The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly U.S. crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d.
The crude oil production record in the United States in 2023 is unlikely to be broken in any other country in the near term because no other country has reached production capacity of 13.0 million b/d. Saudi Arabia’s state-owned Saudi Aramco recently scrapped plans to increase production capacity to 13.0 million b/d by 2027.
Together, the United States, Russia, and Saudi Arabia accounted for 40% (32.8 million b/d) of global oil production in 2023. These three countries have produced more oil than any others since 1971 (counting production in the Russian Federation of the Soviet Union prior to 1991), although the top spot has shifted among them over the past five decades. By comparison, the next three largest producing countries—Canada, Iraq, and China—combined produced 13.1 million b/d in 2023, only slightly more than what was produced in the United States alone.
After peaking at 9.6 million b/d in 1970, annual U.S. crude oil production flattened and then generally declined for decades to a low of 5.0 million b/d in 2008. Crude oil production in the United States began increasing again in 2009, as producers increasingly applied hydraulic fracturing and horizontal drilling techniques, and has increased steadily since. The only exception to U.S. production growth since 2009 was in 2020 and 2021, when demand and prices decreased because of the economic effects of the COVID-19 pandemic. In recent years, crude oil production in the Permian Basin (in western Texas and eastern New Mexico) drove the increases in total crude oil and natural gas production in the United States.
Russia was the country with the most crude oil production in 2017, but production growth in Russia has since lagged behind the United States. Average annual production in Russia peaked in 2019 at 10.8 million b/d, when it trailed the United States by 1.4 million b/d. More recently, Russia was among the OPEC+ countries that announced production cuts in November 2022, and in February 2023, it separately announced additional voluntary cuts of 500,000 b/d. Although voluntary cuts have reduced recent production in Russia, we believe sanctions and voluntary actions by companies in response to the full-scale invasion of Ukraine have been the primary cause of the cuts. Actual cuts to production appear to be smaller than anticipated, however, and we estimate that production in Russia declined by only 200,000 b/d in 2023.
Average annual production in Saudi Arabia peaked in 2022 at 10.6 million b/d, which was 1.3 million b/d less than in the United States that year. In 2023, crude oil production in Saudi Arabia declined by about 900,000 b/d because of OPEC+ cuts and further voluntary cuts Saudi Arabia made to offset weaker demand growth. Production in Saudi Arabia could not exceed the 2023 production volume in the United States because state-owned Saudi Aramco’s stated production capacity is 12.0 million b/d, with about 300,000 b/d of additional capacity from its share of the Neutral Zone area shared with Kuwait.
The most prolific oil producing region, the Permian Basin of Texas and New Mexico, has accounted for the vast majority of the production increase. This has been largely due to improvements in oil recovery from both new and existing wells…
The number of new wells brought on line by drilling activity has historically been the key determinant of whether crude oil production increases or decreases. However, advances in horizontal drilling and hydraulic fracturing technologies have increased well productivity, enabling U.S. producers to extract more crude oil from new wells drilled while maintaining production from legacy wells.
Our Drilling Productivity Report (DPR) shows more production from a combination of increasing new well production and higher sustained legacy well production. We define new well production as crude oil extracted during the first 12 months of production, while legacy production is crude oil extracted after the initial 12 months. The share of legacy production since 2021 has remained stable, and production from new wells has continued.
While virtually all of the Permian Basin of Texas is under private or state lands, where Biden has no control, much of New Mexico’s portion of the Permian Basin is on Federal lands. Democrats at the state and Federal levels have been slowly restricting leasing and drilling in New Mexico:
Decisions by federal and state officials last week will limit where New Mexico’s powerful oil and gas industry is able to drill.
On Friday, Secretary of the Interior Deb Haaland announced that the department will soon ban new oil and gas leases on more than 330,000 acres of public lands within a 10-mile radius of Chaco Culture National Historical Park — a UNESCO World Heritage Site of deep cultural importance to the region’s Pueblo and Tribal nations.
The day before, the New Mexico Commissioner of Public Lands instituted a moratorium on new oil and gas leases on state trust lands within one mile of schools, daycare centers, and sporting fields used by students.
Ironically, oil and gas revenues currently account for about 1/3 of the state’s education budget.
Gulf of Mexico
The second most prolific region, the Federal waters of the Gulf of Mexico, has seen no growth in production due to the Biden maladministration’s war on oil & gas leasing, permitting and drilling…
Offshore oil and gas permitting plummets to 2-decade low under Biden
Without stable permitting and leasing, producers may leave for ‘regions with a more predictable regulatory environment,’ industry group says
Offshore oil and gas permitting under President Biden has fallen to a low the energy industry has not experienced since the Bush administration two decades ago, according to federal data reviewed by Fox News Digital.
Since January 2021, when Biden took office, the federal government has approved applications for permit to drill on just 157 new wells, according to the data compiled by Department of the Interior’s Bureau of Safety and Environmental Enforcement (BSEE). The figure represents a 29% decline compared to the same period under the Trump administration and a 55% decline compared to the same period under the Obama administration.
“Policymakers should leverage the Gulf of Mexico to help meet growing global oil demand,” Erik Milito, the president of the National Ocean Industries Association, told Fox News Digital. “The Gulf of Mexico is a prime example of doing more with less.”
“We were producing more than 2 million barrels of oil per day in the Gulf of Mexico prior to the pandemic, despite the number of active lease blocks being much lower than they were 5, 10, or 15 years ago,” he continued. “We produce a massive amount of energy with a small footprint. However, bottlenecking the permitting process is a surefire way to discourage the success of the region despite growing global demand.”
