Falling Oil Prices

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  1. Tight oil expected to make up most of U.S. oil production increase through 2040

    EIA’s recently released Annual Energy Outlook 2017 (AEO2017) Reference case projects that U.S. tight oil production will increase to more than 6 million barrels per day (b/d) in the coming decade, making up most of total U.S. oil production. After 2026, tight oil production remains relatively constant through 2040 in the Reference case as tight oil development moves into less productive areas and as well productivity decreases. Side cases with different resource and technology assumptions result in different tight oil and total U.S. oil production projections. U.S. production of tight oil has increased significantly since 2010, driven by technological improvements that have reduced drilling costs and improved drilling efficiency in major shale plays such as the Bakken, Eagle Ford, and the Permian Basin. Production from tight oil plays surpassed 50% of total U.S. oil production in 2015 when tight oil production reached 4.9 million per day (b/d). Tight oil production and overall U.S. oil production are expected to increase through around 2030 in the Reference case. In the Reference case, tight oil production from the Eagle Ford and Bakken—two of the largest tight oil regions in the country—begins to decline after 2020 and 2030, respectively. Production in the Permian Basin (which includes the Austin Chalk, Spraberry, Avalon/Bone Spring, and Wolfcamp plays) remains relatively high through 2040. Compared with the Eagle Ford and Bakken, the Permian Basin has more geographic extent and contains multiple stacked plays, providing drillers with more opportunities for continued long-term development. Two side cases included in the AEO2017 analysis apply alternative assumptions regarding technological advances and resource availability, which lead to very different projections for tight oil production. In the High Oil and Gas Resource and Technology case, which uses more optimistic technology and resource assumptions, tight oil reaches 11.0 million b/d by 2035, or 66% of total U.S. production, as higher well productivity reduces development and production costs, spurring additional resource development. In the Low Oil and Gas Resource and Technology case, which applies more pessimistic technology and resource assumptions than in the Reference case, tight oil provides less than half of total oil production after 2030, and total U.S. oil production in 2040 is well below its current level. Projected oil production in the United States is also sensitive to the path of world oil prices, as shown in two other cases. In the AEO2017 High Oil Price case, where world oil prices rise rapidly and are sustained at higher levels, oil production increases to 13.0 million b/d by 2021 before declining to 10.5 million b/d by 2040. Despite reaching a higher production level faster, total cumulative production through 2040 is lower in the High Oil Price case compared with the slow but steady production increase High Oil and Gas Resource and Technology case. In the AEO2017 Low Oil Price case, sustained low prices lead oil production to fall below 8 million b/d by 2022 and to gradually decline to 7 million b/d by 2040. Principal contributors: Faouzi Aloulou, Troy Cook

    Online Articles

    Online Articles

    Tue, 14 Feb 2017

  2. OGUK: Major tax changes urgently needed

    Oil & Gas UK said falling oil prices are creating an urgent need for fundamental changes to the tax regime.

    Article

    Article

    Tue, 13 Jan 2015

  3. Renewable Energy: Military's shift away from oil clashes with Trump's promises

    At a sprawling desert base, a Marine recharged his radio's batteries simply by walking, while nearby fellow troops examined a rocket artillery system and a drone — both powered by the sun.

    Online Articles

    Online Articles

    Tue, 17 Jan 2017

  4. Perenco becomes operator offshore Trinidad and Tobago

    Perenco has acquired a 70% operated interest from Repsol in the Teak, Samaan, and Poui block offshore Trinidad and Tobago.

    Online Articles

    Online Articles

    Mon, 30 Jan 2017

  1. Liquid resources discovered in 2016 much lower than in 2010, report finds

    Online Articles

    Online Articles

    Thu, 19 Jan 2017

  2. Subsea Tieback Forum to feature operator-focused program

    The 17 th annual Subsea Tieback Forum & Exhibition takes place March 21-23, at the Henry B. Gonzalez Convention Center in San Antonio, Texas.

    Online Articles

    Online Articles

    Thu, 19 Jan 2017

  3. 2016 offshore discovered liquids resources were 90% lower than in 2010

    Rystad Energy concludes that the 2016 total offshore discovered liquids resources reached only slightly below 2.3 billion bbl, 90% lower than in 2010.

    Online Articles

    Online Articles

    Wed, 18 Jan 2017

  4. Falling oil prices could lead consumers to spend more later

    Sinking oil prices have cratered the stock market. But a silver lining could appear eventually.

    Online Articles

    Online Articles

    Fri, 22 Jan 2016

  5. DW: Sustained low oil price sinks deepwater projects, with 2016-2020 deepwater spend to total $137B

    Douglas-Westwood (DW) forecasts deepwater expenditure to total $137 billion between 2016 and 2020. This represents a 35% decline compared to DW’s previous edition of the deepwater forecast issued March 2015.

    Online Articles

    Online Articles

    Tue, 8 Mar 2016

  6. Wood Mackenzie: Low oil price accelerating decommissioning in the UKCS

    A high oil price has enabled operators to extend field life and delay decommissioning time and time again on the UK Continental Shelf; however, the current low oil price has brought into stark relief that this cannot continue indefinitely, concludes a new analysis by Wood Mackenzie.

    Online Articles

    Online Articles

    Wed, 9 Sep 2015

  7. Offshore Europe: Low oil price accelerating decommissioning in the UKCS

    140 fields to cease production over the next five years.

    Online Articles

    Online Articles

    Wed, 9 Sep 2015

  8. Operators turn to robotic drilling, other innovations to battle low oil price

    Low oil prices are driving operators toward innovations from robotic drilling to advanced seismic imaging, as they restructure and streamline operations in order to cut down nonproductive time and shave costs, according to Lux Research.

    Online Articles

    Online Articles

    Tue, 6 Oct 2015

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