{"id":34215,"date":"2018-05-14T05:59:26","date_gmt":"2018-05-14T10:59:26","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34215"},"modified":"2018-05-14T05:59:26","modified_gmt":"2018-05-14T10:59:26","slug":"skeptic-geologist-warns-permians-best-years-are-behind-us","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34215","title":{"rendered":"Skeptic Geologist Warns: Permian\u2019s Best Years Are Behind Us"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Skeptic-Geologist-Warns-Permians-Best-Years-Are-Behind-Us.html\">Skeptic Geologist Warns: Permian\u2019s Best Years Are Behind Us<\/a><\/h3>\n<picture><img decoding=\"async\" class=\"singleArticle__articleImage\" title=\"Permian\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/947aa4a0d770c7854001d4d8454f18ab.jpg\" alt=\"Permian\" \/><\/picture>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>Geologist Arthur Berman, who has been skeptical about the shale boom, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-05-10\/shale-s-public-enemy-no-1-says-short-the-permian-and-eagle-ford\">warned<\/a> on Thursday that the Permian\u2019s best years are gone and that the most productive U.S. shale play has just seven years of proven oil reserves left.<\/p>\n<p>\u201cThe best years are behind us,\u201d Bloomberg quoted Berman as saying at the Texas Energy Council\u2019s annual gathering in Dallas.<\/p>\n<p>The Eagle Ford is not looking good, either, according to Berman, who is now working as an industry consultant, and whose pessimistic outlook is based on analyses of data about reserves and production from more than a dozen prominent U.S. shale companies.<\/p>\n<p>\u201cThe growth is done,\u201d he said at the gathering.<\/p>\n<p>Those who think that the U.S. shale production could add significant crude oil supply to the global market are in for a disappointment, according to Berman.<\/p>\n<p>\u201cThe reserves are respectable but they ain\u2019t great and ain\u2019t going to save the world,\u201d Bloomberg quoted Berman as saying.<\/p>\n<p>Yet, Berman has not sold the EOG Resources stock that he has inherited from his father \u201cbecause they\u2019re a pretty good company.\u201d<\/p>\n<p>The short-term drilling productivity outlook by the EIA estimates that the Permian\u2019s oil production hit 3.110 million bpd in April, and <a href=\"https:\/\/www.eia.gov\/petroleum\/drilling\/#tabs-summary-2\">will rise<\/a> by 73,000 bpd to 3.183 million bpd in May.<\/p>\n<p>Earlier this week, the EIA <a href=\"https:\/\/www.eia.gov\/outlooks\/steo\/index.php\">raised<\/a> its forecast for total U.S. production this year and next. In the latest Short-Term Energy Outlook (STEO), the EIA said that it expects U.S. crude oil production to average 10.7 million bpd in 2018, up from 9.4 million bpd in 2017, and to average 11.9 million bpd in 2019, which is 400,000 bpd higher than forecast in the April STEO. In the current outlook, the EIA forecasts U.S. crude oil production will end 2019 at more than 12 million bpd.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Skeptic Geologist Warns: Permian\u2019s Best Years Are Behind Us Geologist Arthur Berman, who has been skeptical about the shale boom, warned on Thursday that the Permian\u2019s best years are gone and that the most productive U.S. shale play has just seven years of proven oil reserves left. \u201cThe best years are behind us,\u201d Bloomberg quoted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[2434,5332,3640,3774,14603,846],"class_list":["post-34215","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-arthur-berman","tag-oilprice-com","tag-permian-basin","tag-shale-oil-boom","tag-tsvetana-paraskova","tag-us-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34215"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34215\/revisions"}],"predecessor-version":[{"id":34216,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34215\/revisions\/34216"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}