Oil: when there are more, there are still

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Re: Oil: when there are more, there are still




by moinsdewatt » 17/10/19, 00:37

For the figure below in the pie charts, red is gas, green oil.

Rystad: Oil and gas resource replacement ratio lowest in decades
Oil and gas companies have discovered 7.7 billion boe year-to-date, according to Rystad Energy's latest global discoveries report.


OGJ editors Oct 9th, 2019

Oil and gas companies have discovered 7.7 billion boe year-to-date, according to Rystad Energy's latest global discoveries report.

“The industry is well on track to repeat the feat achieved in 2018 when around 10 billion boe of recoverable resources were discovered,” says Palzor Shenga, senior analyst on Rystad Energy's upstream team.

Russia discovered most resources thus far this year, with the Dinkov and Nyarmeyskoye discovery announced earlier this year holding about 1.5 billion boe of recoverable resources (OGJ Online, May 20, 2019). Guyana and Cyprus nab the other places on the podium.

The so-called resource replacement ratio for conventional resources now stands around 16%, which is the lowest seen in recent history.

“This means that only 1 bbl out of every six consumed is being replaced by new sources. This is the lowest replacement ratio we have witnessed in the last 2 decades, ”Shenga added.

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However, the industry has high hopes after the prolific success of ExxonMobil Corp.'s Stabroek block off Guyana and more recent discoveries by other operators in the region, which have led to a surge in offshore exploration in the Caribbean. More acreage is being made available for bidding, with some countries conducting their first-ever licensing rounds in 2019 and 2020.

Offshore drilling activity has been on a steady rise in recent years, with 23 new exploration wells expected in 2019. By comparison, only seven offshore wells were drilled in 2013.

“We estimate the annual number of wells drilled could increase slightly to 25 wells in 2020, as more operators join the Caribbean exploration circuit,” says Santosh Kumar, an exploration analyst on the upstream team. ”

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system and unlocking the underlying commercial prospectively of the basin. The latest update suggests that the basin could have a potential of around 13 billion boe, ”Shenga said.

A wildcat exploration campaign led by Apache Corp. is currently under way in Guyana's eastern neighbor, Suriname. Prior to this, only 14 wells have been drilled in the Guyana-Suriname basin beyond water depths greater than 20 m.



https://www.ogj.com/exploration-develop ... in-decades
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Re: Oil: when there are more, there are still




by moinsdewatt » 25/10/19, 02:07

The US produces 9 million barrels / day of shale oil:

US Shale Production on Track to Hit Almost 9 MM Bpd

by Bertie Melinda Taylor | Rigzone Staff | Wednesday, October 16,

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Oil production from the seven heavy-hitting US shale plays could reach 8.971 million barrels per day in November, (a month on month increase of 58,000 bpd), according to the Energy Information Administration's latest Drilling Productivity Report.

Most of the production jump will be thanks to the Permian Basin, which is expected to see a production bump of 63,000 bpd next month. In October the Permian is on track to produce about 4.547 million bpd of crude, quite a bit more than the other six plays.

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Source: US Energy Information Administration

The second and third largest contributors to the increase are the Bakken and Eagle Ford plays. However, month on month production in the Eagle Ford and the Anadarko plays is expected to dip by 12,000 bpd and 13,000 bpd, respectively, eating into the anticipated production growth.

Meanwhile, the agency indicated that the number of drilled but uncompleted (DUC) wells has been dropping across all the key US shale plays. The change from August to September reflected a decline from 7,946 to 7,740, or 206 DUCs. In its Sept. 19 report, the EIA stated that in the oil regions, the estimated DUC count increased during 2017–19, but it peaked in May 2019. However, the DUC count in the gas regions has generally declined since December 2013.

