Building a world of
resilient communities.

MAIN LIST

 

Oil - Nov 5

Click on the headline (link) for the full text.

Many more articles are available through the Energy Bulletin homepage


Big oil's expensive black gold quest

Steve Hargreaves, CNNMoney.com
One study says oil company spending is having little impact on boosting supplies, but firms continue to hunt.
~~
Soaring crude prices may have prompted oil companies to venture into ever hostile terrain to bring supplies to market, yet by one account all the spending may merely serve to hold production levels constant.

According to a recent report from oil and gas consultancies John. S. Herold and Harrison Lovergrove & Co., investment in "upsteam" activities, which incude exploration and production, jumped 31 percent from 2004 to 2005.

Yet the study, based on data provided by publicly traded oil and gas companies worldwide, said production volumes grew just 1 percent, and proven reserves in the ground remained essentially unchanged.

"The industry continued to labor to grow production and reserves," Arthur Smith, chairman of John S. Herold, said in the report. "The potential for stormy seas looms."
(31 Oct 2006)


Estimated U.S. drilling activity hits 21-year high

energy API
U.S. drilling estimates in the third quarter of 2006 show that the U.S. drilling pace remains strong, with nearly twice the level of activity recorded during the lows of the early to mid-1990s, API reported.

According to API’s 2006 Quarterly Well Completion Report: Third Quarter, a 21-year high estimated 37,261 oil wells, natural gas wells and dry holes were completed in the first three quarters of 2006. In the third quarter alone, there were an estimated 12,687 completions. This figure is the highest single quarter estimate since the first quarter of 1986 and the twelfth consecutive quarter of increases in estimated U.S. drilling activity.
(20 Oct 2006)
As the size of remaining wells decreases, ever more drilling is required. -AF


Canada: Forecast predicts energy exploration will decline in 2007

Vancouver Sun
Gas and oil exploration activity will decline next year for the first time since 2002, the Petroleum Services Association of Canada says in a 2007 forecast released today.

The association predicts a rise in crude oil drilling, but warns that natural gas exploration will take a "significant drop" because of a surplus of gas in storage in Canada and the United States at the commencement of the 2006-2007 winter heating season.
(1 Nov 2006)

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Evidence Released at TransCanada’s Keystone XL Permit Renewal Hearing Sheds Light On Serious Pipeline Risks

Just because TransCanada continually states that the Keystone XL pipeline …

Peak Oil Notes - July 30

Much of the news that will eventually move oil prices came on the …

Higher-risk 'Shallow Fracking' More Common than Suspected: Study

The fracking of oil and gas less than a mile from aquifers or the Earth's …

Shale Gas Reality Check

Recently, the EIA released its Annual Energy Outlook 2015 and so we asked …

The Community Energy Revolution

Impact investing is investing to achieve a return in something you also …

Peak Oil Review - July 27

A weekly review including Oil and the Global Economy, The Middle East & …

Energy Crunch - Green taxes: love or hate?

Green taxes have been under attack on all fronts lately.