Rice’s whales are primarily located in the yellow and back outlined area in the Eastern Gulf of Mexico, an area off-limits to oil & gas exploration. The Biden administration attempted to illegally remove the “Rice’s Whale Expanded Area” (dark blue area on map below) from this, and all future, lease sales.
When Lease Sale 261 was finally held after numerous court orders, it drew the most interest since 2015.
Lease Sale 261 brings in more than $382 million in high bids
Dec. 20, 2023
Lease Sale 261 reported to be the largest oil and gas lease auction since 2015.
Offshore staff
NEW ORLEANS – The Bureau of Ocean Energy Management (BOEM) reports that Lease Sale 261 generated $382,168,507 in high bids for 311 tracts covering 1.7 million acres in federal waters in the US Gulf of Mexico.
BOEM says that a total of 26 companies participated in the lease sale, submitting 352 bids totaling $441,896,332.
Among the winners were Chevron, BP, Shell, Equinor, Repsol, Woodside Energy, Occidental Petroleum, Murphy Oil, Talos Energy, and Kosmos Energy.
While the lamestream media incessantly tries to credit Biden for record US oil production, the fact is that his maladministration has routinely flouted the law in their treasonous war on the US oil & gas industry…
Biden: I Wanted ‘to Stop All Drilling’ on the Coasts and Gulf, Got Blocked by Courts
During an interview with The Weather Channel that is set to air on Wednesday, a portion of which aired on Tuesday, President Joe Biden said that he “wanted to stop all drilling on the East Coast and the West Coast and in the Gulf” but was blocked by the courts from doing so.
Very true. Nevertheless, you can count on Bidet to take credit for the record production, just like Obama took credit for the shale revolution.
Anytime I asked a liberal ecowackadoodle what policy was implemented by the aforementioned two that allowed record production to occur, the response was something akin to “Uhh, uhh, you’re a racist “
Its called politics my friend… you get the blame for the bad things that happen on your watch like inflation and take the credit for good things like low unemployment.
The Republicans- especially the House members, have a different angle they vote against Bidens infrastructure bills but back in their district take credit for the things they voted against. Thats called being a weasel
Tell us about the infrastructure that the infrastructure bill has created. Tell us what percentage of money in the infrastructure fill was budgeted for infrastructure.
You tell me ? Some of the bill include earmarks specifically included by all GOP members – to lesser or greater degrees depending on their influence- yet they voted against their OWN EARMARKS.
Thats MAGA weasel
Are you fair skinned (I hate using color descriptions **)? Are you male?
If yes, the according to discrimination, entitlement, and indoctrination (DEI) agencies you are a racist.
** All of us are brown. Melanin makes it dark, medium, light, and every shade in between.
Albinos are also brown, but lacking melanin makes it impossible to prove.
Sorry to bust your Permian bubble. It’s apogee’d, with the sugar high of delayed completion of pandemic related DUC’s. Yes, new wells are longer, and therefore have higher IP’s and 6 month cum’s. But dcum/dnext lateral foot is actually dropping. To the point that new well drilling and completion – required to maintain proved, on, reserves – is flat/dropping. Simply put, most of the tier 1 acreage is already being drained. This is why, when you wrote your post, you could not find any evidence of a Permian company announcing a major new well CapEx campaign.
Rather, “capital discipline”, and accretive M&A is the name of the game. This is best exemplified by the behavior of the smartest Permian player, running the best Permian operator, Scott Sheffield at Pioneer Natural Resources. Their sale to Exxon will complete next quarter. There will undoubtedly be value in improved facilities utlilization and run offs. But there is no mention of an increase in combined drilling and completion CapEx in any M&A announcements, because there won’t be any. Rather, the visionary Mr. Sheffield looked out, sold at the right time, will get 9 $ figures right away, and will live an abundant life, complete with a hobby job on the reworked BoD.
Oh, BTW, drilling and workover service rates are also skyrocketing (and will continue to), and refracs and recompletion technology in general are the promise that keeps promising. Lots of AI, lots of licensing of proprietary production data, but no success stories. Aks a co-worker to play you the recent SPE podcast on new intervention tech. Much of it is an ad for the conference, but it points out a missing link required for any substantive step up in recompletion/refrac success. Until you have by foot compositional rate data, over time, for both production and for refraccing, to use along with the amazing fiber optic well data now becoming available, you’re functionally effed w.r.t. making qualitatively better decisions. And that will never be there. Hint: When you listen to the podcast, stay alert for the description of current recompletions/refrac trends. I remember hearing the word “stagnating”. Of course frac hit solutions weren’t even mentioned. We’re already effed there.
Finally, Permian (and companion play) asset retirement is now being effectively shirked, but the costs of actually doing it are bounding ahead. Just in the Permian, tens of thousands of long (and getting longer), flat*, laterals, each with dozens of perforate intervals, many of which must be individually isolated, often with poor hydraulic integrity from the get go. These are each certainly 6-7 $ figure/well jobs, but we don’t know exactly because the producers don’t provide updated costs to the regulators for their feeble efforts to bond/lockbox them. The HMF’s know this, and will just try and delay and deny until they can ease out, like Mr. Sheffield
All with no mention of either 46 or Predecessor. They have nada to do with this.
Here’s a good article. I think the r.o.t. about Hubbert’s Peak is BS, without the underlying trends. But here, they’re there. Actually, lots of good news in it on managing the upcoming decline. But nothing to refute the fact that Permian proved, on oil and oil associated gas reserves will drop, pretty much every year, from now on. AGAIN, with no help or hurt from 46 or Predecessor.
