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Keyword: shale

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  • Shale gas provides largest share of U.S. natural gas production in 2013

    11/25/2014 8:58:42 AM PST · by thackney · 5 replies
    Energy Information Administration ^ | 11/25/2014 | Energy Information Administration
    Total U.S. natural gas gross withdrawals reached a new high at 82 billion cubic feet per day (Bcf/d) in 2013, with shale gas wells becoming the largest source of total natural gas production. Natural gas gross withdrawals are a measure of full well stream production including all natural gas plant liquids and nonhydrocarbon gases after oil, lease condensate, and water have been removed. According to the Natural Gas Annual, gross withdrawals from shale gas wells increased from 5 Bcf/d in 2007 to 33 Bcf/d in 2013, representing 40% of total natural gas production, and surpassing production from nonshale natural gas...
  • Commentary: The shakeout in US shale

    11/20/2014 5:12:35 AM PST · by thackney · 40 replies
    Fuel Fix ^ | November 19, 2014 | Matt Smith
    My favorite quote by H.L. Mencken is ‘a cynic is a man who, when he smells flowers, looks around for a coffin‘. A bit morose, I know, but this appeals to the contrarian in me. My second favorite is überly-applicable to US shale oil break-evens: ‘For every complex problem there is an answer that is clear, simple, and wrong‘. For there is no lack of estimates flying around as to the price level at which US shale oil production could be curtailed. The problem is, they all appear to be different. The debate was ignited by OPEC, after comments from...
  • Rising Rail Oil Shipments Beg For Safer Keystone XL

    11/17/2014 9:54:31 AM PST · by raptor22 · 15 replies
    Investor's Business Daily ^ | November 17, 2014 | IBD EDITORIALS
    Energy Transport: New data show fast-rising rail shipments from North Dakota's Bakken shale formation and the need for a safer alternative to rail — like the Keystone XL pipeline. In his post-election press conference, the president noted in justifying his continual kicking of the Keystone XL oil drum down the road that "while this debate about Canadian oil has been raging ... we've seen some of the biggest increases in American oil production and natural gas production in our history." That increase is due in large part to oil recovered from the Bakken shale formation centered on North Dakota. So...
  • Texas Leads Best States For Future Job Growth

    11/13/2014 8:08:23 PM PST · by 2ndDivisionVet · 16 replies
    Forbes ^ | November 12, 2014 | Kurt Badenhausen
    Rick Perry ascended from Lieutenant Governor to Governor of Texas in December 2000 when then-governor George Bush resigned after being elected the 43rd President of the United States. Perry will retire in January with the tenth longest gubernatorial tenure in U.S. history. Perry made job creation one of his principle mantras, and he has overseen remarkable employment gains under his watch with 2.1 million jobs added during his tenure. The total represents 30% of the jobs added in the U.S. since 2000 and more than twice as many as any other state. The so-called “Texas miracle” does not show any...
  • Author: Fracking Reaffirms American Exceptionalism

    10/30/2014 9:33:20 PM PDT · by 2ndDivisionVet · 4 replies
    The Daily Caller ^ | October 29, 2014 | Michael Bastasch
    The energy boom unleashed by hydraulic fracturing and horizontal drilling couldn’t have happened anywhere but America, says author and journalist Gregory Zuckerman. Zuckerman say America’s entrepreneurial spirit, knowledge and property rights make fracking a uniquely American story. “This reaffirms the concept of American exceptionalism,” Zuckerman told The Daily Caller News Foundation. “We’ve got advantages the rest of the world doesn’t have and it’s going to lead to America’s economic dominance for the next few years.” Zuckerman’s new book “The Frackers” is the story of how a few desperate entrepreneurs and wild cat drillers risked everything to extract oil and natural...
  • Opec Plots US Shale Oil Takedown

    10/29/2014 4:57:19 AM PDT · by thackney · 43 replies
    IBTimes Co ^ | October 28, 2014 | Nigel Wilson
    Opec is likely to let the price of oil slide further as it gambles that US shale oil producers will be forced to slow production first. The oil cartel, which includes a number of Persian Gulf states, as well as Nigeria and Venezuela, has remained silent as oil prices have tumbled over recent months. Some analysts have predicted the oil producers club will decide to reduce production at its next meeting, scheduled for November, in a bid to maintain price levels at around $100 a barrel. Yet, with a barrel of crude oil currently at $82.37 (£50.90, €64.69), the member...
  • Southern Illinois residents rally, wait for fracking

