Industry

Don’t count on revolution in oil supply

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This is a guest post by Sadad al-Huseini, now a petroleum consultant and formerly executive vice president of Saudi Aramco for exploration and production, and is a response to the recent article in PIW (Petroleum Intelligence Weekly) by Leonardo Maugeri on his new study Oil: the Next Revolution, challenging his optimism about future oil supplies.

Pic pétrolier : deux vice-présidents de Total répondent à Oil Man

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English summary: Total has agreed to present on my blog its scenario on world future oil production. No peak oil in sight according to Total, provided the industry puts on stream 45 Mb/d in the next 15 years. How can this tremendous task may be achieved ? Huge uncertainties remain in this unpublished scenario.

La direction du groupe Total a accepté de présenter ici son scénario sur l’avenir du pétrole. Selon elle, aucun déclin des extractions ne s’annonce à l’horizon… à condition de développer d’ici 15 ans l’équivalent de la moitié de la production mondiale actuelle ! Comment réussir pareil tour de force ? De vastes zones d’ombre subsistent dans ce scénario inédit. [excerpt]

Comments on BP Statistical Review 2012

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Digest: The BP Statistical Review has the merit of releasing every year free and convenient updated historical data on energy. This data is recopied from what is reported by national agencies, avoiding diplomatic conflicts. Despite the heterogeneity of the data, the report displays a ridiculous high number of digits, in contradiction with the real accuracy of the sources. The report wrongly adds unconventional to conventional reserves. BP ignores backdating, using obsolete reporting rules that lead to artificial reserve growth. Most economists believe this reserve growth to be the real, when in fact known Oil and Gas reserves peaked in 1980.

ODAC Newsletter – Aug 3

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US oil and gas reserves grew faster than at any time in the past 35 years according to figures released this week by the EIA. The numbers are for 2010 with the increase credited to fracking technology and high oil prices leading to more exploration and development. While the report will be used to provide further confirmation of a new era of energy abundance, there is growing evidence that the realities when it comes to actual production are not as rosy…

Shell Game in the Arctic

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When you go to the mountains, you go to the mountains. When it’s the desert, it’s the desert. When it’s the ocean, though, we generally say that we’re going “to the beach.” Land is our element, not the waters of our world, and that is an unmistakable advantage for any oil company that wants to drill in pristine waters.