The Permian Basin will eventually hit the Hubbert peak. If there’s 50 billion bbl left to be recovered, it’ll happen in 2030. If there’s only 20 billion bbl left, it could happen next year.
Someone has forecasted the imminence of “Peak Permian” just about every year since 2009.
“ This is why, when you wrote your post, you could not find any evidence of a Permian company announcing a major new well CapEx campaign.”
Enterprise Products Partners has initiated four capital projects to support production growth in the Permian Basin: 2 Nat Gas processing projects, Bahia NGL Pipeline and NGL Fractionator 14 and Associated Deisobutanizer (DIB) to process NGLs. All these projects are expected to begin service during 2025.
Gulf Coast Express Pipeline expansion, Permian Highway Pipeline Expansion, Whistler Pipeline Capacity Expansion and Matterhorn Express Pipeline all have come on-line late 2023.
The common CapEx is on moving the existing product out of the Permian Basin to where the products can be used. It would be pointless to ramp up supply in the fields until the bottleneck to moving the product has been cleared.
So your statement is carefully crafted deception. If your views are correct, why do you have to lie and deceive? Compulsive liar or do you take delight in destruction and deindustrialization?
MyUsername
March 21, 2024 7:09 am
What’s the eroi of the latest wells in the permian?
Probably acceptable, which is why there still are some. It’s also hard for me to find. Here’s an article that comes up when I use your question as search terms, and filter by the latest year. It covers much of he same territory I linked to in my earlier comment.
2023 Bolt EUV. 17th and best car I’ve ever owned. 1200 miles so far. It will stretch the life of my 2018 Chevrolet Z71 diesel Colorado CCLB, until the arrival of room temp day. We went 5 years with just it, until I realized that there will be no new US replacement for a mid sized, high tow capacity, diesel pickup. They’re ubiquitous everywhere else, including Mexico where diesel Hilux’s have 7700# of TT capacity, like mine.
So, the Bolt was a logical adder. It’s perfect for me and for the nearly 60% of US households with 2 cars. It will be used for ~75% of our miles, 80% of our drive time, and the ~65kwh battery will get charged at ~$0.053/kwh. Oh, wicked fast, handles great, and GM sound systems RULE!
That sounds like a practical arrangement for your personal transport needs BoB.
Good for you.
But the policy being pushed by the Biden Admin / WEF / UN / EU et al is that we must ALL adopt just the most recent element of your personal transport toolset as our only personal transport tool.
2010 Honda Accord Crosstour. 334,000 miles. Original battery.
(1) lumbar support pressure hose has lost connection.
(2) Driver side door handle spring does not pull handle all the way back into place.
(3) ball joint failed (likely due to ‘hidden’ 3″ high traffic median put in place to discourage u-turns on highway).
(4) CD player is temperamental.
Who fracking cares? EROEI is, at best, bad science fiction. We do not measure the costs of oil & gas exploration and production in Btu, joules, Watts or any other units of energy measurement. We measure the costs in $$$,
I don’t spend energy to fill my gas tank. I don’t give energy back to the gas & electric companies in exchange for them being nice enough to heat and light my home. My company doesn’t drill for oil & gas to make energy. We spend money on exploration and drilling to make more money than we spent by producing and selling the oil & gas.
I spend money to fill my gas tank. My company drills wells for oil & gas to make money. My gas & electric bills are paid for with money. My pay check, ChevronTexaco, ExxonMobil & Shell credit card statements and checks to the gas & electric companies aren’t denominated in joules, kilowatts or Btu – They are denominated in $.
I don’t give a rat’s @$$ if 1 barrel of amoeba farts uses less energy to produce than 1 barrel of crude oil… Because the barrel of amoeba farts costs $1,100 and can’t be produced in sufficient quantities to be waiting for me at the Chevron, Texaco, Exxon or Shell station when I need it.
If oil companies (or any businesses) used EROEI to guide their investment decisions, they would go out of business, unless the government was footing the bill… And government could only foot the bill for such foolishness until they ran out of OPM (other people’s money).
Some energy numbers:
1 barrel of crude oil = 5,722,000 Btu
1,000 cubic feet of natural gas = 1,037,000 Btu
Current prices:
Crude oil (WTI) = $80.71/bbl = $14.11/million Btu
Natural gas (Henry Hub) = $1.68/mcf = $1.62/million Btu
At today’s prices, I could “spend” 2 Btu of natural gas to produce 1 Btu of oil and make over a 4:1 return on capital. The bottom line isn’t denominated in joules, watts or Btu… It’s denominated in $$$.
At today’s prices, I could “spend” 2 Btu of natural gas to produce 1 Btu of oil and make over a 4:1 return on capital. The bottom line isn’t denominated in joules, watts or Btu… It’s denominated in $$$.
And deplete our energy reserves more quickly to have the convenience of petrol or diesel. One of the benefits of EVs is that they don’t care what energy source was used to create the electricity. Solar or coal, it’s all the same.
EVs deplete our energy reserves by wasted energy in the thermal to electricity conversion phase, and in the charge/transmission/discharge phases.
EVs deplete our rare metals reserve.
EVs deplete our cash reserves.
EVs are racist, since higher % of whites vs blacks can afford them, and have a home fancy enough to have a large enough mains line to charge them properly. I have a measly 100A service. 3 phases, meaning only 100*3*120= 36KW of power which is a pittance when trying to charge up a 100KWh battery, in a short amount of time, while also keeping the lights and furnace running, etc. Only racist environmental poltical scientists can afford to have 250KW chargers for their EVs, and backup generators for their soft ice cream dispensers
Ron Long
March 21, 2024 7:10 am
Frac On! But maybe have a Plan B, maybe like vote for Trump…..because Big Brother is watching you. The Methane Satellite is up and running, see http://www.methanesat.org, where it says (below in comments from CBC): New satellite will track elusive methane pollution from oil and gas industry globally.
