View from the US Independent Producer
Posted by Bubba on December 3, 2005 - 2:07pm
Herold panelists debate peak oil: Fact or Fiction:"Debate continues throughout the oil industry as to whether world oil production has peaked, or soon will, followed by a long, slow, irreversible decline."
and
EIA: Gas-finding improves, but not from new fields"...reserve additions from just new fields are the smallest that they have been for both gas and oil for tat least the last 10 years."
and
EOG's Papa: LNG essential to the U.S., but competition to be tough"If we don't start competing, it will continue to go everywhere but the U.S."
and lastly
The Gulf of Mexico"Amid soaring rig costs, fast decline rates and lots of new projects - not to mention hurricanes - what's next for the Gulf of Mexico.
You might count the Gulf of Mexico down, but it is definitely not out. True, it is beset with tremendous infrastructure challenges right now, and over the long haul, its production-decline curve is still steep, while costs are getting higher as operators drill deeper.
But hurricane risks aside, the Gulf is still one of the less-risky places in the world to make a splash."
Let me read between the lines here. "Danger Will Robinson, DANGER." Even independent producers in the US, probably the most pro-oil development crowd in the world, are starting to express the view that finding and producing energy to supply the US, much less the world, is going to be trouble from this point forward.
I get teased by the headlines :-(
I guess that I see my main job as a contributor at TOD is to try to give some perspective to the way things are viewed from inside the oil industry. Of course, my view is only my view, but it is slanted by working for oil companies for 20 years.
In my current job, I get to see a large portion of industry-wide exploration and development opportunities throughout the world. I believe I have a better perch than most to see what is potentially coming on stream. It was after I took that job that I started researching and writing about Peak Oil. Make your own conclusions about that statement.
http://seekingalpha.com/article/3683
In spite of all the discussion here about depletion rates in the North Sea,
http://energystockblog.com/article/4683
They say a few times that new projects cover depletion from existing mture fields, but don't add much detail. Sometimes the Q & A covers projects in more detail.