The Texas RRC has released their new monthly production report:
RRC Online System Oil & Gas Production Data Query
In the below chart I have posted last month’s data in order to show the revisions. The last data point for the April report is February, for the March report and the EIA data it is January. All data is in barrels per day.
The revisions were considerable. I have charted the revisions in barrels per day in order to better show the magnitude.
Pertinent revisions go back to February 2012 which was revised upward by 1,145 bp/d. But of course the big revisions are in the most recent months with January revised up by 146,716 bp/d and progressively smaller after that. December was revised up by 86,856 bp/d.
I have come to the opinion that the EIA has their estimate pretty close. Perhaps a tad high but very close nevertheless.
I am still of the opinion that Eagle Ford is declining. (All the above data is for all Texas, not just Eagle Ford.) But Texas condensate does seem to have peaked or approaching peak at least.
Revisions prior to August 2013, if they continue at the same rate as the previous months, is not enough to reach the peak of May 2013.
One year ago Al Jezeera published a series of four videos called The Seven Sisters. I have no idea why I am just now hearing about them. It tells the story of the seven major oil companies, Exxon, Mobil, Chevron, Gulf, Texaco, BP and Shell, who held 85% of the world’s oil reserves up until the late 60s. Each video is 47.5 minutes long. Apparently they were created for four one hour shows including commercials. But if they were ever broadcast in the USA I have never heard of it. Anyway thanks to Steve of SRSrocco Report for alerting me to these videos.
Some of the things revealed in these videos will startle you. I know, Al Jezeera has an agenda. But everyone has an agenda and the major oil companies, in all their press releases and advertisements, most definitely has an agenda.
In the last episode Al Jezeera travels to Irland to talk with Colin Campbell. They say “Everyone calls him Mr. Peak Oil”.
“The first part of a four-part series that reveals how a secret pact formed a cartel that controls the world’s oil. Throughout the region’s modern history, since the discovery of oil, the Seven Sisters have sought to control the balance of power.
They have supported monarchies in Iran and Saudi Arabia, opposed the creation of OPEC, profiting from the Iran-Iraq war, leading to the ultimate destruction of Saddam Hussein and Iraq. The Seven Sisters were always present, and almost always came out on top. Since that notorious meeting at Achnacarry Castle on August 28, 1928, they have never ceased to plot, to plan and to scheme.”
“At the end of the 1960s, the Seven Sisters, the major oil companies, controlled 85 percent of the world’s oil reserves. Today, they control just 10 percent. New hunting grounds are therefore required, and the Sisters have turned their gaze towards Africa. With peak oil, wars in the Middle East, and the rise in crude prices, Africa is the oil companies’ new battleground.
But new players have now joined the great oil game. China, with its growing appetite for energy, has found new friends in Sudan, and the Chinese builders have moved in. Sudan’s President Omar al-Bashir is proud of his co-operation with China – a dam on the Nile, roads, and stadiums.
In a bid to secure oil supplies out of Libya, the US, the UK and the Seven Sisters made peace with the once shunned Colonel Muammar Gaddafi, until he was killed during the Libyan uprising of 2011, but the flow of Libyan oil remains uninterrupted. In need of funds for rebuilding, Libya is now back to pumping more than a million barrels of oil per day. And the Sisters are happy to oblige.”
“In the Caucasus, the US and Russia are vying for control of the region. The great oil game is in full swing. Whoever controls the Caucasus and its roads, controls the transport of oil from the Caspian Sea. Tbilisi, Erevan and Baku – the three capitals of the Caucasus. The oil from Baku in Azerbaijan is a strategic priority for all the major companies.
After World War II, President Nikita Krushchev would build the Soviet empire and its Red Army with revenues from the USSR’s new-found oil reserves. Decades later, oil would bring that empire to its knees, when Saudi Arabia and the US would conspire to open up the oil taps, flood the markets, and bring the price of oil down to $13 per barrel. Russian oligarchs would take up the oil mantle, only to be put in their place by their president, Vladimir Putin, who knows that oil is power.
Today, the US, Russia and China contest the control of the former USSR’s fossil fuel reserves, and the supply routes. A three-handed match, with the world as spectators, between three ferocious beasts — The American eagle, the Russian bear, and the Chinese dragon.”
“The final episode of this series explores what happens when oil becomes more and more inaccessible, while at the same time, new powers like China and India try to fulfill their growing energy needs. At the same time, oil-producing countries have had enough with the Seven Sisters controlling their oil assets. Nationalisation of oil reserves around the world has ushered in a new generation of oil companies all vying for a slice of the oil pie. These are the new Seven Sisters.
Saudi Arabia’s Saudi Aramco, the largest and most sophisticated oil company in the world; Russia’s Gazprom, a company that Russia’s President Vladimir Putin wrested away from the oligarchs; The China National Petroleum Corporation (CNPC), which, along with its subsidiary, Petrochina, is the world’s secnd largest company in terms of market value; The National Iranian Oil Company, which has a monopoly on exploration, extraction, transportation and exportation of crude oil in Iran — OPEC’s second largest oil producer after Saudi Arabia; Venezuela’s PDVSA, a company the late president Hugo Chavez dismantled and rebuilt into his country’s economic engine and part of his diplomatic arsenal; Brazil’s Petrobras, a leader in deep water oil production, that pumps out 2 million barrels of crude oil a day; and Malaysia’s Petronas – Asia’s most profitable company in 2012.
Mainly state-owned, the new Seven Sisters control a third of the world’s oil and gas production, and more than a third of the world’s reserves. The old Seven Sisters, by comparison, produce a tenth of the world’s oil, and control only three percent of the reserves. The balance has shifted.”