These fluctuating numbers have fueled views that the shale boom may be heading into a forced wind-down. During the first half of this year several shale producers in North America reported dialing back growth projections as they faced a growing number of complex problems that were killing returns and discouraging investors.



https://www.rigzone.com/news/us_shale_p ... 0-article/
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Re: Oil: when there are more, there are still




by moinsdewatt » 03/11/19, 14:47

Saudi regulator kicks off Aramco's IPO

AFP released the 03 Nov 2019

The Saudi financial market regulator kicked off the oil giant Aramco's IPO on Sunday which could be the most important ever carried out in the world, by indicating to have approved the request for such an operation.

Aramco confirmed shortly after on Twitter its intention to enter the Ryad Stock Exchange.

"The Council of the Capital Market Authority (CMA) has published its resolution approving the request of the Saudi Arabian Oil Company (Saudi Aramco) to sell part of its shares," said the regulator in a statement posted on its website Internet.

He did not provide the steps for this IPO, but trading in the stock is expected to begin in mid-December on the Saudi market.

This introduction constitutes the cornerstone of a reform program of Crown Prince Mohammed ben Salman, nicknamed "MBS". It should value the company between 1.500 and 1.700 billion dollars, the largest capitalization in the world, according to a source familiar with the matter.

In 2018, the strongman of the kingdom had decided to postpone the operation because the capitalization calculated by the bankers, after meetings with potential investors, was below this threshold.

Subsequently, Aramco, who was to launch the first part of its introduction in October, had decided to postpone the date to December or January.

According to the source familiar with the matter, the calendar provides for entry into two stages: first on the local Saudi Stock Exchange, Tadawul, in December, then, in 2020, on an international financial center yet to be defined.

Aramco should sell in all 5% of its capital, including 2% during its baptism on the Tadawul stock market, sources close to the matter told AFP at the beginning of the month.

- Reassure investors -

The Aramco IPO had been planned since 2016 by the Saudi Crown Prince.

Energy Intelligence last week quoted sources as saying it expects the Saudis to accept the company's $ 1.600 trillion to $ 1.700 trillion valuation.

If this hypothesis is confirmed, it would suggest that the Saudis are ready for a compromise below the amount of 2.000 billion dollars on which the crown prince has long insisted.

Regarding Aramco's assessment, the Saudi authorities must find "a compromise between the declared preference of the crown prince and the realities of the market," said Kristian Ulrichsen, a researcher at the Baker Institute at Rice University at Rice University. United States.

"As the process has been repeatedly delayed and is an integral part of the Crown Prince's plan to transform Saudi Arabia, international investors will be keenly aware of Aramco's performance in the domestic (financial) market." , Ulrichsen told AFP.

Aramco, which produces about 10% of the world's oil, is the most profitable company in the world and is considered the economic jewel of the kingdom and the pillar of its economic and social stability.

Saudi Arabia has stepped up efforts to entice investors by promising annual dividends of $ 75 billion, according to the company's website.

Ryad also seeks to encourage wealthy Saudi families to buy stakes in the firm, while some Saudi commentators have sought to portray this investment as a patriotic duty.

"An important function of the local IPO is to project confidence in the company destined for the international market," Cinzia Bianco, researcher at the European Council on Foreign Relations, told AFP.

"This allows Prince Mohammed to show that he keeps his promises and that he is doing what he has to do, a further step to reassure international investors that the IPO will take place after all," Mr Bianco added.

https://www.connaissancedesenergies.org ... mco-191103
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Re: Oil: when there are more, there are still




by izentrop » 06/11/19, 01:43

Abu Dhabi announces "significant" oil and gas discoveries
According to the Supreme Petroleum Council, the highest authority in the UAE in charge of energy, these new deposits contain seven billion barrels of crude oil and approximately 1 trillion cubic meters of natural gas.

These discoveries increased the UAE's total crude oil reserves to 105 billion barrels, becoming the world's 6th largest oil reserves, ahead of Kuwait, according to a statement from the Emirati energy giant, Abu Dhabi National Oil. Company (Adnoc). "We are happy and honored to have allowed the United Arab Emirates to rise from seventh to sixth in the world ranking of holders of oil and gas reserves," said Sultan al-Jaber, Managing Director of Adnoc.

