Basin-Specific Geochemistry to Promote Unconventional Efficiency John Bargar Aug 26, 2019 Comprehensive Approach to Geochemical Optimization

Total Page:16

File Type:pdf, Size:1020Kb

Basin-Specific Geochemistry to Promote Unconventional Efficiency John Bargar Aug 26, 2019 Comprehensive Approach to Geochemical Optimization Marcellus Midland Basin-specific geochemistry to promote unconventional efficiency John Bargar Aug 26, 2019 Comprehensive approach to geochemical optimization Measure basin-specific shale alteration processes FY19 – Identify chemical controls over mineral scale Modeling to extract reactions, rates Investigation 2 Comprehensive approach to geochemical optimization Measure basin-specific shale alteration processes FY19 – Identify chemical controls over mineral scale Modeling to extract reactions, rates Investigation Use model to explore Verify &optimize Verify alternative stimulation chemistry to: Mitigation Mitigate SCALE Optimize POROSITY to Industrial maximize flow partner testing out of matrix 3 Comprehensive approach to geochemical optimization Measure basin-specific What chemical parameters control scale shale alteration processes in different basins? FY19 – How can we mitigate Can we monitor scale Identify chemical controls unconventional and fractures over mineral scale scale? simultaneously? Modeling to extract reactions, rates Investigation Use model to explore Verify &optimize Verify alternative stimulation chemistry to: Mitigation Mitigate SCALE Optimize Wachtmeister et al (2017) Nat. Resour.Res POROSITY to Industrial maximize flow Can we manipulate reactions to improve partner testing out of matrix flow through altered zone? 4 Geochemistry Drivers Improve efficiency and recovery factors Improve water reuse • National energy security Mineral Scale Matrix access • Environmental footprint • Water security • Economics of production Task 2 Task 3 Ryan Flynn, executive director of the New Mexico Oil and Gas Association, a trade group representing up to 900 oil and gas operators in New Mexico, said water reuse is the industry’s “No. 1” priority, as fresh water becomes scarce, and the industry looks to cut back on its environmental impact. Carlsbad Current-Argus, May 19, 2019 5 Geochemistry varies across basins Marcellus Field labs HFTS MSEEL Permian Oil Gas • Mineralogy, rock microstructure • Injection sequence, fluid chemistry, water supply (fresh vs reuse) • Universal problems: Iron scale, low recovery • Play specific scale problems • Strontium- Permian • Barium/Radium- Marcellus Industrial partners Permian / Midland Marcellus / Utica 7 Collaborations, partnerships, and acknowledgements • NETL • LBNL • LLNL • Pioneer Natural Resources • Equinor 8 Geochemistry? • Geochemistry controls permeability permeability (under explored) • Dissolution (general): means to increase permeability, and to initiate massive chemical reactions • Precipitation (general):Technical carbonates, sulfates, status iron-bearing minerals oxides • Ppt reduces permeability by occluding fracture apertures and by coating fracture surfaces • Fe redox: can be driven by DO and pH changes 9 TaskGeochemistry? 2: Scale Geochemistry • Geochemistry controls permeability permeability (under explored)2.1 Scale prediction • WhatDissolution chemical (general): parameters means to increase control permeability, scale and in to initiatedifferent massive chemical reactions • Precipitation (general): carbonates,basins? sulfates, iron-bearing minerals oxides • Ppt reduces permeability by occluding fracture apertures and by coating fracture surfaces • Fe redox: can be driven2.2 by Scale DO and mitigationpH changes Develop chemical strategies to mitigate scale. 2.3 In-situ scale monitoring Can we monitor scale and fractures simultaneously? 10 TaskGeochemistry? 2: Scale Geochemistry • Geochemistry controls permeability permeability (under explored)2.1 Scale prediction • WhatDissolution chemical (general): parameters means to increase control permeability, scale and in to initiatedifferent massive chemical reactions • Precipitation (general): carbonates,basins? sulfates, iron-bearing minerals oxides • Ppt reduces permeability by occluding fracture apertures and by coating fracture Jewsurfaces Li Spielman-Sun Noël • Fe redox: can be driven by DO and pH changes 11 Result 1. Iron scale precipitation in Altered Zone The problem: Scale precipitation in altered zone chokes hydrocarbon production μm? cm? Altered Unaltered matrix zone The questions: • Reaction penetration Gas/Oil Fracture fluid Fracture depth? Fluid • Controlling factors? • How are matrix permeability & diffusivity affected? 