They are civil – private person and state AG -as opposed to criminal charges which there 90 to come
if the SEC comes after someone for securities related laws its a civil case too.
NY state has used its Martin Act to prosecute financial fraud
The judge who handed down a $464 million judgment against Donald Trump, his company and co-defendants in a civil fraud case has ordered the Trump Organization to keep the court closely informed about any efforts to secure a bond ahead of Monday’s deadline.
New York state Judge Arthur Engoron said Thursday that Trump’s company needs to provide details to a court-appointed monitor about attempts to obtain a bond that would stop authorities from collecting on the judgment while it appeals last month’s ruling. The monitor, former federal Judge Barbara Jones, is to report regularly to Engoron.
And why not?, The price is right! Next question. Why is our natural gas production greater than everyone else? Want to take a bite out of the Iranian-Russian Axis, push production higher and break the cartel….. never happen in a million years.
The conflagration of climate change and it’s economic/market revision, spiraling hydrocarbon fuel energy prices, transition from democracy/capitalism to Stakeholder fascism, war in Eastern Europe and middle east all has it’s roots in the glut of global hydrocarbon fuel that became apparent by 2010….. you will never hear about in our media.
I know competing realities are hard. We all tend to want pure and good reasons for believing the stuff we believe in and support….like saving the world from climate change. Unfortunately, this world has been in conflict since God drove Adam and Eve out of the garden, and the main protagonist ‘us’ isn’t good or pure no matter how righteous we believe our cause is. There is enough evidence in the world right now to wonder if all the conflict is about a “good and pure” cause or if the “good and pure” cause has been leveraged by the age old human desire for power and money to consolidate and denominate. The ends justifies the means. Isn’t this where humanity regular ends up before every cataclysm of evil in human history?.
The specular realization between 2008-2011 that the would had enormous supplies of natural gas and oil is the first big game changer of the 21st century. The information was not well reported and was suppressed to some degree and to a much greater degree now. This is when global warming became climate change the reason for all evil and catastrophe in the world. “Global warming” morphed into “climate change” at a time of global financial collapse and major political realignment. It is also the time of the emergence of Smart phones and broad band as well as the loose confederation of Tech and Oil Oligarch darlings as the WEF at Davos emerges a a central power vector in the West.
Personally, I would have preferred that the energy infrastructure tech we have been waiting for since the early 1970’s had emerged and phased hydrocarbon fuel out completely and brought an era of great prosperity and opportunity with cheap energy. It may have been possible that much of the world could have economically developed without the reign of the globalists’ pan-consumerism and centralization. Localized non- consumeristic agrarian prosperity is just as good as tech prosperity. Maybe even more likely now as we see the psychological and social downside of life on the internet. Hydrocarbon fuel may have disappeared and we may have still had a warming spell in the 80–90’s but no one would have seen it as a political opportunity.
As far as Biblical prophecies are concerned they all have been summed up in the fulfillment of the Covenant of Grace. All the Bible says about the future of this world is there will be ongoing war, famine, pestilence and death as this world passes away. What the Bible says about what happens in the end is a topic for another day.
“Decisions by federal and state officials last week will limit where New Mexico’s powerful oil and gas industry is able to drill.”
The map indicates Texas could pull a Kuwait, and drill horizontal wells into New Mexico. Texans fracking New Mexico might make the NM Dems re-thin their position.
There’s a question for the courts: how deeply to state lines extend into the crust? And beyond? All the way to the core? Does horizontal drilling under New Mexico 7000 feet below the surface constitute interstate commerce?
NM is only limiting new fracking around some sites. As the property rights and state borders extend below ground level, your idea is conceptually absurd as well as practically when the longest distances are only a few miles
The real issue in UK is the population density in rural areas combined with no below ground property rights.
US is different in that you own the mineral and oil/gas below your land. Britain its owned by the Crown- which is shorthand for ‘the government’
Oil gas , gold go eventually to ‘the government’ . Not Charlie and Chilla personally . Their income stream is from Duchy of Lancaster – Wills/Kate now gets Duchy of Cornwall revenues – both enduring real estate trusts
‘The Crown’ is a separate legal enduring entity – or Corporation Sole- to the personal finances of the King. Some is used to run Royal palaces, but just official purposes, rest into government funds
Its like court prosecutions are done in the name of ‘The king’ but doesnt mean that person.
ResourceGuy
March 21, 2024 11:10 am
The reduced risk of a dry hole in fracking horizontal source beds compared to the old days has been replaced by increased policy/regulatory/lawfare risk. Once again, it’s up to technical change and innovation to gradually overcome the risk impediments.
Sparta Nova 4
March 21, 2024 1:41 pm
Don’t confuse us with the facts.
Get a media advocacy journalist to make up some alarming things so we can get excited and tweet shit to others about it.
AWG
March 21, 2024 2:03 pm
The day before, the New Mexico Commissioner of Public Lands instituted a moratorium on new oil and gas leases on state trust lands within one mile of schools, daycare centers, and sporting fields used by students.
These people are evil. In East Texas, there are functioning wells right on school property I have seen one between the main building and the sports fields. Within a five minute walk from my home, I will pass no fewer than six functioning wells. I can stand on the point of my property and see within a few hundred yards an additional two operating wells and hear yet two others. Fortunately the flora hide most of these, and I have to contend with the occasional oil service trucks, but except when they have a crew working on repairing an existing well, it takes effort to know that there are wells out here. (It is nice during royalty check time as it covers the property tax quite well)
For the submersible pump wells, the above ground fixtures are basically a 480V power panel and some pipes that look like a backyard set of monkey bars. The only noise is the less than whisper gurgling of fluid being pumped from thousands of feet below.
