Shale gas revolution did not last long for BHP – the Fayetteville story

December 16, 2017

Shale gas revolution did not last long for BHP – the Fayetteville story

BHP_ready_goodbye_US-shale http://www.naturalgasintel.com/topics/101-fayetteville-shale

We had these headlines a couple of months ago:

BHP’s $50 billion shale oil blunder

23/8/2017
BHP slapped $US4.75 billion ($6 billion) down on the table to buy the rights from Chesapeake Energy to around half-a-million acres of prospective shale gas reserves at Lafayette in Arkansas.
http://www.abc.net.au/news/2017-08-23/bhp-billion-dollar-shale-oil-blunder/8832698

‘They went too hard’ – BHP’s retreat wins plaudits

22/8/2017
Mr Mackenzie conceded BHP’s entry into the onshore US shale industry was “poorly timed, we paid too much” for the assets.
“We would like to get on with the exit from shale,” he said, adding that BHP would “be patient to make sure we restore value for shareholders”.
http://www.smh.com.au/business/mining-and-resources/they-went-too-hard–bhps-retreat-wins-plaudits-20170822-gy1jfq.html

This post’s focus is the Fayetteville shale gas in the US State of Arkansas. The following map is from a BHP investor presentation in February 2011, shortly before BHP bought shale gas acreage from Chesapeake in March 2011.

Fayetteville_map_2011 Fig 1: Location of the Fayetteville shale

http://www.bhp.com/media-and-insights/news-releases/2011/02/bhp-billiton-announces-acquisition-of-chesapeake-energy-corporations-fayetteville-usa-shale-assets

Let’s hit the road, on route 65 from Conway (Arkansas) towards Greenbrier where many new subdivisions were built like this one:

Greenbrier_subdivision Fig 2: Testifying to the newly found wealth – as long as it lasts.

You can buy 5 acre lots for US$ 80,000 and the average house costs just 140 grand.

5 kms north of Greenbrier we find BHP gas well Fielder 8-13 2-33H, carved out of a forest lot.

BHP_permit_41740 Fig 3: BHP gas wells in Fayetteville

BHP_Fayetteville_well_locations

Fig 4: BHP well locations in Fayetteville

The production history shows that BHP went into shale just 1 ½ years before the whole basin started to peak:

Fayetteville_shale_gas_production_2004-Jul2017 Fig 5: Fayetteville shale gas production up to July 2017
https://www.eia.gov/tools/faqs/faq.php?id=907&t=8

An undulating peak of production is clearly visible between mid 2012 and mid 2014

…click on the above link to read the rest of the article…

How Has the US Fracking Boom Affected Air Pollution in Shale Areas?

November 6, 2017

How Has the US Fracking Boom Affected Air Pollution in Shale Areas?

$Trucks in front of a flare at a fracking site$

Urban air pollution in the U.S. has been decreasing near continuously since the 1970s.

Federal regulations, notably the Clean Air Act passed by President Nixon, to reduce toxic air pollutants such as benzene, a hydrocarbon, and ozone, a strong oxidant, effectively lowered their abundance in ambient air with steady progress.

But about 10 years ago, the picture on air pollutants in the U.S. started to change. The “fracking boom” in several different parts of the nation led to a new source of hydrocarbons to the atmosphere, affecting abundances of both toxic benzene and ozone, including in areas that were not previously affected much by such air pollution.

As a result, in recent years there has been a spike of research to determine what the extent of emissions are from fracked oil and gas wells — called “unconventional” sources in the industry. While much discussion has surrounded methane emissions, a greenhouse gas, less attention has been paid to air toxics.

Upstream Emissions

Fracking is a term that can stir strong emotions among its opponents and proponents. It is actually a combination of techniques, including hydraulic fracturing, that has allowed drillers to draw hydrocarbons from rock formations which were once not profitable to tap.

Drillers shatter layers of shale rock with high-pressure water, sand and chemicals to start the flow of hydrocarbons from a well. The hydraulic fracturing process itself, aside from its large demand for water, is possibly the least environmentally impactful step along the complete operational chain of drilling for hydrocarbons. Arguably, the more relevant environmental effects are wastewater handling and disposal, as well as the release of vapors from oil and gas storage and distribution.

…click on the above link to read the rest of the article…

U.S. SHALE GAS INDUSTRY: Countdown To Disaster

December 19, 2016

U.S. SHALE GAS INDUSTRY: Countdown To Disaster

u-s-shale-gas-disaster-blur The countdown has started as the demise of the great U.S. shale gas industry has begun. This will have a disastrous impact on the U.S. economy as shale gas production declines in a big way. Unfortunately, very few Americans understand how sickly the domestic shale gas industry truly is, because they have been brainwashed to believe the United States is heading towards energy independence.