12 Result 1. Iron scale precipitation time lapse XRF chemical mapping Fe Fe TIME • Time-lapse reactors cover wide range of chemical conditions. • Complements NETL work • Characterization: Fe • Fe(III)-oxide scale thickens over time in spite of persistent acidic conditions (first time observed!) Unaltered matrix Fluid zone • Fe-rich clay mineral scale Altered precipitated (first time observed!) 13 Result 1. Iron scale precipitation time lapse XRF chemical mapping Fe Fe TIME • Time-lapse reactors cover wide range of chemical conditions. • Complements NETL work • Characterization: Fe • Fe(III)-oxide scale thickens over time in spite of persistent acidic conditions (first time observed!) • Fe-rich clay mineral scale precipitated (first time observed!) 14 Result 2. Iron scale: Reactive transport modeling Advection HCl (fast) Diffusion (slow) Simulated Reaction Fe2+ Fe3+ (fast) by model Li et al. URTeC, 2019 Fluid Shale Marcellus w/ bitumen (match with observation) 3+ Fe 2+ No bitumen leaching Fe from shale Fe(III) Fe scale Shale Marcellus Fluid 100 μm 15 Result 2. Iron scale: Reactive transport modeling Advection HCl (fast) • Bitumen increases Fe(III) scale precipitation Diffusion (slow) • Predicted mitigation: Guar gum in frac fluid Fe2+ Fe3+ (fast) Reaction can adsorb Fe and reduce scaling Fluid Shale Marcellus Eagle Ford w/ bitumen (match with observation) 3+ w/ bitumen Fe (match with observation) 2+ No bitumen leaching Fe from shale No bitumen leaching from shale 100 μm Fe(III) Fe(III) Fe scale Shale Shale Eagle Marcellus Fluid Fluid Ford 100 μm 100 μm 16 Result 3. Barite scale: Reactive transport modeling Marcellus Eagle Ford Acidic pH Neutral pH Predicted Predicted barite scale barite scale precipitation precipitation Pores Barite Barite CT pores imaging • pH strongly affects rates – fast at acidic conditions • Neutral pH: only slower rates can match with observations • Barite suppressed by chemicals in the frac fluid 17 Geochemistry? • Geochemistry controls permeability permeability (under explored) • Dissolution (general): means to increase permeability, and to initiate massiveReaction chemical reactions rates extremely important • Precipitation (general): carbonates, sulfates, iron-bearing minerals oxides • Ppt reduces permeability by occluding fracture apertures and by coating…controlled fracture surfaces by pH, fluid composition • Fe redox: can be driven by DO and pH changes 18 TaskGeochemistry? 2: Scale Geochemistry • Geochemistry controls permeability permeability (under explored)2.1 Scale prediction • WhatDissolution chemical (general): parameters means to increase control permeability, scale and in to initiatedifferent massive chemical reactions • Precipitation (general): carbonates,basins? sulfates, iron-bearing minerals oxides • Ppt reduces permeability by occluding fracture apertures and by coating fracture surfaces • Fe redox: can be driven2.2 by Scale DO and mitigationpH changes Develop chemical strategies to mitigate scale. Emphasize incremental optimization 2.3 In-situ scale monitoring Can we monitor scale and fractures simultaneously? 19 Result 4: Acid swap to control barite scale The problem: Ba release from mud Jew et al. URTeC, 2019 • Drilling mud is rich in barium • Ba dissolved by HCl can precipitate in reservoir X • NaCl promotes barite dissolution The solution: acid swap X • Modeling: H2SO4 should shut down Ba leaching at the source X Barite Precipitation in dissolution fracture system Ba transport to fractures • But: need to control CaSO4 precipitation: Citrate should work 20 Result 4. Lab tests suggest incremental acid swap works Jew et al. URTeC, 2019 Is Ba leaching reduced? HCl 1000000 850-fold H2SO4 • Yes!; 850-fold decrease in decrease HCl + Citrate Ba leaching! 100000 H2SO4 + Citrate Field test scheduled 10000August/September Does Citrate control Ca? with Equinor North1000 America for • Yes! • Doesn’t promoteUtica Ba play 100in Ohio Barium released (mg/L) release 10 1 Can we predict with models? • Yes! 21 Model-based iron scale mitigation in 2020 Model–guided sensitivity analyses: ID most important parameters Use the model to optimize scale inhibitor usage Verify in laboratory experiments Continue basin-specific experimental observations 22 TaskGeochemistry? 