    10/26/2014 11:05:41 AM PDT · by 2ndDivisionVet · 1 replies
    Bakken News / The Chicago Tribune ^ | October 25, 2014 | Julie Wernau
    Wayne Woolsey, an oilman since 1958, says he has core samples pulled from deep below the shale rock here that “look awful promising,” comparable to what has been found elsewhere in the country where fracking has brought plentiful jobs and enriched land owners and energy companies. So, Woolsey said, he was stunned when a Twitter account with his company’s name and his portrait surfaced with links to complaints about fracking along with a letter with his signature that informed more than 200 property owners in another county that he was terminating leases on land where he planned to drill. “We...
  • Fracking Boom About to Bust?

    10/25/2014 6:30:08 PM PDT · by 2ndDivisionVet · 44 replies
    The New American ^ | October 24, 2014 | Bob Adelmann
    Crude oil prices have dropped below $80 a barrel, down more than 20 percent just since June, meaning price estimates by the U.S. Energy Information Agency (EIA) have been far too pessimistic. And these low prices — and the fear that they could go even lower — are making a number of oil industry people increasingly nervous, with some prediciting that the prices are getting so low that oil companies are going to stop new drilling and even cut back on production from already drilled wells. On October 7, the EIA estimated that prices for West Texas Intermediate (WTI) crude...
  • Denton fracking ban may be unconstitutional

    10/20/2014 5:22:03 AM PDT · by 2ndDivisionVet · 8 replies
    The Wichita Falls Times Record News ^ | October 19, 2014 | Alex Mills, President, Texas Alliance of Energy Producers
    The good citizens of Denton will be voting on Nov. 4 whether or not to ban hydraulic fracturing. They have been told by former Texas Supreme Court Chief Justice Tom Phillips the ban on fracturing is unconstitutional. “Under the Texas Constitution, I do not believe that a municipality may ban all oil and gas drilling within its borders,” former Chief Justice Phillips said during a hearing before the Denton City Council on July 15. He said the ban is incompatible with state law, and it amounts to a government taking of private property of many mineral interest owners and operators....
  • Low Oil Prices: A $660 Billion Stimulus Package

    10/17/2014 3:01:13 AM PDT · by 2ndDivisionVet · 18 replies
    BuzzFeed News ^ | October 16, 2014 | Matthew Zeitlin
    Crude prices have plunged by more than 20% in recent months. The fall means cheaper gas, cheaper flights, and generally good news for American consumers. Oil prices have been falling for months, and the slide could easily continue. With unprecedented instability in the Middle East, how could this be happening? The answer, according to analysts who follow the market, is a little bit of everything, from economic fundamentals in big oil consuming countries to growth in output among some oil producers. But much more clear is the effect of tumbling prices: Low oil prices are the equivalent of a massive...
  • IEA Chief: Oil Price Slump Yet To Hit US Shale Oil Production

    10/13/2014 10:00:07 PM PDT · by Rabin · 22 replies
    Rigzone ^ | Mon Oct 13, 2014 11:01am EDT | SIMON FALUSH
    LONDON, Oct 13 Crude oil and condensates from the United States have a break even price of below $60. OPEC members clamoring for urgent output cuts, to push prices back above $100 a barrel, suck "heavily" on oil exports. Big Dog, Wahabi Arabia is telling the Oil Cartel, they (can't find any way to empower their PotUS) are comfortable with markedly lower oil prices for an extended period, a sharp shift in policy aimed at slowing the expansion in the U.S. shale patch.
  • The logic in exporting U.S. oil

    10/01/2014 5:11:33 AM PDT · by thackney · 35 replies
    Washington Post ^ | September 28, 2014 | Robert J. Samuelson
    ...By all logic, we should be working to sustain the boom. We aren’t, and therein lies a classic example of how good policy is held hostage to bad politics and public relations. What would promote continued exploration is a lifting of the current U.S. ban on exporting crude oil. Let producers sell into the world market. But that seems (wrongly) an unjustified giveaway to industry. The public perceptions are atrocious. Hardly anyone expected the oil boom, with some notable exceptions — prominently Harold Hamm, who pioneered North Dakota’s Bakken field. “Fracking” (the injection of pressurized water into fields to make...
  • Shale boom buoys businesses far removed from oilfields

