U.S. Oil Production to Hit Record Next Year

[Mark Sloan + 9]

U.S. crude oil production could reach a new high next year, according to the EIA'a latest STEO - and it could upset OPEC's reign over the oil market. 

https://www.youtube.com/watch?v=FkxUaM8j-Fk

[Boat + 1,323]

Iraq plans to add 2 mbpd over the next few years. So who loses when the glut hits?

Iraq has signed a quartet of contracts worth $27 billion with French multinational TotalEnergies covering oil, natural gas, solar energy, and water projects in Iraq’s southern Basra governorate. The deal is a shot in the arm for the Baghdad government just weeks before October parliamentary elections.

The contracts include hydrocarbon developments and a solar power project. The four projects as outlined in an official Iraq statements are:

• Raising oil production capacity from the Ratawi oil and gas field in Basra province from 85,000 barrels per day of crude oil, to 210,000 b/d at a cost of $3 billion
• The Gas Growth Integrated Project to develop the Ratawi gas hub to process 600 million cubic feet per day of raw associated gas from five southern oil fields, cut flaring, and generate 3 gigawatts of electricity at a cost of $2 billion
• Building a water injection facility with capacity to process 7.5 million barrels per day of seawater for reinjection into oil reservoirs, initially at a rate of 5 mb/d of water, at a cost of $3 billion.
• A 1,000 megawatt solar energy facility for power generation at a cost of $1 billion

Edited February 10, 2022 by Boat

[nsdp + 449]

The only limitation may be shutting down Dakota Access . Federal court ruled today that Justice Gorsuch's opinion in McGirt vs. Oklahoma that the 1789 Supreme court ruling that Indian Treaties are the supreme law of the land.   DAPL either pays the Fort Belknap tribe a fortune or moves the line.

[kshithij Sharma + 78]

13 hours ago, Boat said:

Iraq plans to add 2 mbpd over the next few years. So who loses when the glut hits?

Iraq has signed a quartet of contracts worth $27 billion with French multinational TotalEnergies covering oil, natural gas, solar energy, and water projects in Iraq’s southern Basra governorate. The deal is a shot in the arm for the Baghdad government just weeks before October parliamentary elections.

The contracts include hydrocarbon developments and a solar power project. The four projects as outlined in an official Iraq statements are:

• Raising oil production capacity from the Ratawi oil and gas field in Basra province from 85,000 barrels per day of crude oil, to 210,000 b/d at a cost of $3 billion
• The Gas Growth Integrated Project to develop the Ratawi gas hub to process 600 million cubic feet per day of raw associated gas from five southern oil fields, cut flaring, and generate 3 gigawatts of electricity at a cost of $2 billion
• Building a water injection facility with capacity to process 7.5 million barrels per day of seawater for reinjection into oil reservoirs, initially at a rate of 5 mb/d of water, at a cost of $3 billion.
• A 1,000 megawatt solar energy facility for power generation at a cost of $1 billion

Iraq has been saying this for last 5 years. It never materialises. At most Iraq intends to sell Iranian oil by branding it as Iraqi oil to help its Iranian ally.