2: Scale Geochemistry • Geochemistry controls permeability permeability (under explored)2.1 Scale prediction • WhatDissolution chemical (general): Vanorioparameters means to increaseDing control permeability, scaleClark and in to initiatedifferent massive chemical reactions • Precipitation (general): carbonates,basins? sulfates, iron-bearing minerals oxides • Ppt reduces permeability by occluding fracture apertures and by coating fracture surfaces • Fe redox: can be driven2.2 by Scale DO and mitigationpH changes Develop chemicalStanford strategies Geophysics to mitigate scale. 2.3 In-situ scale monitoring Can we monitor scale and fractures simultaneously? 23 Next generation shale geochemistry needs: The Vision: In the field, in real time: Monitor and mitigate scale precipitation … and optimize porosity and permeability The problem: Currently no way to monitor these properties in the field! The solution: Develop new acoustic-based technologies for shale geochemistry 24 S-wave velocity: Sensitive
Recommended publications
  • Unconventional Gas and Oil in North America Page 1 of 24
    Unconventional gas and oil in North America This publication aims to provide insight into the impacts of the North American 'shale revolution' on US energy markets and global energy flows. The main economic, environmental and climate impacts are highlighted. Although the North American experience can serve as a model for shale gas and tight oil development elsewhere, the document does not explicitly address the potential of other regions. Manuscript completed in June 2014. Disclaimer and copyright This publication does not necessarily represent the views of the author or the European Parliament. Reproduction and translation of this document for non-commercial purposes are authorised, provided the source is acknowledged and the publisher is given prior notice and sent a copy. © European Union, 2014. Photo credits: © Trueffelpix / Fotolia (cover page), © bilderzwerg / Fotolia (figure 2) [email protected] http://www.eprs.ep.parl.union.eu (intranet) http://www.europarl.europa.eu/thinktank (internet) http://epthinktank.eu (blog) Unconventional gas and oil in North America Page 1 of 24 EXECUTIVE SUMMARY The 'shale revolution' Over the past decade, the United States and Canada have experienced spectacular growth in the production of unconventional fossil fuels, notably shale gas and tight oil, thanks to technological innovations such as horizontal drilling and hydraulic fracturing (fracking). Economic impacts This new supply of energy has led to falling gas prices and a reduction of energy imports. Low gas prices have benefitted households and industry, especially steel production, fertilisers, plastics and basic petrochemicals. The production of tight oil is costly, so that a high oil price is required to make it economically viable.
    [Show full text]
  • Statoil-2015-Statutory-Report.Pdf
    2015 Statutory report in accordance with Norwegian authority requirements © Statoil 2016 STATOIL ASA BOX 8500 NO-4035 STAVANGER NORWAY TELEPHONE: +47 51 99 00 00 www.statoil.com Cover photo: Øyvind Hagen Statutory report 2015 Board of directors report ................................................................................................................................................................................................................................................................ 3 The Statoil share ............................................................................................................................................................................................................................................................................ 4 Our business ..................................................................................................................................................................................................................................................................................... 4 Group profit and loss analysis .................................................................................................................................................................................................................................................... 6 Cash flows ........................................................................................................................................................................................................................................................................................