    09/24/2014 5:30:31 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | September 23, 2014 | Rhiannon Meyers
    From steel pipe manufacturers to companies that produce sand and gravel, the U.S. shale boom is buoying businesses far removed from the oil and gas fields, a new study finds. These companies are benefiting from the huge investments needed to explore, produce, process and transport oil and gas unlocked from previously inaccessible dense rock formations through advances in hydraulic fracturing and horizontal drilling, according to the findings by Houston-based energy analyst firm IHS. The boom has been most generous to companies working in states with the most oil and gas activity, but the economic boost has also trickled down to...
  • Shale Revolution Deniers Face An Inconvenient Truth

    09/24/2014 5:01:46 AM PDT · by 2ndDivisionVet · 5 replies
    Investor's Business Daily Brain Trust ^ | September 23, 2014 | Mark Perry
    Despite turning the U.S. into the world's largest producer of natural gas and driving a 3 million barrel per day surge in U.S. oil production in just the last three years, the shale revolution still has its doubters. They couldn't be more wrong. The Montreal-based Centre for Research on Globalization recently dismissed shale fracking as a "Ponzi scheme" and "this decade's version of the dot-com bubble" that's about to burst. But time and again over decades, the naysayers and "peak oil" advocates have grossly underestimated the energy industry's ability to innovate and beat production forecasts. Today's shale pessimists continue to...
  • 8 Facts About U.S. Crude Oil Production

    09/10/2014 5:20:25 AM PDT · by thackney · 9 replies
    Brookings Institution ^ | September 9, 2014 | Charles K. Ebinger and Heather Greenley
    The skyrocketing growth of unconventional oil and natural gas production in the United States has ignited an intense debate on the impact of energy exports on U.S. energy and economic security and its foreign policy. In “Changing Markets: Economic Opportunities from Lifting the U.S. Ban on Crude Oil Exports,” Charles Ebinger and Heather Greenley worked with National Economic Research Associates (NERA) to examine the economic and national security impacts of lifting the ban on crude oil exports. Learn eights facts about U.S. crude oil production within the key findings outlined below, and download the full report. U.S. Economic Benefits Key...
  • The US Shale Experience: A Script for Mexico?

    09/04/2014 10:18:40 AM PDT · by thackney · 12 replies
    Forbes ^ | 9/03/2014 | Kenneth B Medlock III
    The ongoing energy reform in Mexico has been touted as opening the possibilities for a massive production increase from shale formations in the Burgos and Sabinas basins, largely because the assessments of technically recoverable resources reported by the US Energy Information Administration are so substantial. But, we should be careful not to put the proverbial “cart in front of the horse.” Specifically, as the US success story shows, although the geology (the cart in this case) might be very promising, there are a number of above ground issues (the horse) that must be aligned for large-scale successes to be realized....
  • Soros Signals Argentina’s Shale is Biggest Place to Be

    09/03/2014 7:36:19 PM PDT · by bananaman22 · 11 replies
    Oilprice.com ^ | 04/09/2014 | James Stafford
    One of the world’s legendary investors is upping his bet on Argentina’s shale oil and gas industry in a show of confidence for shale production in South America’s largest unconventional prize —and a big boost for both supermajors and smaller players making big waves in the heart of new discovery areas. George Soros has doubled his stake in YPF SA, the state-owned oil company in Argentina, which sits atop some of the world’s largest shale oil and gas resources, and is about to get even larger following a new discovery over the last couple of weeks of a second key...
  • Drilling Furiously: Chinese Energy Giants Turn Upbeat on Shale Gas

    08/29/2014 5:23:49 AM PDT · by thackney · 4 replies
    Reuters via Rig Zone ^ | August 29, 2014 | Charlie Zhu
    China's energy heavyweights Sinopec Corp and PetroChina have upgraded their outlook on the country's shale gas industry, citing steadily declining costs, but stopped short of predicting a near-term boom. China, estimated to hold the world's largest technically recoverable shale resources, is hoping to replicate the shale boom that has transformed the energy landscape of the United States. Industry experts caution that it would be much more difficult for China to monetise its shale gas reserves than the U.S. as it faces serious challenges from water shortages to complicated geological structure and a lack of infrastructure. But top executives at China's...
  • Kemp: Free Cash Flow Says Little About The Future Of Shale

    08/28/2014 12:48:01 PM PDT · by thackney · 2 replies
    Reuters via Rig Zone ^ | August 28, 2014 | John Kemp
    The independent companies at the forefront of the U.S. shale boom will finally earn enough from selling oil and gas to cover their capital expenditures next year, for the first time since 2008. Free cash flow, which measures operating cash flow minus capital spending, for the 25 leading independent oil and gas producers is expected to show a surplus of $2.4 billion in 2015, according to a consensus forecast in the Financial Times. That compares with a shortfall of around $9 billion in 2013 and $32 billion in 2012. ("Shale oil and gas producers' finances lift growth hopes" FT, Aug...
  • Hoping for its own shale gale, China seeks U.S. know-how

