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“To turn around the decline in the volumes being discovered, success is needed in new basins and plays that will require creative thinking, use of new technologies, and a continued appetite for risk,” the report said. It noted that the contribution of large discoveries to global oil and gas supply has fallen from 33% to just 11%, even as overall production continues to rise.
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“Exploration has become more efficient,” the report added, “but the decline in discovered resource reflects a diminishing global opportunity set which is not being renewed with sufficient large-scale drilling opportunities.”
Texas keeps getting stupider every day.
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Oil exports from the Permian Basin were up to 4.3MM BOPD last week (EIA). We are in a severe, prolonged drought and depleting ground water in West Texas for frac source water, to increase exports, like there is no tomorrow.
The governor is proposing to build a pipeline from the Houston area, itself with significant water problems, to West Texas to provide more water for frac'ing.
Produced water in the Permian Basin is near 25 MM BPD and injection of this produced water, for disposal, still causes constant earthquakes,
a 5.3 never Toyah just two weeks ago.
Flaring and venting of associated gas is still abundant in the Basin for lack of gas takeaway; what is taken away goes to the Gulf Coast for LNG exports.
In the meantime, to run more cost effectively, and profitably, and export more oil and gas to foreign countries, drilling rigs are now able to plug directly in the West Texas grid, as well as electrified frac spreads. This has caused a 20% increase in electricity demand in West Texas the past three years.
You could not make this all up if you were writing fiction.
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The materials provided on this site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. I may make data related mistakes occasionally; if you use my opinions about oil reserves or shale well economics for financial purposes, to buy or sell stocks, your nuts. Don't do that. If I have used a photograph incorrectly it was for educational purposes and I have done my best of to give credit where credit is due. My stories are all true, slightly embellished, perhaps, but true; I don't change names to protect the guilty. I am as accurate as possible about history and historical facts; I work very hard at that.All rights are reserved, whatever that means. Don't blame me, I didn't do it.