    [Show full text]
  • Unconventional Oil Resources Exploitation: a Review
    Acta Montanistica Slovaca Volume 21 (2016), number 3, 247-257 Unconventional oil resources exploitation: A review Šárka Vilamová 1, Marian Piecha 2 and Zden ěk Pavelek 3 Unconventional crude oil sources are geographically extensive and include the tar sands of the Province of Alberta in Canada, the heavy oil belt of the Orinoco region of Venezuela and the oil shales of the United States, Brazil, India and Malagasy. High production costs and low oil prices have hitherto inhibited the inclusion of unconventional oil resources in the world oil resource figures. In the last decade, developing production technologies, coupled with the higher market value of oil, convert large quantities of unconventional oil into an effective resource. From the aspect of quantity and technological and economic recoverability are actually the most important tar sands. Tar sands can be recovered via surface mining or in-situ collection techniques. This is an up-stream part of exploitation process. Again, this is more expensive than lifting conventional petroleum, but for example, Canada's Athabasca (Alberta) Tar Sands is one example of unconventional reserve that can be economically recoverable with the largest surface mining machinery on the waste landscape with important local but also global environmental impacts. The similar technology of up-stream process concerns oil shales. The downstream part process of solid unconventional oil is an energetically difficult process of separation and refining with important increasing of additive carbon production and increasing of final product costs. In the region of Central Europe is estimated the mean volume of 168 million barrels of technically recoverable oil and natural gas liquids situated in Ordovician and Silurian age shales in the Polish- Ukrainian Foredeep basin of Poland.
    [Show full text]
  • Trends in U.S. Oil and Natural Gas Upstream Costs
    Trends in U.S. Oil and Natural Gas Upstream Costs March 2016 Independent Statistics & Analysis U.S. Department of Energy www.eia.gov Washington, DC 20585 This report was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analyses, and forecasts are independent of approval by any other officer or employee of the United States Government. The views in this report therefore should not be construed as representing those of the Department of Energy or other federal agencies. U.S. Energy Information Administration | Trends in U.S. Oil and Natural Gas Upstream Costs i March 2016 Contents Summary .................................................................................................................................................. 1 Onshore costs .......................................................................................................................................... 2 Offshore costs .......................................................................................................................................... 5 Approach .................................................................................................................................................. 6 Appendix ‐ IHS Oil and Gas Upstream Cost Study (Commission by EIA) ................................................. 7 I. Introduction……………..………………….……………………….…………………..……………………….. IHS‐3 II. Summary of Results and Conclusions – Onshore Basins/Plays…..………………..…….…
    [Show full text]
  • Oil and Gas Technologies Supplemental Information
    Quadrennial Technology Review 2015 Chapter 7: Advancing Systems and Technologies to Produce Cleaner Fuels Supplemental Information Oil and Gas Technologies Subsurface Science, Technology, and Engineering U.S. DEPARTMENT OF ENERGY Quadrennial Technology Review 2015 Oil and Gas Technologies Chapter 7: Advancing Systems and Technologies to Produce Cleaner Fuels Oil and Gas in the Energy Economy of the United States Fossil fuel resources account for 82% of total U.S. primary energy use because they are abundant, have a relatively low cost of production, and have a high energy density—enabling easy transport and storage. The infrastructure built over decades to supply fossil fuels is the world’s largest enterprise with the largest market capitalization. Of fossil fuels, oil and natural gas make up 63% of energy usage.1 Across the energy economy, the source and mix of fuels used across these sectors is changing, particularly the rapid increase in natural gas production from unconventional resources for electricity generation and the rapid increase in domestic production of shale oil. While oil and gas fuels are essential for the United States’ and the global economy, they also pose challenges: Economic: They must be delivered to users and the markets at competitive prices that encourage economic growth. High fuel prices and/or price volatility can impede this progress. Security: They must be available to the nation in a reliable, continuous way that supports national security and economic needs. Disruption of international fuel supply lines presents a serious geopolitical risk. Environment: They must be supplied and used in ways that have minimal environmental impacts on local, national, and global ecosystems and enables their sustainability.