The point being, of all of the wealth producing endeavors, oil production is the most desirable since it is relatively unobtrusive for the great abundance from what is returned. +95% is below ground and the few things above ground (holding tanks, evap ponds., etc.) can be located away from where its an eyesore. To place a moratorium on wells proximate to schools, daycare centers and sporting fields is asinine. The wells are benign. On the other hand, solar panels and windmills are a blight on neighborhoods and that is why they must be located far from human habitation.
This moratorium is pure propaganda to make it appear that oil will kill and harm children – I suppose it could be dangerous if they crawl into a tank or play in a walking beam pump.
Edward Katz
March 21, 2024 2:12 pm
Despite Biden’s asinine efforts to restrict production, consumers have shown that demand for petroleum products is still rising regardless of the subsidies for renewables which have continued to show they can’t provide the reliability of fossil fuels in general.
The primary factor affecting growth in energy demand (thus GHGs) in the U.S. is population growth, and the dominant cause of population growth is illegal and legal immigration, along with their children born here. If Biden and the dems truly believed in CAGW and “net zero,” they’d close the border, stop sanctuary cities, and massively deport illegals. This is yet another proof that CAGW is a fraud.
ntesdorf
March 21, 2024 2:58 pm
This is fracking Great News. Keep on Fracking.
astonerii
March 21, 2024 6:11 pm
MAGA keeps telling me that Biden had destroyed the oil industry… How do we keep setting records with a destroyed industry?
Way to go America. Those of us who depend on oil, gas and the myriad of secondary products they produce are very lucky to have producers who weather the political storm. Just think what could be if the federal government and the various states could make policy based on reason rather than political mythology.
Ronald Stein
March 25, 2024 10:35 am
NONE of the 6 ways to generate ELECTRICITY (hydro, nuclear, coal, natural gas, wind, and solar) can make PRODUCTS for society.
We’re
a materialistic society and need to replace oil to maintain that supply chain
of PRODUCTS and FUELS.
I personally am NOT pro-fossil fuels, but I am pro for the products we get from fossil fuels. Ridding the world of crude oil, without a “replacement” that can continue to support the supply chain of the more than 6,000 products now demanded by the 8 billion on this planet could result in the loss of billions from starvation, diseases, and weather-related fatalities.
Without people demanding PRODUCTS made from crude oil, there would be no need for oil !
This is apparently a case of Biden being incompetent, consistently.
Our most eloquent president said, “Don’t underestimate Joe Biden’s ability to F-things up.”
Very true. Nevertheless, you can count on Bidet to take credit for the record production, just like Obama took credit for the shale revolution.
Anytime I asked a liberal ecowackadoodle what policy was implemented by the aforementioned two that allowed record production to occur, the response was something akin to “Uhh, uhh, you’re a racist “
Its called politics my friend… you get the blame for the bad things that happen on your watch like inflation and take the credit for good things like low unemployment.
The Republicans- especially the House members, have a different angle they vote against Bidens infrastructure bills but back in their district take credit for the things they voted against. Thats called being a weasel
Obamao and Bidet are weasels. Agreed.
Tell us about the infrastructure that the infrastructure bill has created. Tell us what percentage of money in the infrastructure fill was budgeted for infrastructure.
You tell me ? Some of the bill include earmarks specifically included by all GOP members – to lesser or greater degrees depending on their influence- yet they voted against their OWN EARMARKS.
Thats MAGA weasel
Are you fair skinned (I hate using color descriptions **)? Are you male?
If yes, the according to discrimination, entitlement, and indoctrination (DEI) agencies you are a racist.
** All of us are brown. Melanin makes it dark, medium, light, and every shade in between.
Albinos are also brown, but lacking melanin makes it impossible to prove.
Sorry to bust your Permian bubble. It’s apogee’d, with the sugar high of delayed completion of pandemic related DUC’s. Yes, new wells are longer, and therefore have higher IP’s and 6 month cum’s. But dcum/dnext lateral foot is actually dropping. To the point that new well drilling and completion – required to maintain proved, on, reserves – is flat/dropping. Simply put, most of the tier 1 acreage is already being drained. This is why, when you wrote your post, you could not find any evidence of a Permian company announcing a major new well CapEx campaign.
Rather, “capital discipline”, and accretive M&A is the name of the game. This is best exemplified by the behavior of the smartest Permian player, running the best Permian operator, Scott Sheffield at Pioneer Natural Resources. Their sale to Exxon will complete next quarter. There will undoubtedly be value in improved facilities utlilization and run offs. But there is no mention of an increase in combined drilling and completion CapEx in any M&A announcements, because there won’t be any. Rather, the visionary Mr. Sheffield looked out, sold at the right time, will get 9 $ figures right away, and will live an abundant life, complete with a hobby job on the reworked BoD.
Oh, BTW, drilling and workover service rates are also skyrocketing (and will continue to), and refracs and recompletion technology in general are the promise that keeps promising. Lots of AI, lots of licensing of proprietary production data, but no success stories. Aks a co-worker to play you the recent SPE podcast on new intervention tech. Much of it is an ad for the conference, but it points out a missing link required for any substantive step up in recompletion/refrac success. Until you have by foot compositional rate data, over time, for both production and for refraccing, to use along with the amazing fiber optic well data now becoming available, you’re functionally effed w.r.t. making qualitatively better decisions. And that will never be there. Hint: When you listen to the podcast, stay alert for the description of current recompletions/refrac trends. I remember hearing the word “stagnating”. Of course frac hit solutions weren’t even mentioned. We’re already effed there.