    08/19/2014 9:15:19 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | August 17, 2014 | FuelFix.com
    Chinese oil companies are giving U.S. firms a bigger stake in exchange for the tools and technology of hydraulic fracturing, and many of those tools are made in Texas, or nearby. The Chinese hope hydraulic fracturing can launch a shale production gusher as it has in the United States–although China’s formations are deeper, and some are especially challenging because they’re in remote deserts or near densely populated cities. But the Chinese government is eager to reduce the country’s thick air pollution, and one step in that direction would be power plants that run on cleaner-burning natural gas instead of coal....
  • EIA: Eagle Ford to cross 1.5 million daily barrels in September

    08/14/2014 11:46:48 AM PDT · by thackney · 22 replies
    Fuel Fix ^ | August 14, 2014 | Jennifer Hiller
    The U.S. Energy Information Administration expects that the Eagle Ford Shale will produce 1.51 million barrels of crude oil and other liquids daily in September. It would be a gain of around 31,000 daily barrels over August production for the South Texas field, according to the EIA’s latest Drilling Productivity Report, released this week. The EIA data track the major U.S. shale fields — the Eagle Ford, Permian Basin, Bakken, Marcellus, Haynesville and Niobrara. This month the agency added the Utica region in eastern Ohio, a rapidly growing natural gas field, to its Drilling Productivity Report. Most of the country’s...
  • Two Myths Associated With U.S. Shale Oil

    08/14/2014 4:44:03 AM PDT · by thackney · 17 replies
    Forbes ^ | 8/12/2014 | Steve Banker
    Myth Number 1: The U.S. is approaching energy independence. There is no doubt we are in the midst of a shale oil revolution. But the growth of production has led to reporting that might charitably be described as overly optimistic. In fact, the Wall Street Journal reported today, in an article entitled Democrats Warming to the Energy Industry, “Since March 2008, oil production has increased 58% and natural-gas output has risen 21%, making the U.S. the world’s largest producer of both fuels, according to federal and international agency statistics.” I don’t know which federal statistics that reporter was looking at....
  • Shale gas: 'The dotcom bubble of our times'

    08/04/2014 5:51:58 PM PDT · by Lorianne · 33 replies
    Telegraph (UK) ^ | 04 August 2014 | Tim Morgan
    On the one hand, many environmental and conservation groups are bitterly opposed to shale development. Ranged against them are those within and beyond the energy industry who believe that the exploitation of shale gas can prove not only vital but hugely positive for the British economy. Rather oddly, hardly anyone seems to have asked the one question which is surely fundamental: does shale development make economic sense? My conclusion is that it does not. That Britain needs new energy sources is surely beyond dispute. Between 2003 and 2013, domestic production of oil and gas slumped by 62pc and 65pc respectively,...
  • Network Plans To Bring Shale Power To East Coast (Electricity)

    08/01/2014 11:19:49 PM PDT · by 2ndDivisionVet · 7 replies
    HARRISBURG, Pa. (AP) — PPL Corp. said Thursday it wants to spend billions of dollars to build a 725-mile system of electric transmission lines that will bring energy from the booming Marcellus Shale natural gas fields to customers on the heavily populated Eastern Seaboard. The Allentown-based utility said the 500-kilovolt line would span much of Pennsylvania and reach into New York, New Jersey and Maryland, although the route has not been determined. The cost was expected to exceed $4 billion, and it could take more than a decade to build....
  • "We Cannot Continue The Operations There"- Shell Declares Force Majeure In Ukraine

    08/01/2014 7:14:03 AM PDT · by thackney · 7 replies
    Oil Pro ^ | 7/31/2014 | Fydor Przyborski
    Shell announced today that it has declared force majeure on its unconventional gas exploration activities in eastern Ukraine, near the site where flight MH17 crashed. However, it's too early to tell what impact the latest round of EU and US sanctions on Russia for its actions in Ukraine will have on the Anglo-Dutch major, sources said. Shell has been engaging in shale gas exploration in Ukraine and its Russian assets include a stake in Sakhalin-2, one of the largest LNG projects in the world, where it is working with Gazprom to expand the project. Shell CEO Ben van Beurden was...
  • Enhanced oil recovery techniques limited in shale