    [Show full text]
  • Status of Unconventional Oil and Gas Development in Pennsylvania
    STATUS OF UNCONVENTIONAL OIL AND GAS DEVELOPMENT IN PENNSYLVANIA Pennsylvania is several years into unconventional oil and gas development – the early years of what some are calling a multi-decade shale energy boom. The regulatory environment is shifting, laws are being updated, and media and public attention are high. The issues related to accessing this resource have become politically and emotionally charged, with a significant amount of misinformation in the marketplace. While shale gas development presents a unique economic and energy opportunity for Pennsylvania and its surrounding states, development of these resources also presents substantial challenges for our region in the areas of water resources management, air quality, infrastructure maintenance, housing, and community quality of life, along with other environmental and public health impacts. The Marcellus Shale is the most well-known and actively producing formation in the northeastern United States. It underlies a 95,000-square-mile tract from West Virginia through Pennsylvania and into southern New York and includes sections of Ohio, Virginia, and Maryland. The Marcellus Shale ranges from a depth of zero feet in central Pennsylvania to more than 9,000 feet below the surface in parts of southwestern and northeastern Pennsylvania.1 It ranges in thickness from about 250 feet in eastern Pennsylvania to only a few feet thick in Ohio and is typically about 50 feet thick along the Ohio River.2 As Table 1 demonstrates, the Marcellus Shale is the largest shale gas play in the United States and is conservatively estimated to contain approximately 84.2 trillion cubic feet (Tcf) of technically recoverable natural gas.
    [Show full text]
  • The Exxonmobil-Xto Merger: Impact on U.S
    THE EXXONMOBIL-XTO MERGER: IMPACT ON U.S. ENERGY MARKETS HEARING BEFORE THE SUBCOMMITTEE ON ENERGY AND ENVIRONMENT OF THE COMMITTEE ON ENERGY AND COMMERCE HOUSE OF REPRESENTATIVES ONE HUNDRED ELEVENTH CONGRESS SECOND SESSION JANUARY 20, 2010 Serial No. 111–91 ( Printed for the use of the Committee on Energy and Commerce energycommerce.house.gov U.S. GOVERNMENT PRINTING OFFICE 76–003 WASHINGTON : 2012 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Mar 15 2010 00:51 Nov 06, 2012 Jkt 076003 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 E:\HR\OC\A003.XXX A003 pwalker on DSK7TPTVN1PROD with HEARING COMMITTEE ON ENERGY AND COMMERCE HENRY A. WAXMAN, California, Chairman JOHN D. DINGELL, Michigan JOE BARTON, Texas Chairman Emeritus Ranking Member EDWARD J. MARKEY, Massachusetts RALPH M. HALL, Texas RICK BOUCHER, Virginia FRED UPTON, Michigan FRANK PALLONE, JR., New Jersey CLIFF STEARNS, Florida BART GORDON, Tennessee NATHAN DEAL, Georgia BOBBY L. RUSH, Illinois ED WHITFIELD, Kentucky ANNA G. ESHOO, California JOHN SHIMKUS, Illinois BART STUPAK, Michigan JOHN B. SHADEGG, Arizona ELIOT L. ENGEL, New York ROY BLUNT, Missouri GENE GREEN, Texas STEVE BUYER, Indiana DIANA DEGETTE, Colorado GEORGE RADANOVICH, California Vice Chairman JOSEPH R. PITTS, Pennsylvania LOIS CAPPS, California MARY BONO MACK, California MICHAEL F. DOYLE, Pennsylvania GREG WALDEN, Oregon JANE HARMAN, California LEE TERRY, Nebraska TOM ALLEN, Maine MIKE ROGERS, Michigan JANICE D. SCHAKOWSKY, Illinois SUE WILKINS MYRICK, North Carolina CHARLES A.