Finally, Permian (and companion play) asset retirement is now being effectively shirked, but the costs of actually doing it are bounding ahead. Just in the Permian, tens of thousands of long (and getting longer), flat*, laterals, each with dozens of perforate intervals, many of which must be individually isolated, often with poor hydraulic integrity from the get go. These are each certainly 6-7 $ figure/well jobs, but we don’t know exactly because the producers don’t provide updated costs to the regulators for their feeble efforts to bond/lockbox them. The HMF’s know this, and will just try and delay and deny until they can ease out, like Mr. Sheffield
All with no mention of either 46 or Predecessor. They have nada to do with this.
Here’s a good article. I think the r.o.t. about Hubbert’s Peak is BS, without the underlying trends. But here, they’re there. Actually, lots of good news in it on managing the upcoming decline. But nothing to refute the fact that Permian proved, on oil and oil associated gas reserves will drop, pretty much every year, from now on. AGAIN, with no help or hurt from 46 or Predecessor.
https://oilprice.com/Energy/Crude-Oil/The-Imminent-Peak-In-Permian-Oil-What-Does-it-Mean-For-Investors.html
*Aks a co-worker about tractor costs.
Nice rant, blob.
The Permian Basin will eventually hit the Hubbert peak. If there’s 50 billion bbl left to be recovered, it’ll happen in 2030. If there’s only 20 billion bbl left, it could happen next year.
Someone has forecasted the imminence of “Peak Permian” just about every year since 2009.
Here’s one from 2019:
https://wattsupwiththat.com/2019/10/09/another-forecast-of-the-death-of-the-shale-boom/
Here’s one form 2020:
https://wattsupwiththat.com/2020/01/19/another-permian-basin-peak-oil-prediction-yawn/
As Yogi said…
Thanks for your talk about this Kamala.
I see Bob is still trying to claim that peak oil has already occurred and we have no choice but to invest massively in wind and solar.
Isnt he saying peak new drilling has occurred not oil flow
“ This is why, when you wrote your post, you could not find any evidence of a Permian company announcing a major new well CapEx campaign.”
Enterprise Products Partners has initiated four capital projects to support production growth in the Permian Basin: 2 Nat Gas processing projects, Bahia NGL Pipeline and NGL Fractionator 14 and Associated Deisobutanizer (DIB) to process NGLs. All these projects are expected to begin service during 2025.
Gulf Coast Express Pipeline expansion, Permian Highway Pipeline Expansion, Whistler Pipeline Capacity Expansion and Matterhorn Express Pipeline all have come on-line late 2023.
The common CapEx is on moving the existing product out of the Permian Basin to where the products can be used. It would be pointless to ramp up supply in the fields until the bottleneck to moving the product has been cleared.
So your statement is carefully crafted deception. If your views are correct, why do you have to lie and deceive? Compulsive liar or do you take delight in destruction and deindustrialization?
What’s the eroi of the latest wells in the permian?
Probably acceptable, which is why there still are some. It’s also hard for me to find. Here’s an article that comes up when I use your question as search terms, and filter by the latest year. It covers much of he same territory I linked to in my earlier comment.
https://blog.gorozen.com/blog/the-end-of-abundant-energy
Here’s another that appears to respond more directly
https://www.resilience.org/stories/2024-02-07/approaching-the-energy-cliff/
Got your battery car yet, blob?
Thx 4 aksin’.
2023 Bolt EUV. 17th and best car I’ve ever owned. 1200 miles so far. It will stretch the life of my 2018 Chevrolet Z71 diesel Colorado CCLB, until the arrival of room temp day. We went 5 years with just it, until I realized that there will be no new US replacement for a mid sized, high tow capacity, diesel pickup. They’re ubiquitous everywhere else, including Mexico where diesel Hilux’s have 7700# of TT capacity, like mine.
So, the Bolt was a logical adder. It’s perfect for me and for the nearly 60% of US households with 2 cars. It will be used for ~75% of our miles, 80% of our drive time, and the ~65kwh battery will get charged at ~$0.053/kwh. Oh, wicked fast, handles great, and GM sound systems RULE!
Sucker.
Jealous?
Um, no. Are you really this dense, Lusername?
You sound angry.
You sound 9.
That sounds like a practical arrangement for your personal transport needs BoB.
Good for you.
But the policy being pushed by the Biden Admin / WEF / UN / EU et al is that we must ALL adopt just the most recent element of your personal transport toolset as our only personal transport tool.
That’s not my choice.
“2023 Bolt EUV. 17th and best car I’ve ever owned. 1200 miles so far.”
Is that a typo (If so, giving you a chance to correct it.) or do you think 1,200 miles for any kind of car is impressive?
2013 Jeep Wrangler Unlimited Rubicon, ~158,000 miles… Only on second battery… 😉
2010 Honda Accord Crosstour. 334,000 miles. Original battery.
(1) lumbar support pressure hose has lost connection.
(2) Driver side door handle spring does not pull handle all the way back into place.
(3) ball joint failed (likely due to ‘hidden’ 3″ high traffic median put in place to discourage u-turns on highway).
(4) CD player is temperamental.
(For sale … make offer:)
Who fracking cares? EROEI is, at best, bad science fiction. We do not measure the costs of oil & gas exploration and production in Btu, joules, Watts or any other units of energy measurement. We measure the costs in $$$,
I don’t spend energy to fill my gas tank. I don’t give energy back to the gas & electric companies in exchange for them being nice enough to heat and light my home. My company doesn’t drill for oil & gas to make energy. We spend money on exploration and drilling to make more money than we spent by producing and selling the oil & gas.