The UAE's natural gas reserves now stand at 7 trillion cubic meters, according to Adnoc. Abu Dhabi also discovered around 700 billion cubic meters of unconventional natural gas. The Emirates pump about three million barrels of oil a day and produce some 4 million cubic meters of raw natural gas, according to Adnoc.
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Re: Oil: when there are more, there are still




by sicetaitsimple » 11/12/19, 18:45

For the first time since 1975 (and more, the curve starts that year), the USA becomes a net exporter of petroleum products (crude + refined products).

https://www.eia.gov/todayinenergy/detail.php?id=42176
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moinsdewatt
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Re: Oil: when there are more, there are still




by moinsdewatt » 12/12/19, 23:27

CHEVRON launches the Anchor offshore project in the Gulf of Mexico. 5.7 billion investment for the initial phase.
440 million barrels to recover. 75 b / d of planned flow.
Total is associated with the project up to 37%.
First oil in 2024.

Chevron Approves $ 5.7B Deepwater Gulf Of Mexico Oil Project

By Tsvetana Paraskova - Dec 12, 2019

Chevron said on Thursday it had approved the development of a deepwater high-pressure oil project in the Gulf of Mexico, which will require US $ 5.7 billion investment for the initial development, in the industry's first such deepwater high-pressure project to have reached a final investment decision (FID).

Chevron sanctioned the development of the Anchor field in the Green Canyon area, some 140 miles off the coast of Louisiana, in water depths of approximately 5,000 feet. During the first development stage, the project will consist of a seven-well subsea development and a semi-submersible floating production unit. First oil from Anchor is expected in 2024.

The facility at Anchor is designed to have capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day. According to Chevron, the total potentially recoverable oil-equivalent resources at Anchor are estimated to top 440 million barrels.

Chevron is the operator of the Anchor field with a 62.86-percent working interest, while Total's US unit holds the remaining 37.14-percent working interest.

“For new projects in the Gulf of Mexico, we have reduced development costs by nearly a third, compared to our last generation of Greenfield deepwater investments,” said Steve Green, president of Chevron North America Exploration and Production.

“This decision reinforces Chevron's commitment to the deepwater asset class,” said Jay Johnson, executive vice president, Upstream, Chevron Corporation.

Chevron's new project sanction comes a day after the US supermajor announced that it would write down US $ 11 billion in assets in the fourth quarter, following a downward revision of its long-term forecast for oil and gas prices. Much of the write down is connected to natural gas assets in the Appalachia basin, due to the low natural gas prices.

Chevron — like the other US supermajor Exxon — is heavily investing in the Permian basin, looking to significantly boost oil production, but it has yet to turn a positive free cash flow there.



https://oilprice.com/Latest-Energy-News ... oject.html
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Re: Oil: when there are more, there are still




by moinsdewatt » 11/01/20, 15:09

With 12,2 billion boe discovered, 2019 was the best year for oil and gas exploration since 2015

Ecofin agency. 10 Jan 2020

According to analyst firm Rystad Energy, at the end of the past year, oil companies have discovered the equivalent of 12,2 billion barrels of oil equivalent (boe). This is the highest discovery volume since 2015. Offshore discoveries have once again dominated the list of new oil and gas deposits.

Although the volumes discovered in 2019 exceeded those of 2018, it was a disappointing year for high-impact wells. Indeed, many prospects whose resources estimated before drilling were significant did not keep their promises. These are more than 10 billion boe which were not revealed at the end of the drilling work.

Key discoveries this year include the Orca gas field of BP and Kosmos in Mauritania, which was not only the biggest gas discovery of the year, but also the deepest in 2019. It is home to around 1,3, XNUMX billion boe of recoverable resources. There is also the discovery Brulpadda of Total in South Africa, Glaucus of Exxon Mobil in Cyprus, Glengorm of CNOOC in the United Kingdom and Sputnik of Equinor in Norway.