    07/16/2014 5:26:14 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | July 15, 2014 | Jennifer A. Dlouhy
    Energy companies currently leave about 95 percent of the crude in the ground at today’s unconventional oil wells, but they face major technological challenges in boosting recovery rates, a Schlumberger scientist said Tuesday. Robert Kleinberg, a fellow with the oilfield services firm, bemoaned the current 5 percent recovery factor at tight oil wells, where crude is pulled from the pores of extremely dense rock formations. Geologists and engineers are actively looking for ways to boost the figure, but traditional methods applied at more conventional oil wells — such as pumping steam underground and flooding the formations with water — don’t...
  • Boris Johnson: Let households own shale gas and oil beneath their land

    07/02/2014 8:51:48 PM PDT · by 2ndDivisionVet · 8 replies
    The London Telegraph ^ | June 30, 2014 | Emily Gosden, Energy Editor
    People will be more likely to support fracking if they have a direct commercial interest in the extraction of shale oil and gas beneath their land, Mayor of London says. British households should be given ownership of the oil and gas beneath their homes so that they have a commercial interest in supporting fracking, Boris Johnson has said. The Mayor of London said that the law should be changed so that “mineral rights” belonged to the landowner, rather than the Crown. Currently, the Government grants licences to companies to explore for and produce oil and gas, while the owners of...
  • BP: The world has 53.3 years of oil left

    07/02/2014 6:22:50 AM PDT · by ckilmer · 41 replies
    fool ^ | 8:49 AM, July 1, 2014 | | By Matt DiLallo
    Motley Fool: The World Has 53.3 Years of Oil Left By Matt DiLallo | More Articles |  June 22, 2014 |   Photo credit: BP. BP (NYSE: BP  )  has provided an intriguing update to its global oil reserves estimate in the company's latest yearly review of energy statistics. BP raised its reserve estimate by 1.1% to 1,687.9 billion barrels, which is enough oil to last the world 53.3 years at the current production rates. However, there's likely a lot more oil left in the tank beyond what BP sees today. America's energy boom surgesA good portion of the growth in global oil reserves in BP's report comes from the...
  • A Second Shale Revolution May Be Coming

    06/27/2014 9:39:29 PM PDT · by ckilmer · 15 replies
    businessinsider ^ | Jun. 27, 2014, 4:37 PM
    The cliffs at Kimmeridge, on England's south coast, have on occasions been known to smoulder or even burst into flames in hot weather. That is because, unlike the famous white chalk cliffs of Dover, they are made of oil shale, a soft rock that has hydrocarbons trapped in its pores. The world's oil-shale beds may contain the equivalent of up to nine times as much oil as all of its conventional wells.
  • Bloody Mexican Shale Fields Sit Idle While Texas Booms

    06/13/2014 5:46:51 AM PDT · by thackney · 10 replies
    Reuters via Rig Zone ^ | June 12, 2014 | David Alire Garcia
    To grasp the difficulties Mexico faces in capitalizing on a North American shale boom, just wander into the dusty landscape due south of the U.S. border. On one side of the fence, thousands of wells work around the clock in Texas to produce record volumes of shale oil and gas, transforming towns like Carrizo Springs in a modern-day gold rush. On the other side, violent drug cartels roam above untapped shale riches, leaving behind a trail of blood. The relatively few conventional wells operated by state oil giant Pemex and its contractors close down overnight as a security precaution. But...
  • Cane Creek Shale Keeping Utah in Energy Mix

    06/04/2014 9:55:36 AM PDT · by thackney · 10 replies
    Industry interest and activity in shale reservoirs continues to escalate. The big headline-makers, such as the Barnett, Haynesville, Marcellus, comprise only some chapters of the big story. The less familiar names also are beginning to make their mark. Count the Cane Creek shale in the Pennsylvanian-age Paradox formation in the Paradox Basin in southeast Utah among those receiving considerable attention. "The Cane Creek is a transgressive-regressive sequence in the lower portion of the Paradox," said AAPG member Stephanie Carney, geologist at the Utah Geological Survey (UGS). "It's tens of feet to nearly 200 feet thick, over-and underlain by salt beds,"...
  • Here is America's Next Great Shale Play