For the U.S. to become energy independent, it would have to add at least another five million barrels per day of oil production. At the peak in February 2015, the U.S. shale oil industry produced a little more than five million barrels of oil per day. However, the real problem is not the doubling of U.S. shale oil production, rather it’s being able to make a profit in the process.

The U.S. shale oil and gas industry hasn’t made any real money since 2009. This is especially true for one of the largest natural gas producers in the United States. Chesapeake Energy, which is the second largest natural gas producer in the country, hasn’t made a lousy nickel for at least the past ten years:

chesapeake-energy-free-cash-flow-table

This table comes from the website, gurufocus.com. If you click on the Chesapeake Free Cash Flow link at gurufocus.com, you will see the very same table by scrolling down the page. According to gurufocus, their definition of Free Cash Flow is the following:

Free Cash Flow is considered one of the most important parameters to measure a companys earnings power by value investors because it is not subject to estimates of Depreciation, Depletion and Amortization (DDA). Over the long term, Free Cash Flow should give pretty good picture on the real earnings power of the company.

…click on the above link to read the rest of the article…

Three Wacky Accounting Numbers for LNG and Shale Gas

March 2, 2016

Three Wacky Accounting Numbers for LNG and Shale Gas

Close read of BC’s budget shows realities of this subsidized industry boondoggle.

Three things don’t add up in the British Columbia budget when it comes to declining revenues from the battered shale gas industry and its non-existent cousin, the province’s liquefied natural gas fantasy.

The first concerns revenue. Premier Christy Clark promised in 2013 that profits from the LNG industry would pour like manna into a $100-billion provincial prosperity fund.

In the months before the election that year, the government persuaded citizens that a complex, high-cost and foreign-owned industry, tied to a volatile greenhouse gas, could somehow make the province debt-free and bless it with Alberta-like prosperity.

Twenty LNG proponents all lined up at the government trough, expecting low royalties and taxes. But not one of the 20 proponents has committed to go ahead with a LNG project, because the economic justification has vanished in a sea of volatility. Many are folding, such as the Douglas Channel LNG project, because of what industry calls “unfavourable market conditions.”

New LNG terminals in Australia, Papua New Guinea and Angola have created an oversupply while demand is falling in key markets like Japan, South Korea and China due to economic stagnation. Prices for LNG are expected to remain in the tank for years or become as volatile as oil.

No matter. Faced with her pet industry’s dire prospects, Premier Clark took $100 million, about what the province will bring in through higher Medical Services Plan premiums, and boldly placed those hard-won tax dollars into B.C.’s newly created LNG prosperity fund.

Clark is trying to preserve the illusion of a revenue stream that doesn’t exist. In so doing, her government has out-Orwelled Orwell with some very creative explanations.

…click on the above link to read the rest of the article…

ANOTHER NAIL IN THE U.S. EMPIRE COFFIN: Collapse Of Shale Gas Production Has Begun

January 30, 2016

ANOTHER NAIL IN THE U.S. EMPIRE COFFIN: Collapse Of Shale Gas Production Has Begun

The U.S. Empire is in serious trouble as the collapse of its domestic shale gas production has begun. This is just another nail in a series of nails that have been driven into the U.S. Empire coffin.

Unfortunately, most investors don’t pay attention to what is taking place in the U.S. Energy Industry. Without energy, the U.S. economy would grind to a halt. All the trillions of Dollars in financial assets mean nothing without oil, natural gas or coal. Energy drives the economy and finance steers it. As I stated several times before, the financial industry is driving us over the cliff.

The Great U.S. Shale Gas Boom Is Likely Over For Good

Very few Americans noticed that the top four shale gas fields combined production peaked back in July 2015. Total shale gas production from the Barnett, Eagle Ford, Haynesville and Marcellus peaked at 27.9 billion cubic feet per day (Bcf/d) in July and fell to 26.7 Bcf/d by December 2015:

Top-U.S.-Shale-Gas-Fields-Production

As we can see from the chart, the Barnett and Haynesville peaked four years ago at the end of 2011. Here are the production profiles for each shale gas field:

Barnett-Shale-Gas-Field

According to the U.S. Energy Information Agency (EIA), the Barnett shale gas production peaked on November 2011 and is down 32% from its high. The Barnett produced a record 5 Bcf/d of shale gas in 2011 and is currently producing only 3.4 Bcf/d. Furthermore, the drilling rig count in the Barnett is down a stunning 84% in over the past year.