    [Show full text]
  • The Shale Revolution and OPEC Potential Economic Implications of Shale Oil for OPEC and Member Countries
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Southern Methodist University Southern Methodist University SMU Scholar The Larrie and Bobbi Weil Undergraduate Research Central University Libraries Award Documents 2014 The hS ale Revolution and OPEC: Potential Economic Implications of Shale Oil for OPEC and Member Countries Kyle Lemons Southern Methodist University, [email protected] Follow this and additional works at: https://scholar.smu.edu/weil_ura Part of the Economics Commons Recommended Citation Lemons, Kyle, "The hS ale Revolution and OPEC: Potential Economic Implications of Shale Oil for OPEC and Member Countries" (2014). The Larrie and Bobbi Weil Undergraduate Research Award Documents. 5. https://scholar.smu.edu/weil_ura/5 This document is brought to you for free and open access by the Central University Libraries at SMU Scholar. It has been accepted for inclusion in The Larrie and Bobbi Weil Undergraduate Research Award Documents by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. The Shale Revolution and OPEC Potential Economic Implications of Shale Oil for OPEC and Member Countries By Kyle Lemons Southern Methodist University Fall, 2013 Table of Contents: I. Introduction II. Methodology and Research Design III. Contextual Framework a. Current Trends in Crude Oil Demand b. Recent History of OPEC i. Export Patterns ii. Market Penetration IV. Shale Oil a. History and Properties of Shale Oil b. Location of Shale Oil Reserves c. Potential of Shale Oil Development V. Current and Prospective Impacts of Shale Oil on Segmented OPEC Market Shares a.
    [Show full text]
  • Regulatory Obsolescence Through Technological Change in Oil and Gas Extraction
    William & Mary Environmental Law and Policy Review Volume 43 (2018-2019) Issue 1 Article 5 October 2018 Regulatory Obsolescence Through Technological Change in Oil and Gas Extraction Timothy Fitzgerald Follow this and additional works at: https://scholarship.law.wm.edu/wmelpr Part of the Environmental Law Commons, Natural Resources Management and Policy Commons, and the Oil, Gas, and Energy Commons Repository Citation Timothy Fitzgerald, Regulatory Obsolescence Through Technological Change in Oil and Gas Extraction, 43 Wm. & Mary Envtl. L. & Pol'y Rev. 137 (2018), https://scholarship.law.wm.edu/ wmelpr/vol43/iss1/5 Copyright c 2018 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/wmelpr REGULATORY OBSOLESCENCE THROUGH TECHNOLOGICAL CHANGE IN OIL AND GAS EXTRACTION TIMOTHY FITZGERALD* ABSTRACT Extraction of oil and gas from unconventional resources, recently enabled by technological innovations, revolutionized national and global markets. However, exploration and production still proceed under legacy regulations, mostly promulgated at the state level. The mismatch of modern production realities and historic regulatory structures creates opportuni- ties for reducing conflicts that diminish economic value. This Article identifies regulations that originated under conventional extraction, and often enhance productivity in that setting, but create waste when applied to unconventional resources. Then, it identifies contractual solutions that have evolved as resource owners and extraction firms have adapted to new technologies. Contractual innovations help inform directions for regulatory reform. INTRODUCTION The resurgence of U.S. oil and natural gas production pivoted on exploitation of “unconventional” resources once considered subeconomic, but rendered profitable by transformative technological advances.1 Expanded * Texas Tech University, [email protected].