    06/03/2014 3:13:50 PM PDT · by ckilmer · 13 replies
    fool.com ^ | June 1, 2014 | Matt DiLallo
    Here is America's Next Great Shale Play By Matt DiLallo | More Articles | Save For Later June 1, 2014 | Comments (0)   Photo credit: Chesapeake Energy  Chesapeake Energy  (NYSE: CHK  )  recently held its annual investor day. Among the many topics the company discussed was its emerging position in the Powder River Basin in the Rocky Mountains, which it sees becoming a world-class asset. That enthusiasm isn't just being conveyed by Chesapeake Energy. Earlier this year, EOG Resources  (NYSE: EOG  )  announced that it was adding four new Rocky Mountain oil plays to its drilling inventory while Devon Energy  (NYSE: DVN  )  noted that it was drilling...
  • Shale energy creating supply chain jobs

    05/28/2014 5:36:55 AM PDT · by thackney · 5 replies
    Fort Worth Business Press | May 27, 2014 | Robert Francis
    Logistics operations drive by the shale energy boom employed 32,000 workers in 2012, a figure which is expected to grow by over 26,000 jobs, or 82 percent, to more than 58,000 jobs in 2025. America’s shale energy revolution is creating and sustaining hundreds of thousands of jobs in diverse sectors of the economy that supply construction, equipment, supplies and services to shale energy operations, and it is making the U.S. manufacturing sector more competitive by reducing energy costs, the president and CEO of Energy Equipment and Infrastructure Alliance (EEIA), Toby Mack, told Congress May 20. Testifying at a House Energy...
  • Horizontal Drilling Is On the Rise in Permian As Producers Chase Tight Oil

    05/23/2014 5:47:50 AM PDT · by thackney · 7 replies
    Rig Zone ^ | May 22, 2014 | Gene Lockard
    For the past several years, the Permian Basin remained an area where vertical drilling was still the principle method of extraction, even as horizontal drilling and hydraulic fracturing become ubiquitous in the Eagle Ford Shale, the Bakken, and other shale plays in the United States. However, horizontal drilling is on the rise in the Permian Basin, as well, according to new data by the Energy Information Administration (EIA). Horizontal drilling began to increase in the Permian Basin early in 2013, the EIA said. By the end of 2013, oil extraction in the Permian accounted for half of the total increase...
  • The California Shale Bubble Just Burst

    05/22/2014 5:46:52 AM PDT · by thackney · 82 replies
    Real Clear Energy ^ | May 21, 2014 | Nick Cunningham
    The great hype surrounding the advent of a shale gas bonanza in California may turn out to be just that: hype. The U.S. Energy Information Administration (EIA) - the statistical arm of the Department of Energy - has downgraded its estimate of the total amount of recoverable oil in the Monterey Shale by a whopping 96 percent. Its previous estimate pegged the recoverable resource in California's shale formation at 13.7 billion barrels but it now only thinks that there are 600 million barrels available. The estimate is expected to be made public in June. The sharply downgraded numbers come amid...
  • U.S. officials cut estimate of recoverable Monterey Shale oil by 96%

    05/21/2014 6:41:36 PM PDT · by Kennard · 108 replies
    Los Angeles Times ^ | May 20, 2014 | Louis Sahagun
    Federal energy authorities have slashed by 96% the estimated amount of recoverable oil buried in California's vast Monterey Shale deposits, deflating its potential as a national "black gold mine" of petroleum. Just 600 million barrels of oil can be extracted with existing technology, far below the 13.7 billion barrels once thought recoverable from the jumbled layers of subterranean rock spread across much of Central California, the U.S. Energy Information Administration said. The new estimate, expected to be released publicly next month, is a blow to the nation's oil future and to projections that an oil boom would bring as many...
  • OPEC Questions Sustainability Of North American Oil Boom

    05/16/2014 6:03:48 AM PDT · by mgist · 33 replies
    nasdaq ^ | 5/16/14 | graeber
    OPEC Secretary-General Abdalla el-Badri said oil supplies from North America “will play an important role in the coming few years,” but he cast doubt on their sustainability over the long term. Speaking May 15 in Moscow, el-Badri acknowledged that oil supply from producers outside of OPEC are expected to increase by more than 4 million barrels per day (bpd) between 2013 and 2018, with much of that coming from North America. But he cautioned that the addition of non-OPEC oil supplies to the global market “should be viewed as a periodic shift." "Tight oil adds depth and diversity to the...
  • New projections show oil production soaring as rigs boost efficiency

