IEA: Unconventional Oil Revolution to Spread by End of Decade
The IEA’s Medium-Term Oil Market Report 2014 will be officially launched during a Press webinar on Tuesday, June 17, 2014, 11 a.m. Paris time. In addition, a web-based technical briefing will take place on June 17, at 16:30 Paris time where journalists will have an opportunity to put questions to the team that produced the Medium-Term Oil Market Report 2014. The unconventional supply revolution that has redrawn the global oil map will likely expand beyond North America before the end of the decade…
Survey: O&G Research Spending to Increase
New research from Lloyd's Register Energy explores the drivers for technology and innovation in the global oil and gas industry. The Technology & Innovation Radar survey results are released today, May 5, 2014, from booth #2173 at the Offshore Technology Conference (OTC) in Houston by Lloyd’s Register Energy. It provides insight into the adoption and development of new technologies which are fundamental for the advancement of the Oil and Gas sector in addressing the global demand for energy, and to cope with the environmental challenges in the decades ahead.
US 2014 Petroleum Production: Why Hubbert was Wrong
Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972. The rise in output has confounded the famous forecast made by Shell geologist M King Hubbert who predicted that U.S. oil and gas production would peak in the 1970s and then decline. Hubbert's prediction was contained in a paper entitled "Nuclear Energy and the Fossil Fuels," published in 1956, in which he argued the coming decline of oil and gas output would make the development of nuclear energy essential. Hubbert's prediction of peaking oil and gas production came to be known as "Hubbert's peak" and spawned the popular and influential theory known as "peak oil".
U.S. oil reserves highest since 1970s
U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013. If condensates are included, proved reserves reached 33.4 billion barrels, the highest since 1976, according to a new report from the U.S. Energy Information Administration ("U.S. crude oil and natural gas reserves proved reserves" April 10). Proved reserves are those which owners believe with reasonable certainty can be extracted at prevailing prices using existing technology - where reasonable certainty means a probability of at least 90 percent.
Offshore O&M Expenditure Forecast: $335B in 5 Years
More than $335 billion worth of expenditure is expected over the next five years on offshore oil & gas operations & maintenance (O&M), according to a new report, The World Offshore Operations & Maintenance Market Forecast 2012-2016, by Douglas-Westwood (DW). Growth of 8% in expenditure is forecast annually 2012-2016, with O&M markets considerably less vulnerable to downturn than their capital-led counterparts. The underlying driver for all activity, both onshore and offshore, is the growth in global energy demand which…
Expanded Offshore Drilling: Challenges Ahead
Each rise in the price of oil and its companion hike in gasoline prices moves us further and further into uncharted territory. What was once an academic argument over peak oil and how long our oil and gas would last is now front page news. There is now a very public debate raging over whether new areas of 's coastline should be opened to exploration. It seems likely that new areas will be leased. But from there the crystal ball gets a little murky. What areas might be opened and when? How long will it take to do the initial surveys of these undersea areas and what will we find? For the workboat industry and its customers, this period of uncertainty will bring its own questions.
Skills Shortages Could Scupper UK Energy Plans
Surging demand for energy, an aging workforce and a lack of new entrants to the industry is combining to threaten delivery of the energy strategies of countries worldwide. Addressing delegates at the ‘People: The Real Energy in Oil & Gas’ conference in London, John Westwood, MD of energy business analysts Douglas-Westwood, cited the UK as likely to have particular problems with delivery of its power station replacement and renewable energy plans. “We are seeing an unprecedented demand for energy, driven by China in particular, at the same time as production of oil & gas is reducing in non-OPEC areas such as the UK North Sea. The result is oil prices at record levels and a surge in exploration & production activity, particularly in the Middle East.
