“Global oil and gas discoveries have been on a constant shrinking trend prior to and over the last decade, with oil discoveries reaching a low of 3.8 Bbo (billion barrels of oil) in 2016; in 2020 it was 4.3 Bbo. During the [decade], 89 Bbo were discovered while 289 Bbo of reserves were produced, a ratio of over 3 to 1, which is unsustainable.”
Rafael Sandrea, Energy Policy Research Foundation
Permian Basin pipeline capacity to the Texas Gulf Coast is now
overbuilt by 2-3 MM BOPD. Built on borrowed capital, on the false
notion of shale oil abundance, they'll stay empty.
See it on Forum Stuff
Timelapse sequence video of a Marathon well being drilled in the Eagle Ford shale play of South Texas. Very cool!
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