IHS Markit Says New Conventional Drilling is Pretty Much Dead
IHS Markit, a global analytics company that tracks data in the oil and gas industry, recently published a new report titled “IHS Markit Conventional Exploration Results in Early 2018 Through 2019: No Rebound in Activity or Results.” Although we don’t have a copy of the full report, we do have IHS Markit’s excellent summary of the report. Here’s how we summarize their summary: Conventional (vertical only) drilling for oil and gas is pretty much dead and will remain dead–and shale killed it.
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Our good friend Charlie Schliebs, managing director of 
Last week MDN published a post from the U.S. Energy Information Administration (based on EIA data) that points out worldwide energy use over the next 30 years will increase another 50%, and most of it will still be provided by (yep), fossil fuels (see 
The Consumer Energy Alliance (CEA) is calling attention to the “great untold story” in Ohio and across the nation, a story intentionally ignored over the past week of faux climate change protests by kids playing hooky from school. What is the untold story? That the United States in general, and Ohio in particular, is “leading the world in environmental stewardship and emission reduction.” How? Because of shale energy–specifically because of shale gas.
Our favorite government agency, the U.S. Energy Information Administration (EIA), published an article yesterday in which their expert number crunchers predict the world will use 50% more energy than it does today by 2050–in 30 short years. While so-called renewable sources of energy (which include hydro as well as solar and wind) will see a big jump up in supplying that increased need, the very sobering observation is that then, as today, fossil fuels will continue to supply the lion’s share of energy worldwide. How much?
According to the EIA (U.S. Energy Information Administration, our favorite government agency), in the coming month of September, the U.S.’s seven major shale plays will produce a combined 82.4 billion cubic feet per day (Bcf/d) of natural gas, and 8.8 million barrels of oil per day–a brand new record high for each. However, the rate of growth for both is finally starting to slow from the previous blistering pace we’ve seen over the past year or so.
The Potential Gas Committee (PGC), a private non-profit organization loosely affiliated with the Colorado School of Mines, performs a comprehensive study of potential supplies of natural gas in the United States every two years. The latest biennial study has just been published and finds natural gas supplies in the “Atlantic” area, which includes the Marcellus/Utica (is primarily the M-U), once again leads the country–now with the highest supplies ever.
9/5/19 NOTE: ODNR’s original percentages were incorrectly calculated. A day after releasing the wrong numbers, ODNR fixed the wrong numbers in their 2Q19 update. Frankly, we should have noticed the original error, and didn’t. The raw production numbers were right there before our eyes, yet we simply relied on ODNR’s incorrect percentages and drew the wrong conclusions. See below for the corrected numbers.
MDN is not a blog/news site about the myth of man-made global warming, but we do address the topic from time to time because the false belief of man-caused warming is at the root of opposition to fossil fuels and shale energy. We’re accused of being Luddites. Not with the times. Out of touch. Climate deniers. We say we’re simply seeing the issue clearly. A recent article brings into focus for everyone how the masses have been lied to by media and leftist scientists. There is no global warming happening–at least not because of mankind–since 2005. We have incontrovertible proof…
Researchers from Pennsylvania State University, using a new testing protocol that uses existing, affordable water chemistry tests, have tested 20,751 water well samples from wells located near high levels of both conventional and shale oil and gas drilling in PA. The tests show whether or not existing/naturally occurring methane is in the water well, or whether methane from nearby drilling is present in the water. Know what they found? Out of 20,751 samples, they found 17 wells (0.08%, less than one-tenth of a single percent) showed “possible signs of methane contamination.” Statistically speaking, it’s zero.
Everyone knows that shale drilling is a house of cards, right? Just look at shale gas drillers in the northeast. Company stock prices down 90% over the past 5-10 years. Yuck. And don’t even get us started talking about shale oil companies (filthy monsters). Their balance sheets and share prices are even *worse* than shale gas drilling companies! They NEVER make any money. EVER! Shale oil companies just keep getting new investors to invest so they can pay off old investors, like a Bernie Madoff Ponzi scheme. Except–what if the media narrative pounded into your head day in and day out isn’t true? What if shale companies are actually (gasp) making money?
On those occasions when we engage in conversation with friends and family about what we do, and drop the little factoid that the U.S. (because of shale) is now the #1 producer of both natural gas (surpassing Russia) and oil (producing more oil than Saudi Arabia)–our friends and family look at us like we have two heads. Why does the general population not know this? Because mainstream (biased) media doesn’t want them to. Yet it’s the truth. We flew by Russia back in 2011 to produce the most natgas of any country on the planet, and we flew by the Saudis last year to produce the most oil. We also set another world record last year–the biggest one-year increase in energy production of any country on Mom Earth. Thanks to shale.