I spend money to fill my gas tank. My company drills wells for oil & gas to make money. My gas & electric bills are paid for with money. My pay check, ChevronTexaco, ExxonMobil & Shell credit card statements and checks to the gas & electric companies aren’t denominated in joules, kilowatts or Btu – They are denominated in $.
I don’t give a rat’s @$$ if 1 barrel of amoeba farts uses less energy to produce than 1 barrel of crude oil… Because the barrel of amoeba farts costs $1,100 and can’t be produced in sufficient quantities to be waiting for me at the Chevron, Texaco, Exxon or Shell station when I need it.
If oil companies (or any businesses) used EROEI to guide their investment decisions, they would go out of business, unless the government was footing the bill… And government could only foot the bill for such foolishness until they ran out of OPM (other people’s money).
Some energy numbers:
Current prices:
At today’s prices, I could “spend” 2 Btu of natural gas to produce 1 Btu of oil and make over a 4:1 return on capital. The bottom line isn’t denominated in joules, watts or Btu… It’s denominated in $$$.
https://wattsupwiththat.com/2019/04/24/energy-returned-on-energy-invested-realishthings-that-dont-matter-part-trois/
And deplete our energy reserves more quickly to have the convenience of petrol or diesel. One of the benefits of EVs is that they don’t care what energy source was used to create the electricity. Solar or coal, it’s all the same.
EVs deplete our energy reserves by wasted energy in the thermal to electricity conversion phase, and in the charge/transmission/discharge phases.
EVs deplete our rare metals reserve.
EVs deplete our cash reserves.
EVs are racist, since higher % of whites vs blacks can afford them, and have a home fancy enough to have a large enough mains line to charge them properly. I have a measly 100A service. 3 phases, meaning only 100*3*120= 36KW of power which is a pittance when trying to charge up a 100KWh battery, in a short amount of time, while also keeping the lights and furnace running, etc. Only racist environmental poltical scientists can afford to have 250KW chargers for their EVs, and backup generators for their soft ice cream dispensers
Frac On! But maybe have a Plan B, maybe like vote for Trump…..because Big Brother is watching you. The Methane Satellite is up and running, see http://www.methanesat.org, where it says (below in comments from CBC): New satellite will track elusive methane pollution from oil and gas industry globally.
Voting for Trump is Plan A, B, C, D… through Z!
Mr. Long and Mr. Middleton: If Trump loses, then AA must be included in the plan, after the binge.
Trump has been ‘losing’ since the day after he was inaugurated.
hes about to lose most of his nett wealth too via the civil case court judgements
So sad
Do you enjoy slavery?
only when he wears his gimp outfit
Isn’t twisting the complete justice system of a once 1st world country to go after a “losing” political appointment also sad? Very sad and pathetic?
Any ice cream left?
Hey, it’s your turn to change his diaper!
Civil? You must be joking.
They are civil – private person and state AG -as opposed to criminal charges which there 90 to come
if the SEC comes after someone for securities related laws its a civil case too.
NY state has used its Martin Act to prosecute financial fraud
NBC
And don’t forget to also vote for non-RINOs!
That’s probably the most important part! Don’t vote for liars, or scum pretending to care about you.
Two years of Trump’s first term were stymied by RInos.
The same for the last two years.
https://wattsupwiththat.com/2023/03/06/the-misguided-crusade-to-reduce-anthropogenic-methane-emissions/
And why not?, The price is right! Next question. Why is our natural gas production greater than everyone else? Want to take a bite out of the Iranian-Russian Axis, push production higher and break the cartel….. never happen in a million years.
The conflagration of climate change and it’s economic/market revision, spiraling hydrocarbon fuel energy prices, transition from democracy/capitalism to Stakeholder fascism, war in Eastern Europe and middle east all has it’s roots in the glut of global hydrocarbon fuel that became apparent by 2010….. you will never hear about in our media.
Complete gibberish is the actual reason. Do you want to add biblical prophecy to your reasons?
Sorry Dude, I have no clue what you are saying.
I know competing realities are hard. We all tend to want pure and good reasons for believing the stuff we believe in and support….like saving the world from climate change. Unfortunately, this world has been in conflict since God drove Adam and Eve out of the garden, and the main protagonist ‘us’ isn’t good or pure no matter how righteous we believe our cause is. There is enough evidence in the world right now to wonder if all the conflict is about a “good and pure” cause or if the “good and pure” cause has been leveraged by the age old human desire for power and money to consolidate and denominate. The ends justifies the means. Isn’t this where humanity regular ends up before every cataclysm of evil in human history?.
The specular realization between 2008-2011 that the would had enormous supplies of natural gas and oil is the first big game changer of the 21st century. The information was not well reported and was suppressed to some degree and to a much greater degree now. This is when global warming became climate change the reason for all evil and catastrophe in the world. “Global warming” morphed into “climate change” at a time of global financial collapse and major political realignment. It is also the time of the emergence of Smart phones and broad band as well as the loose confederation of Tech and Oil Oligarch darlings as the WEF at Davos emerges a a central power vector in the West.
Personally, I would have preferred that the energy infrastructure tech we have been waiting for since the early 1970’s had emerged and phased hydrocarbon fuel out completely and brought an era of great prosperity and opportunity with cheap energy. It may have been possible that much of the world could have economically developed without the reign of the globalists’ pan-consumerism and centralization. Localized non- consumeristic agrarian prosperity is just as good as tech prosperity. Maybe even more likely now as we see the psychological and social downside of life on the internet. Hydrocarbon fuel may have disappeared and we may have still had a warming spell in the 80–90’s but no one would have seen it as a political opportunity.