Haynesville-Shale-Gas-Field

The Haynesville was the second to peak on Jan 2012 at 7.2 Bcf/d per day and is currently producing 3.6 Bcf/d. This was a huge 50% decline from its peak. Not only is the drilling rig count in the Haynesville down 57% in a year, it fell another five rigs this past week. There are only 18 drilling rigs currently working in the Haynesville.

…click on the above link to read the rest of the article…

“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports

December 29, 2015

“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports

A document published by the Public Relations Society of America, discovered by DeSmog, reveals that from the onset of its public relations campaign, the oil industry courted mainstream media reporters to help it sell the idea of lifting the ban on crude oil exports to the American public and policymakers.

Calling its campaign the “Miracle of American Oil,” the successful PR effort to push for Congress and the White House to lift the oil exports ban was spearheaded by Continental Resources, a company known as the “King of the Bakken” shale oil basin and founded by Harold Hamm. Hamm served as energy advisor to 2012 Republican Party presidential candidate Mitt Romney.

Image Credit: Public Relations Society of America

The campaign launched on December 16, 2013, the 40th anniversary of the Organization of the Petroleum Exporting Countries (OPEC) oil embargo, and won the prestigious PRSA Silver Anvil Award.

According to the document, submitted to PRSA to detail the logistics and reach of the PR effort, it was “designed to influence public policy and/or affect legislation, regulations, political activities or candidacies — at the local, state or federal government levels.”

And it all began with a kick-off dinner in Washington, D.C., hosted by Continental Resources and attended by some of the most influential mainstream media energy reporters in the United States.

Regular readers of the Washington oil and gas industry beat will find the names of the dinner attendees, disclosed in the document, familiar.

Image Credit: Public Relations Society of America

“The campaign not only served as a catalyst to correct public misconceptions, but it also propelled crude oil exports to the top of the U.S. Senate’s agenda,” Continental boasted on the PRSA document.

…click on the above link to read the rest of the article…

America’s Top Shale Gas Basin in Decline

December 23, 2015

America’s Top Shale Gas Basin in Decline

The natural gas drilling frenzy is grinding to a halt, as the industry struggles with excess supply.

Natural gas prices have plunged to their lowest levels in more than a decade this month, dipping below $1.80 per million Btu (MMBtu).

The shale gas revolution is an old story at this point, one that everyone is familiar with. But the revolution never really ended, even though the media moved on to focus on the tight oil boom. Natural gas production continued to rise over the past decade, reaching record heights in 2015.

However, demand has not kept up, despite the rise in the natural gas power burn. Gas-fired power plants are replacing coal for electricity generation, but not quickly enough to soak up all of the extra supply coming out of U.S. shale.

Natural gas storage levels, meanwhile, are overflowing due to the unseasonably warm weather across much of the United States. For natural gas producers, this is a nightmare situation with Henry Hub prices falling to levels that are extremely difficult to turn a profit. The low prices forced the iconic Chesapeake Energy, the U.S.’ second largest natural gas producer, into a debt swap to push out maturity dates for its debt. Chesapeake’s stock price has plunged 80 percent over the past year, and has dropped by 20 percent since the beginning of December.

There is a bit of hope for the market, as natural gas prices surged by 8 percent on December 21 because colder weather is starting to appear over the horizon, pointing to higher demand. But that will only nip around the edges of the nation’s glut in supply.

…click on the above link to read the rest of the article…

Is This The End Of The U.S Shale Gas Revolution

September 17, 2015

Is This The End Of The U.S Shale Gas Revolution

While everyone is watching the oil bust, there is another bust going on – one for natural gas.

Before there was a boom in oil production in the United States, there was the “shale gas revolution.” That is where we all became familiar with terms like “fracking.” And the Marcellus, Haynesville, and Barnett Shales were famous long before the Bakken or Permian.

The surge in natural gas production crashed prices, fueling a huge increase in activity in petrochemicals and causing a major switch from coal to natural gas in the electric power industry. Aside from a few brief moments (such as the winter of 2014), natural gas has mostly traded around $4 per million Btu (MMBtu) or lower since the financial crisis of 2008.

(Click to enlarge)

But unlike oil, the boom in shale gas did not stop with plummeting prices. U.S. natural gas production continued to climb. For example, production from the prolific Marcellus Shale – which spans Pennsylvania, West Virginia and Ohio – skyrocketed from less than 2 billion cubic feet per day (bcf/d) in 2009, to arecord-high of over 16.5 bcf/d this year. And the dramatic ramp up in production occurred over several years when prices were extremely low.