    05/13/2014 6:03:44 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | May 12, 2014 | Simone Sebastian
    Oil production will continue to soar in the six major U.S. shale plays, with more barrels pumped per rig, according to federal projections released Monday. Total oil production in the six regions is expected to grow to 4.43 million barrels per day in June, an increase of 75,000 barrels per day compared to May, according to the U.S. Energy Information Administration. The federal agency expects oil rigs will produce an average of 271 barrels per day each, an increase of one barrel over May. The projection reflects the growing efficiency of rigs since the U.S. energy boom began. In June...
  • America is headed for an economic golden age — and that should terrify us

    05/07/2014 10:38:03 PM PDT · by 2ndDivisionVet · 40 replies
    The Week ^ | February 6, 2014 | Pascal-Emmanuel Gobry
    The economy has been underperforming for over five years now. It's easy to worry that this unsettling trend might go on forever. Well, don't worry. Because shale gas will probably change everything. Last year, the U.S. bested Russia to become the world's biggest exporter of natural gas, thanks largely to shale gas. President Obama celebrated the moment by saying that the United States is the "Saudi Arabia of natural gas." It later turned out that the United States is also the Saudi Arabia of...oil, with its oil production scheduled to overtake Saudi Arabia's by 2015. That's next year. It's unclear...
  • Shale riches helping South Texas towns pay for upgrades

    04/28/2014 5:22:32 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | April 24, 2014 | Jennifer Hiller
    South Texas communities seem to have come to the same conclusion: The Eagle Ford is here and they’ll be dealing with it for the long term. Although no one anticipated the oil boom or was able to plan for it, communities have started devoting more money to long-term planning. McMullen County Judge James Teal joked this week at the Eagle Ford Consortium’s annual conference that if he had known the Eagle Ford would have been so big, he would have “probably kept my job in oil and gas.” But given the historic boom-bust cycle in Texas, Teal and other officials...
  • Shale boom: Pipeline welders make $150,000 in Ohio, while liberal arts majors flounder

    04/24/2014 10:31:19 AM PDT · by PJ-Comix · 37 replies
    Daily Caller ^ | April 23, 2014 | Michael Bastasch
    he economy is tough, especially if you have a liberal arts degree, writes Ohio Treasurer Josh Mandel. While liberal arts majors are forced to take low-paying jobs, pipeline welders are making six figures thanks to the country’s oil and gas boom. “Too many young people have four-year liberal-arts degrees, are thousands of dollars in debt and find themselves serving coffee at Starbucks or working part-time at the mall,” Mandel wrote in the Wall Street Journal. “Many of them would have been better off with a two-year skilled-trade or technical education that provides the skills to secure a well-paying job.”“A good...
  • Germany should make use of shale gas: EU

    04/21/2014 3:08:00 AM PDT · by Olog-hai · 2 replies
    TheLocal.de ^ | 20 Apr 2014 10:34 GMT+02:00 | (AFP)
    EU energy commissioner Günther Oettinger has urged Germany to make use of shale gas options and added that the he saw no danger of Europe’s access to Russian gas falling victim to possible economic sanctions in the standoff over Ukraine. […] “I am against scaling back or even cutting our gas links with Russia in the coming years,” the commissioner said. “But we must pursue our strategy of diversification. […] I would also urgently press Germany to make use of the shale gas option and allow fracking projects.” …
  • Vast oil trove trapped in Monterey Shale formation

    04/08/2014 9:51:16 AM PDT · by Kennard · 50 replies
    Los AngelesTimes ^ | April 6, 2014 | Julie Cart
    SHAFTER, Calif. — A bustling city is sprouting on five acres here, carved out of a vast almond grove. Tanker trucks and heavy equipment come and go, a row of office trailers runs the length of the site and an imposing 150-foot drilling rig illuminated by football-field-like lights rises over the trees. It's all been hustled into service to solve a tantalizing riddle: how to tap into the largest oil shale reservoir in the United States. Across the southern San Joaquin Valley, oil exploration sites have popped up in agricultural fields and on government land, driven by the hope that...
  • Economist: Transport causing ‘serious logistical challenge’ for shale boom

    03/26/2014 5:55:34 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | March 25, 2014 | Collin Eaton
    Despite major accidents in the past year, U.S. oil companies must keep using the nation’s railroads to move crude to markets while they build a much more extensive pipeline network, an energy economics professor said Tuesday. Oil refineries on the East Coast have virtually no access to the light, sweet crude extracted in Texas’ surging oil fields because there are no pipelines to carry the oil there. It is generally too expensive to ship the crude from the Gulf Coast to buyers in the northeastern U.S. because of quirks in century-old laws, forcing refineries in New Jersey to buy oil...
  • Eagle Ford Production to Keep Growing Through 2014

