A Guest Post by George Kaplan
Production History and Reserves
UK oil production peaked in 1999. The peak was probably pushed out a couple of years because of the major production interruptions following the Piper Alpha disaster. Production declined quickly until around 2011, then the high oil price allowed more brownfield and then greenfield developments that created a third local peak in 2016. Production is declining again this year but there are several large projects due that will create another peak in 2018 or 2019 (nearly equal to the 2016 one). After that terminal decline is likely. The chart below shows C&C production split according to the year of first production of the field.
Like all such all diagrams, this shows that the largest fields were developed first and declined the slowest. Continue reading
Comments not related to oil or natural gas in this thread please.
All data below is based on the latest OPEC Monthly Oil Market Report.
All data is through July 2017 and is in thousand barrels per day.
The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not add them at all. It doesn’t really matter since they are only a very minor producer. Also they are in steep decline, dropping at about 10% per year.
The huge June OPEC production increased was due to a revision, explained below.
Posted in Uncategorized
Tagged Algeria, Angola, Kuwait, Libya, Nigeria, OPEC, Peak Oil, Qatar, Saudi Arabia, UAE, Venezuela
Guest Post by Islandboy
Non-Petroleum comments in this thread please.
The EIA released the latest edition of their Electric Power Monthly on July 25th, with data for May 2017. The April data was revised and re-released after the last report was prepared so some figures from this report may not be consistent with those from the previous report. Continue reading
Guest Post by George Kaplan
Production for May by BOEM was 1673 kbpd and by EIA 1661, compared with 1661 and 1658 kbpd, respectively in April.
March looks like the peak, at least near term, for the basin, especially with Hurricane Cindy impacting the coming June figures.