As far as Biblical prophecies are concerned they all have been summed up in the fulfillment of the Covenant of Grace. All the Bible says about the future of this world is there will be ongoing war, famine, pestilence and death as this world passes away. What the Bible says about what happens in the end is a topic for another day.
I mean NG production not greater than everyone else
“Decisions by federal and state officials last week will limit where New Mexico’s powerful oil and gas industry is able to drill.”
The map indicates Texas could pull a Kuwait, and drill horizontal wells into New Mexico. Texans fracking New Mexico might make the NM Dems re-thin their position.
There’s a question for the courts: how deeply to state lines extend into the crust? And beyond? All the way to the core? Does horizontal drilling under New Mexico 7000 feet below the surface constitute interstate commerce?
NM is only limiting new fracking around some sites. As the property rights and state borders extend below ground level, your idea is conceptually absurd as well as practically when the longest distances are only a few miles
Those miles are to the advantage of oil drillers, nevertheless.
Not without permission of the cross border landowner , who might be breaking state law to sell the gas rights under their NM land.
Personally good luck to them as we need the gas
If only we could get on with fracking in the UK. The problem is that we are governed by weak politicians who are scared to do the right thing.
The real issue in UK is the population density in rural areas combined with no below ground property rights.
US is different in that you own the mineral and oil/gas below your land. Britain its owned by the Crown- which is shorthand for ‘the government’
Want to dig a pit for clay , means paying royalties to Crown Estate Commissioners
https://www.thecrownestate.co.uk/our-business/land/minerals-and-mining
I think The Crown in UK really is Chilla & Cammy, and they get the royalties.
The government might get a ‘finders fee’ of some sort?
Oil gas , gold go eventually to ‘the government’ . Not Charlie and Chilla personally . Their income stream is from Duchy of Lancaster – Wills/Kate now gets Duchy of Cornwall revenues – both enduring real estate trusts
‘The Crown’ is a separate legal enduring entity – or Corporation Sole- to the personal finances of the King. Some is used to run Royal palaces, but just official purposes, rest into government funds
Its like court prosecutions are done in the name of ‘The king’ but doesnt mean that person.
The reduced risk of a dry hole in fracking horizontal source beds compared to the old days has been replaced by increased policy/regulatory/lawfare risk. Once again, it’s up to technical change and innovation to gradually overcome the risk impediments.
Don’t confuse us with the facts.
Get a media advocacy journalist to make up some alarming things so we can get excited and tweet shit to others about it.
The day before, the New Mexico Commissioner of Public Lands instituted a moratorium on new oil and gas leases on state trust lands within one mile of schools, daycare centers, and sporting fields used by students.
These people are evil. In East Texas, there are functioning wells right on school property I have seen one between the main building and the sports fields. Within a five minute walk from my home, I will pass no fewer than six functioning wells. I can stand on the point of my property and see within a few hundred yards an additional two operating wells and hear yet two others. Fortunately the flora hide most of these, and I have to contend with the occasional oil service trucks, but except when they have a crew working on repairing an existing well, it takes effort to know that there are wells out here. (It is nice during royalty check time as it covers the property tax quite well)
For the submersible pump wells, the above ground fixtures are basically a 480V power panel and some pipes that look like a backyard set of monkey bars. The only noise is the less than whisper gurgling of fluid being pumped from thousands of feet below.
The point being, of all of the wealth producing endeavors, oil production is the most desirable since it is relatively unobtrusive for the great abundance from what is returned. +95% is below ground and the few things above ground (holding tanks, evap ponds., etc.) can be located away from where its an eyesore. To place a moratorium on wells proximate to schools, daycare centers and sporting fields is asinine. The wells are benign. On the other hand, solar panels and windmills are a blight on neighborhoods and that is why they must be located far from human habitation.
This moratorium is pure propaganda to make it appear that oil will kill and harm children – I suppose it could be dangerous if they crawl into a tank or play in a walking beam pump.
Despite Biden’s asinine efforts to restrict production, consumers have shown that demand for petroleum products is still rising regardless of the subsidies for renewables which have continued to show they can’t provide the reliability of fossil fuels in general.
The primary factor affecting growth in energy demand (thus GHGs) in the U.S. is population growth, and the dominant cause of population growth is illegal and legal immigration, along with their children born here. If Biden and the dems truly believed in CAGW and “net zero,” they’d close the border, stop sanctuary cities, and massively deport illegals. This is yet another proof that CAGW is a fraud.
This is fracking Great News. Keep on Fracking.
MAGA keeps telling me that Biden had destroyed the oil industry… How do we keep setting records with a destroyed industry?
Like most things “Biden”…
… he has tried… and FAILED completely.
Way to go America. Those of us who depend on oil, gas and the myriad of secondary products they produce are very lucky to have producers who weather the political storm. Just think what could be if the federal government and the various states could make policy based on reason rather than political mythology.
NONE of the 6 ways to generate ELECTRICITY (hydro, nuclear, coal, natural gas, wind, and solar) can make PRODUCTS for society.
We’re
a materialistic society and need to replace oil to maintain that supply chain
of PRODUCTS and FUELS.
I personally am NOT pro-fossil fuels, but I am pro for the products we get from fossil fuels. Ridding the world of crude oil, without a “replacement” that can continue to support the supply chain of the more than 6,000 products now demanded by the 8 billion on this planet could result in the loss of billions from starvation, diseases, and weather-related fatalities.
Without people demanding PRODUCTS made from crude oil, there would be no need for oil !