The EIA said 2014 was the first time since 1972 that proved reserves of oil and condensate exceeded 39 billion barrels.
The only region to defy the slump in prices has been the Permian Basin, where output has continued to rise and is forecast to hit 2 million barrels per day this month.
While it may be difficult to pinpoint exactly how many people have lost their jobs worldwide, the losses in Texas could be worse than previously estimated.
As oil and gas companies prepare for more spending cutbacks and activity slowdowns, there may still be production growth in the Permian’s future.
The problem is there is no evidence that the IEA or anyone else can accurately forecast oil prices five years in future.
Ernst & Young studied more than 300 oil and gas projects and found that 79% of the JVs experienced schedule delays compared to 63% of non-JVs.
China’s LNG imports dropped 3.8 percent to 14.13 million tonnes in the first nine months of the year compared to the same period last year, although pipeline imports of natural gas gained 8 percent to 18.13 million tonnes.
Wyoming is looking at ways to reduce oil and gas emissions statewide and its Air Quality Advisory Board will consider new requirements at a hearing Oct. 28; however, frequent inspections to find and fix leaks are absent from the proposal.
The U.S. Bureau of Safety and Environmental Enforcement and Mexico’s National Agency for Industrial Safety and Environmental Protection of the Hydrocarbons Sector are teaming up to strengthen industrial safety and environmental protection.
Only 27% of the respondents to the U.K.-focused survey said their collaborative efforts resulted in a successful outcome, but 74% said collaboration was an integral part of their day-to-day business.
If and when prices rise, shale output is very likely to start increasing again, and from an even lower cost base. For the time being, however, lower prices have stunted shale’s growth in the United States and slowed its spread around the rest of the world.