Much of that has to do with the huge innovations in drilling techniques, including fracking and horizontal drilling, which allowed for production to remain profitable despite the downturn in prices. But some of the credit also goes to drillers searching for more lucrative natural gas liquids and crude oil. Dry natural gas is produced in association with oil. With oil prices extremely high, especially in the period between 2010 and 2014, drillers continued to produce natural gas even if they were looking for oil.

…click on the above link to read the rest of the article…

Australian Aboriginals Fear Gas Fracker Aubrey McClendon’s Down Under Drilling Plans

September 9, 2015

Australian Aboriginals Fear Gas Fracker Aubrey McClendon’s Down Under Drilling Plans

Children of the Garawa aboriginal clan group. Picture: Lauren Mellor

Energy companies the world over would love to think they could be first in the queue at the next big global frontier for fossil fuel energy.

Aubrey McClendon was a key figure in creating the last big energy boom in his own backyard, using the controversial hydraulic fracturing technology to release gas from shale in the United States.

Now McClendon’s company American Energy Partners (AEP) thinks it has found that new global frontier in a vast and remote corner of Australia’s Northern Territory (NT).

AEP has made two major investments in the NT in recent weeks where drillers hope McClendon will kick-start another fracking boom. McClendon built his former company Chesapeake Energy from the ground up to become a major player in the United States shale gas fracking boom.

At one point, only ExxonMobil was producing more gas than Chesapeake.

But already McClendon’s hopes of recreating a US-style gas “fracking” boom in Australia are coming up against resistance from Aboriginal Australians — one of the oldest continuous cultural groups on the planet.

Land grab

Exploration licences cover many millions of acres of land in the NT and many of those are with a view to drilling for gas using hydraulic fracturing — a process where large amounts of water, sand and chemicals are pumped at pressure to create small cracks in the rocks to release the gas.

A key to McClendon’s success in the U.S. was in acquiring rights over huge land areas of prospective shale gas, a tactic he appears to be trying to mirror in Australia. Chesapeake Energy called this a “land grab” business strategy.

McClendon is also known for his financial risk taking, a trait that caused one analyst at business magazine Forbes to dub him “America’s most reckless billionaire

…click on the above link to read the rest of the article…

Once Burned, Twice Shy? Utica Shale Touted to Investors As Shale Drillers Continue Posting Losses

August 3, 2015

Once Burned, Twice Shy? Utica Shale Touted to Investors As Shale Drillers Continue Posting Losses

For the past several weeks, the drilling industry — hammered by bad financial results — has begun promoting its next big thing: the Utica shale, generating the sort of headlines you might have seen five years ago, when the shale drilling rush was gaining speed. “Utica Shale Holds 20 Times More Gas Than Previous Estimates”, read one headline. “Utica Bigger Than Marcellus”, proclaimed another.

The reason for the excitement was a study, published by West Virginia University, that concluded the Utica contains more shale gas than many estimates for the Marcellus shale, a staggering 782 trillion cubic feet.

“This is a landmark study that demonstrates the vast potential of the Utica as a resource to complement – and go beyond – what the Marcellus has already proven to be,” Brian Anderson, director of West Virginia University’s Energy Institute, told the Associated Press.

But those considering investments based on the Utica’s potential may want to pause and consider the shale industry’s long history of circulating impressive predictions, later quietly downgraded, while spending far more than they earn.

“The industry has not been generating enough money to cover its capital spending and dividends,” Fidelity Investments energy fund manager John Dowd told Barrons.

Indeed, while it is clear that the shale drilling rush has produced large amounts of oil and gas, (alongside wastewater and other environmental impacts), the financial prosperity promised by its backers has not seemed to materialize.

Burning Through Cash

Companies like Chesapeake Energy, the nation’s second largest producer of natural gas and one of the most aggressive advocates of the shale rush nationwide, have been hammered hard by low oil prices and high costs in 2015.

…click on the above link to read the rest of the article…

A Reality Check For U.S. Natural Gas Ambitions

August 1, 2015

A Reality Check For U.S. Natural Gas Ambitions

Something unusual happened while we were focused on the global oil-price collapse–the increase in U.S. shale gas production stalled (Figure 1).

Figure 1. U.S. shale gas production. Source: EIA and Labyrinth Consulting Services, Inc.

(click image to enlarge)

Total shale gas production for June was basically flat compared with May–down 900 mcf/d or -0.1% (Table 1).

Table 1. Shale gas production change table. Source: EIA and Labyrinth Consulting Services, Inc.

