"It's kind of a canary in the coal mine for what's going to happen in the other unconventional oil plays," said Ted Cross, director of product management Novi Labs and a former oil company geologist, referring to North Dakota.
There is soooooooo much bullshit in the media and on the internet about US tight oil I don't understand how anybody can keep track of it. Rystad, the EIA, Novi, the IEA, DOE, Enverus, Forbes, Bloomberg, Reuters, Twitter, LinkedIn and then a littinaty of self-declared internet experts...all saying different things, one stinking chart after another.
Shale oil has become America's favorite pastime. Yet nobody, I repeat nobody, can do anything to change it's ultimate outcome.
It's all actually quite simple, and quite predictable. Whatever "experts" think is down below ground does not mean it will come out of the ground. Higher product prices do not always begat more supply. America's other three tight oil basins are poopin' out, big time, and in both sub-basins of the mighty Permian, wells are getting gassier, and making lots more water, C&C productivity per well is going down, more gas in getting wasted thru flaring, costs are sky high, nobody is replacing reserves fast enough to offset decline rates and operators are running out of primo locations left to drill. Its just the oilfield, for crying out loud. Nothing more. Why anybody though this crummy tight oil shit was going to last 30-40 years is beyond comprehension.
Are American's doing anything different? Are we conserving more, regulating more to stop flaring, requiring more produced water to be reused for frac source water...are we improving refineries or cutting back on oil exports for the sake of our
long term energy future and or kids?
Stuff To Think About
The History of Oil Well Firefighting & Blowout Control
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