Posted November 22, 2013
Fracktacular: Oil and Natural Gas Offer a Glimpse of America’s Powers of Regeneration
The Economist: THE FIRST GUSHERS sprayed oil into the skies of Texas, Ohio and California more than a century ago. America has relentlessly drained its reservoirs of oil and gas ever since. In 1986, seeing the flow begin to slow, Robin West founded PFC Energy to advise oil people how to take capital out of the American industry and invest it in newer prospects abroad. As he leaves the company 27 years later, he is amazed to see the money flowing back in record amounts.
In 2006 America’s production of oil and natural gas fell to the equivalent of about 15m barrels of oil a day (b/d). An analysis by the Wall Street Journal recently estimated output today at over 22m b/d—close to surpassing the world’s largest producer, Russia, if it has not already done so. The extra oil comes from shale and sandstone. Estimates of the amount of oil they contain vary hugely, but Navigant, a consultancy, reckons that North America could produce anything from 26.9-53.5 trillion cubic metres of shale gas alone, enough to satisfy the world’s total current demand for gas for up to 15 years, though at today’s prices not all of it would yet be worth extracting.
It is a very American success. Geologists have long known that these reserves existed, but they could not get at them. A combination of innovation (hydraulic fracturing, or “fracking”), finance and enterprise have now opened them up, often to small oil and gas firms with low costs.
Read more: http://econ.st/1aMP4uL
Posted November 7, 2013
Read more: http://on.wkyc.com/1b6PXyW
Posted May 16, 2013
Breaking Energy – Sieminski: U.S. Tight Oil Growth Helping Lower Global Crude Price
U.S. tight oil production has helped to shave about $20-$25 per barrel from Brent crude oil prices, and continued output growth could further impact global pricing, says Energy Information Administration Administrator Adam Sieminski.
E! Science News – Groundwater Unaffected by Shale Gas Production in Arkansas
Duke University and U.S. Geological Survey scientists sampled 127 shallow drinking water wells in areas overlying Fayetteville Shale gas production in north-central Arkansas and found no ground water contamination from hydraulic fracturing.
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