(click image to enlarge)

Marcellus and Utica production increased very slightly over May, 1.1 and 1.5 mmcf/d, respectively. The Woodford was up 400 mcf/d and “other” shale increased 300 mcf/d. Production in the few plays that increased totaled 3.3 mmcf/d or one fair gas well’s daily production.

The rest of the shale gas plays declined. The earliest big shale gas plays–the Barnett, Fayetteville and Haynesville–were down 25%, 14% and 48% from their respective peak production levels for a total decline of -4.8 bcf/d since January 2012.

The fact that Eagle Ford and Bakken gas production declined suggests tight oil production may finally be declining as well.

To make matters worse, total U.S. dry natural gas production declined -144 mmcf/d in June compared to May, and -1.2 bcf/d compared to April (Figure 2). Marketed gas declined -117 mmcf/d compared to May and -1 bcf/d compared to April.

Figure 2. U.S. natural gas production. Source: EIA and Labyrinth Consulting Services, Inc.

(click image to enlarge)

Although year-over-year gas production has increased, the rate of growth has decreased systematically from 13% in December 2014 to 5% in June 2015 (Figure 3).

Figure 3. U.S. dry gas year-over-year production change. Source: EIA and Labyrinth Consulting Services, Inc.

(click image to enlarge)

This all comes at a time when the U.S. is using more natural gas for electric power generation. In April 2015, natural gas used to produce electricity (32% of total) exceeded coal (30% of total) for the first time (Figure 4).

…click on the above link to read the rest of the article…

Where In The World Is The Shale Gas Revolution?

July 30, 2015

Where In The World Is The Shale Gas Revolution?

As it stands the global shale gas revolution is missing in action. To be sure, its impact in the United States – and the subsequent ripple worldwide – was nothing short of game-changing, but the wave of enthusiasm has yet to produce substantial results outside of North America.

Still, the dream is far from dead and exciting prospects abound from Argentina to China, and elsewhere in between. Both shale gas and tight oil – more than happenings in Iran, or drilling in the Arctic – look primed to be the dominant market movers in the short- to medium-term.

The U.S. experience is hard to replicate, and with the custom-tailored approach that hydraulic fracturing demands, it’s a difficult template for shale hopefuls to follow verbatim. It does however, provide a basic outline for what works and what doesn’t – an outline that explains the muted success abroad.

First, a helpful tax regime minimized the risk for early, pre-commercial, shale wildcatters. Between 1980 and 2002, tax credits via the federal governmentsubsidized shale gas producers by between 20 to 60 percent of market prices. Also of note is the U.S.’ extensive – and unbundled – pipeline network, robust service sector, and the relative widespread availability of water.

Perhaps more important though, are mineral rights. One of the key ingredients to the shale revolution in the U.S. is the ownership of mineral rights for landowners. That gives them a stake in the boom. But that is rare outside of the U.S. – in many other countries the government owns the mineral rights beneath a landowner’s land. That has slowed development in China, and contributed topreventing shale gas development across mainland Europe.

…click on the above link to read the rest of the article…

Shale Gas Reality Check

July 28, 2015

Shale Gas Reality Check

In October 2014, Post Carbon Institute published the results of what likely remains the most thorough independent analysis of U.S. shale gas and tight oil production ever conducted. The process of drilling for shale gas and tight oil is known colloquially as “fracking” and has drawn a great deal of controversy—considered by some as an energy revolution and others as an environmental and human health catastrophe.

Much of the cost-benefit debate over fracking has come down to the perception of just how much domestic oil and gas it can produce and at what cost. To answer this question, policymakers, the media, and the general public have typically turned to the U.S. Department of Energy’s Energy Information Administration (EIA), which every year publishes its Annual Energy Outlook (AEO).

In Drilling Deeper, PCI Fellow David Hughes took a hard look at the EIA’s AEO2014 and found that its projections for future production and prices suffered from a worrisome level of optimism. This lead us and others to raise important questions about the wisdom of some energy policies and infrastructure projects (for example, the approval of Liquified Natural Gas export terminals and the lifting of the crude oil export ban) that have been pursued largely on the basis of the EIA’s rosy forecasts.

Recently, the EIA released its Annual Energy Outlook 2015 and so we asked David Hughes to see how the EIA’s projections and assumptions have changed over the last year, and to assess the AEO2015 against both Drilling Deeperand up-to-date production data from key shale gas and tight oil plays. What follows are Hughes’s findings regarding shale gas. The AEO2015’s tight oil projections will be reviewed in early September 2015.

…click on the above link to read the rest of the article…

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