    03/14/2014 5:54:07 AM PDT · by thackney · 1 replies
    Rig Zone ^ | March 12, 2014 | Karen Boman
    Production from the Eagle Ford unconventional oil play in South Texas is expected to keep growing through 2014 and to break the 1.5 million barrel per day (bpd) mark in 2015, an analyst told attendees at the Platts’ North America Crude Conference in Houston Feb. 27-28. Between now and the end of 2018, 4.4 million barrels of crude are expected to be produced in North America, said Suzanne Minter, manager of crude and natural gas analysis with Bentek Energy. In 2013, 1.2 million barrels per day (bpd) of crude production was grown; crude production this year will exceed that number,...
  • Shell to slash oil field spending, jobs in the Americas

    03/14/2014 5:17:23 AM PDT · by thackney · 7 replies
    Fuel Fix ^ | March 13, 2014 | Ryan Holeywell
    Shell will slash spending and staff in its oil and gas field operations in the Americas, CEO Ben van Beurden told investors Thursday, largely in response to disappointing results in U.S. shale plays. Shell announced that it will reduce spending in its upstream Americas unit by 20 percent this year. In a presentation released Thursday, the company said it also is planning a 30 percent cut in company and contractor staff in its North American, onshore portfolio. About 400 Shell positions will be eliminated from the unit. Kayla Macke, a spokesperson for Shell Oil Co., the Dutch oil giant’s U.S....
  • Growth in U.S. hydrocarbon production from shale resources driven by drilling efficiency

    03/11/2014 5:21:27 AM PDT · by thackney · 7 replies
    Energy Information Administration ^ | March 11, 2014 | Energy Information Administration
    The productivity of oil and natural gas wells is steadily increasing in many basins across the United States because of the increasing precision and efficiency of horizontal drilling and hydraulic fracturing in oil and natural gas extraction. Many resource-producing basins are experiencing an increasing yield over time in either oil (Bakken, Eagle Ford, Niobrara) or natural gas (Marcellus, Haynesville). The geology of each oil and natural gas resource play is diverse, and individual rig or well performance can vary dramatically. However, drilling activity in U.S. shale plays is now generally producing greater quantities of oil and/or natural gas than in...
  • The Ukraine Crisis Is Bolstering America's Oil And Gas Boom

    03/11/2014 12:50:56 AM PDT · by 2ndDivisionVet · 18 replies
    Forbes ^ | March 10, 2014 | Christopher Helman
    The hand-wringing over what to do to help Ukraine has had a very positive impact on the U.S. oil and gas industry. Politicians like Sen. Lisa Murkowski (R-AK) are seizing on the crisis to call for a lifting of the ban on U.S. oil exports — the better to counterbalance Russia’s petro-influence. While the Wall Street Journal this morning wrote that western politicians are working on a variety of options to help “loosen Russia’s energy stranglehold on Ukraine” including “larger exports of U.S.-made natural gas.” Nevermind that the U.S. currently exports no natural gas in the form of LNG because...
  • America's Oil and Gas Leverage, A shrewder President would use it to reduce Putin's influence.

    03/06/2014 5:01:44 AM PST · by thackney · 12 replies
    Wall Street Journal ^ | March 5, 2014 | REVIEW & OUTLOOK
    The U.S. has more responses to Vladimir Putin's adventure in the Crimea than the no-options caucus suggests, including a few that weren't possible even a few years ago. Namely, a President with a keener strategic mind would unleash North American oil and gas on the world. The Putin regime controls the taps for as much as a third of Europe's natural gas imports, including half of Ukraine's and 39% of Germany's. The European Union is less dependent now on the trans-Ukraine pipeline system than it was when Russia choked back supply in 2006 and 2009, but the U.S. oil and...
  • FRACKING SAVES WATER?

    03/05/2014 11:15:59 AM PST · by thackney · 14 replies
    E21 ^ | 03/04/2014 | E21
    A common criticism of hydraulic fracturing (fracking) is that it wastes water. Los Angeles just became the largest U.S. city to vote to ban fracking. One of the main justifications was water conservation during the current California drought. L.A. Councilmember Mike Bonin said that fracking “uses excessive amounts of water in a drought.” Some lawmakers are even pushing for a statewide ban. However, as the following table shows, fracking uses much less water than other energy sources. To produce one million British Thermal Units (MMBtu) of energy, natural gas from fracking uses an average of 1.25 gallons of water. Biofuels...