    [Show full text]
  • Upstream Break-Out: Longer Term Investments
    BP 2011 Results and Strategy Presentation Upstream break-out: Longer term investments Upstream break-out 0 200km Longer term investments play to our 0 100kmstrengths Mike Daly: EVP, Exploration Andy Hopwood: EVP, Strategy & Integration 0 200km 0 200km 0 200km 0 250km 0 200km1 Good afternoon. I’m Mike Daly, Executive Vice President, Exploration and together with my colleague Andy Hopwood, Executive Vice President, Strategy and Integration, we will take you through some detail about BP’s longer term future. Bob spoke earlier about our resource base and the upcoming projects. I will deal with our exploration and appraisal portfolios. Andy will then cover our position in unconventionals – and how we are adding value to our major gas positions down the value chain. But first a word about BP’s resource base in general. 1 BP 2011 Results and Strategy Presentation Upstream break-out: Longer term investments Cautionary statement Forward-looking statements - cautionary statement This presentation and the associated slides and discussion contain forward-looking statements, particularly those regarding: expected increases in investment in exploration and upstream drilling and production; anticipated improvements and increases, and sources and timing thereof, in pre-tax returns, operating cash flow and margins, including generating around 50% more annually in operating cashflow by 2014 versus 2011 at US$100/bbl; divestment plans, including the anticipated timing for completion of and final proceeds from the disposition of certain BP assets; the expected
    [Show full text]
  • Unconventional and Conventional Oil Production Impacts on Oil Price
    lobal f G E o co l n Ali et al., J Glob Econ 2018, 6:1 a o n m r DOI: 10.4172/2375-4389.1000286 u i c o s J $ Journal of Global Economics ISSN: 2375-4389 Research Article OpenOpen Access Access Unconventional and Conventional Oil Production Impacts on Oil Price: Lessons Learnt with Glance to the Future Sawsan Ahmed Ali*, Abhijit Suboyin and Hadi Bel Haj Department of Economics, Khalifa University, Al Zafranah, Abu Dhabi, United Arab Emirates Abstract Energy is not a traditional commodity where low prices is always good news! It might be good for some, but definitely, not the case for many. Energy resources including, fossil fuels and renewables, have a significant impact on our day to day activities and they have been prime contributors to our lives retention, advancements and upheaval of the world economy at large. As a result, oil has not only played the role of the master commodity on a financial and economical level, but has also extended its supreme impact to the social, sociopolitical and geopolitical aspects of the modern world. However, it is peculiar to note that even with this significance, the oil industry has been experiencing various economic shocks over the past decades. Such shocks have directly been reflected in oil price fluctuations within a dynamic and short timeframe. With the OPEC and non-OPEC production fluctuations against consistent economic growth, worldwide geopolitical conflicts and the ongoing competition between conventional and unconventional oil reserves, the swings in oil prices have become a phenomenon which is worth understanding and analyzing in order to prospect its future trends on the long run.
    [Show full text]
  • Peak Oil and the Evolving Strategies of Oil Importing and Exporting Countries Facing the Hard Truth About an Import Decline for the OECD Countries
    JOINT TRANSPORT RESEARCH CENTRE Discussion Paper No. 2007-17 December 2007 Peak Oil and the Evolving Strategies of Oil Importing and Exporting Countries Facing the hard truth about an import decline for the OECD countries Kjell ALEKLETT Uppsala University Uppsala, Sweden SUMMARY ABSTRACT ................................................................................................................... 4 1. INTRODUCTION .................................................................................................... 5 1.1 Mission ............................................................................................................. 5 1.2 Major articles by Uppsala Hydrocarbon Depletion Study Groupe. .................. 6 1.3 Peak oil and today’s society ............................................................................. 8 1.4 References 1. ................................................................................................. 11 2. FUTURE DEMAND FOR OIL ............................................................................... 13 2.1 Future oil demand forecasts by IEA and EIA ................................................. 13 2.2 Oil intensity driven demand ............................................................................ 13 2.4 References 2 .................................................................................................. 17 3. HOW MUCH OIL HAVE WE FOUND AND WHEN DID WE FIND IT? ................ 18 3.1 Resources and reserves ...............................................................................
    [Show full text]