Posted on 01/17/2012 6:31:42 AM PST by thackney
“If independent U.S. oil producers are right, last year was only a taste of the transformation that is coming to America’s oilpatch. Some optimists are already forecasting huge increases by 2015, perhaps taking U.S. oil production up by some two million barrels per day to 8 million bpd by then.
Both the expertise of the industry and huge amounts of investment capital are already moving into less established shale plays hoping to replicate the success that has already materialized in North Dakota and Texas, which put these places on oil traders’ lips as the unprecedented slump in West Texas Intermediate crude oil prices compared to globally-traded grades.
Well, get ready to learn a few more names.
Perhaps you have heard of the Utica Shale in Ohio now, where Total has just splashed out more than $2 billion on a prospect that is still in its infancy — production is essentially nil today— but which promoters say could be the next Eagle Ford shale. But have you heard of Colorado’s Niobrara shale, California’s Monterey Shale, Oklahoma’s Mississippi Lime Shale, the Tuscaloosa Marine Shale in central Louisiana or the Lower Smackover Shale that stretches from Northern Louisiana into Arkansas?
Every single one of those places, and others throughout the United States, are currently being combed over by cash-rich independent oil companies hoping to find the next big oil play.”
Take that you commies. Thought you had the USA in a strangle hold did you?
What are the chances that this administration actually lets all of that yummy oil out of the ground?
Ping
They’re not going to be around long enough to stop it.
Good old fashion reality hits the ‘green job’ meterosexuals right in the face.
What is the status of the Antrim?
“What are the chances that this administration actually lets all of that yummy oil out of the ground?”
Zero to None!
There is no drilling activity this past week in the area of Michigan.
http://gis.bakerhughesdirect.com/RigCounts/default2.aspx
I have not read of development of Antrim.
I wouldn’t hold my breath on the California formations, the expense of doing business in that state is probably something the oil company’s want to stay clear of.
North Dakota pumping 500.000 barrels a day ping
An Underfollowed Shale Story That Deserves Your Attention
http://www.fool.com/investing/general/2011/12/31/an-underfollowed-shale-story-that-deserves-your-at.aspx
December 31, 2011
the main players in the Monterey Shale are Occidental Petroleum and Venoco.
And yet the peak oil crowd still believes...
California, the Liberal Agenda Media (LAM), and most politicians in “both” political parties are still stuck in the 42 year old G.O.O. from Santa Barbara, California.
BTW, G.O.O. stands for Get Oil Out. “Out” does not imply getting oil out of the ground, if you get my meaning.
I cannot think of any “finite” energy source we have run out of. We seem to find more and more of it. Yet, renewables are losing left and right. LOL.
Thack,
Can you shed any light on this?
I don’t know what to add to it.
You have to understand, early estimates before much of a formation are drilled and flow tested, are very much on the educated guess side.
In spite of all the advances of seismic measurements, you really don’t know what is there until you get some holes spread around connected with pipe and let it flow for a while.
But the technology changes in the last couple decades have made great changes in what is economical to produce. I think there is so much gas from shale in the US that their will be a continued reduction in drill gas and more focus on the higher dollar oil from shale fields.
From that same referenced report:
http://www.eia.gov/forecasts/aeo/er/pdf/0383er(2012).pdf
Much of the growth in natural gas production is a result of the application of recent technological advances and continued drilling in shale plays with high concentrations of natural gas liquids and crude oil, which have a higher value in energy equivalent terms than dry natural gas. Shale gas production increases from 5.0 trillion cubic feet in 2010 (23 percent of total U.S. dry gas production) to 13.6 trillion cubic feet in 2035 (49 percent of total U.S. dry gas production)
The United States is projected to become a net exporter of liquefied natural gas (LNG) in 2016, a net pipeline exporter in 2025, and an overall net exporter of natural gas in 2021. The outlook reflects increased use of LNG in markets outside of North America, strong domestic natural gas production, reduced pipeline imports and increased pipeline exports, and relatively low natural gas prices in the United States compared to other global markets.
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