According to Rystad analysts, Exxon Mobil deserves the title of the best exploration company in the world for 2019 with fully successful campaigns in Guyana for around 1,8 billion boe, its significant investments in Cyprus, etc.

"The US super major has been exceptional, both in terms of volumes discovered and value creation from exploration," said Palzor Shenga, senior analyst with the upstream team at Rystad Energy.

The independent American Hess and the Chinese state actor CNOOC occupy the second and third places on the list of the best explorers of 2019 in terms of creation of value from new discoveries.

Both benefit from their partnership with ExxonMobil in the Stabroek block in French Guiana. Hess added about $ 2 billion in value from new discoveries last year, while CNOOC created around $ 1,8 billion in value.


https://www.agenceecofin.com/exploratio ... epuis-2015

It is 36.5 billion barrels that should have been found to compensate for the 100 million b / d of 2019.
It was therefore only found a third of the consumed annually.
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Re: Oil: when there are more, there are still




by Remundo » 11/01/20, 17:51

indeed,

what is qualified as the "best" year of prospecting covers only a third of annual consumption.

it means :
1) that oil will decline
2) that we are going to type the other hydrocarbons among coal and gas.
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Re: Oil: when there are more, there are still




by sicetaitsimple » 11/01/20, 19:10

moinsdewatt wrote:It is 36.5 billion barrels that should have been found to compensate for the 100 million b / d of 2019.
It was therefore only found a third of the consumed annually.


It is a comparison that can be made effectively. I think that we are only talking about so-called "conventional" resources? That said, the difference
(annual consumption minus annual discoveries) is certainly very low vis-à-vis the uncertainties surrounding the "true value" of so-called proven reserves.
In short, to deduce something about the supply of oil with a "short" maturity (say 10 years) seems adventurous to me. In my opinion, it will not be the level of reserves that will make the bulk of the news on the supply and price of oil.
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Re: Oil: when there are more, there are still




by moinsdewatt » 15/01/20, 01:25

Many companies interested in Norway offshore exploration.

Norway Awards 69 Oil Blocks To 28 Firms To Explore Mature Areas

By Tsvetana Paraskova - Jan 14, 2020

Norway awarded on Tuesday 69 new production licenses to 28 companies to explore in areas next to mature developed production areas, securing further exploration on the Norwegian Continental Shelf, the Ministry of Petroleum and Energy said.

“The companies show great interest in further access to new exploration acreage. This means that the industry believes in future value creation on the Norwegian continental shelf, ”Norway's Minister of Petroleum and Energy Sylvi Listhaug said in a statement.

A total of 33 oil companies had applied for licenses in Norway's 2019 licensing round for exploration and development in the most mature areas of the shelf by the deadline.

Today, Norway awarded 33 licenses in the North Sea, 23 licenses in the Norwegian Sea, and 13 licenses in the Barents Sea.

The total number of awarded licenses this year is lower than the record-breaking 83 licenses awarded in last year's round in the mature areas.

In this year's awards, as many as 28 different oil companies, ranging from the large international majors to smaller domestic exploration companies, were offered ownership interests in one or more production licenses, the ministry said.

The companies that won licenses and / or operatorships include Equinor, Aker BP, Shell, ConocoPhillips, Lundin, Suncor, Total, Vår Energi, and Wintershall Dea.

“Hopefully, the exploration in the awarded acreage will result in new discoveries. This is important to ensure employment, value-creation and future government revenue for Norway's largest industry, ”minister Listhaug said.

Norway's oil production is expected to jump in 2020 through 2023, thanks to the start up of Johan Sverdrup, which began pumping oil in early October 2019. But after Johan Sverdrup and after Johan Castberg in the Barents Sea scheduled for first oil in 2022, Norway doesn't have major oil discoveries and projects to sustain its oil production after the middle of the 2020s.


https://oilprice.com/Latest-Energy-News ... Areas.html
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