The U.S. – Global Picture For Oil and Natural Gas
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Transcript of The U.S. – Global Picture For Oil and Natural Gas
The U.S. – Global PictureFor Oil and Natural Gas
GEOL 4233 August, 2011
The Global Outlook(Oil)
Non - OPEC OPEC
Map of world regions showing OPEC member states.
A Silver Lining ?
The ‘Developing’ World
The ‘Developing’ World
‘Peak Oil’
Depletion is Universal
Oklahoma Cumulative Oil* Production vs Field Size
>10 MMBO
< 10 MMBO
(163 Fields)
(> 2000 Fields)
12.1 BBO
2.4 BBO
From International Oil Scouts Association
* -Including Condensate through 1/2000
40
30
20
10
01850 1875 1900 1925 1950 1975 2000 2025 2050
Bill
ion
s o
f B
BL
S p
er
yea
r
2.1 TBO Ultimate Recovery
1.8 TBO Ultimate Recovery
World oil production through 2000 (heavy dots) showing projected production through 2050 (dashed lines)for two possible ultimate recoveries. From Deffeyes (2001).
U.S. Crude Oil Production(From E.I.A.)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
1949
1952
1955
1958
1961
1964
1967
1970
1973
1976
1979
1982
1985
1988
1991
1994
1997
2000
2003
2006
Thou
sand
Bar
rels
Alaska
Lower 48
The Global Outlook(Natural Gas)
Total 2010 Consumption - 106.8 TCF
Bontang LNG Facility (East Kalimantan, Indonesia)
L.N.G.
The Energy Future
Into the Future
•Coal
• Oil• Tar Sands• Oil Shales• Enhanced Recovery
• Natural Gas• Gas Shales• Tight Gas (Sandstones)• CBM (Coalbed Methane)• LNG (Liquefied Natural Gas)• GTL (Gas To Liquids)• Hydrates
• Technology• Horizontal / Deep Water Drilling• Improved Seismic Imaging• Enhanced Recovery Techniques
Fossil-Fuels
Non-Fossil Fuels
• Wood, Etc
• Nuclear
• Hydroelectricity
• Biofuels
• Solar
• Wind • Future Technologies
Conclusions
1) Oil and gas will continue to dominate energy consumption.
2) U.S. energy dependence (interdependence) will increase.
3) Higher prices and volatility will remain the norm.
4) World oil productive capacity is at or near its peak (plateau).
5) Natural gas demand will rise, with shale-gas & LNG satisfying an increasing share.
Acknowledgements
IHS Energy Group
U.S. Department of Energy (E.I.A.)
Oklahoma Corporation Commission
Oklahoma Tax Commission
International Oil Scouts Association
Oil and Gas Journal