Where is the next oil boom going to be
- The Next Oil Boom Is About To Happen Here
- Oil’s Boom-and-Bust Cycle May Be Over. Here’s Why
- Don't Look Now, But There's An Oil Boom Going On Outside The Permian Basin
- Could the Next Oil Boom be About to Happen Here
The Next Oil Boom Is About To Happen Here
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The United States is producing more oil than it has in nearly half-a-century, led by technology-enabled, disruptive shale oil extractors who can ramp up facilities and production much faster and more cost-effectively than traditional players. The new companies are defining new rules for the business. The traditional boom-and-bust cycles of oil prices may be gone forever, replaced by less extreme price fluctuations that are more difficult to predict. The news is mostly good for consumers but has created a new era of uncertainty for producers who must become strategically nimble and rethink their businesses. Analysts have predicted that U. How did we get here, and what does it mean for the industry? It makes price movements less extreme but also more difficult to predict.
The OTC gathers energy professionals to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources. Photographer: Aaron M. With the Offshore Technology Conference OTC taking place in Houston this week, it's a good time to note that the Permian Basin is not the only oil play on the globe that is booming. The new finds are tilted heavily towards the offshore provinces around the world, with major oil companies playing the leading role , not surprising given the massive up-front capital investments required in exploring for oil and natural gas in deep ocean waters. Indeed, ExxonMobil projects account for the largest new discoveries of both liquids offshore Gayana and natural gas offshore Cyprus thus far in ExxonMobil announced the Glaucus discovery offshore Cyprus in feet water depth on February 28, after the company's first test well, the Delphyne-1 came up a dry hole.
Find us on:. Nick Cunningham is a freelance writer on oil and gas, renewable energy, climate change, energy policy and geopolitics. He is based in Pittsburgh, PA. More Info. The shale industry faces an uncertain future as drillers try to outrun the treadmill of precipitous well declines.
My view from the window seat of a small regional jet landing in Midland, Texas, is either a testament to the advances of human civilization or a sign of its impending demise, depending on your perspective. Countless oil wells, identified by their glowing red flames, dot the dark landscape. We are descending into the Permian Basin, the heart of American oil country, where the massive oil and gas boom is changing not just Texas but also the nation and the world. This year the region is expected to generate an average of 3. Department of Energy. The windfall has turned a nation long reliant on foreign oil into a net exporter in a few short years.
A Chinese oil company was sitting on what might be a major oil discovery — a million-barrel probable reserve, with great potential to grow. They spent hundreds of millions of dollars and sunk 13 wells, shot or acquired 6, km of 2D seismic, and shot over 1, km of 3D seismic. Then — thanks to a weird quirk of Sudanese geology — they gave away the entire African mother lode for free. Here are five reasons you should be paying attention to Stamper today: 1. The Sudanese Oil Dream Team 5.
In attempting to drive America out of the oil industry, OPEC actually succeeded in making the American oil industry hardier. For many countries, oil production simply cannot be done as efficiently and cheaply. Oil and gas companies are likely to see an incredible resurgence in profitability throughout , as most analysts do believe that the next big boom is coming. With reduced overhead and increased profits, oil and gas companies will find that even minor increases in price will dramatically increase their revenue. In turn, the American economy will see additional jobs and improved oil and gas supply. A new project in development in Oman may be able to revolutionize the way that people think about solar energy and oil and gas. The Miraah project currently being developed will use solar power in order to produce oil, thereby reducing the amount of natural gas Oman residences will need to rely upon.
Oil’s Boom-and-Bust Cycle May Be Over. Here’s Why
Don't Look Now, But There's An Oil Boom Going On Outside The Permian Basin
Could the Next Oil Boom be About to Happen Here
Don't Look Now, But There's An Oil Boom Going On Outside The of advanced technologies have OTC attendees coming into Houston's NRG.
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