1. Peak Oil Debate Losing
Relevance Due to New Upstream Technology -- "The debate over whether the world's reserves of
hydrocarbons have now peaked and are in decline has lost relevance over recent
years as new technology allows oil companies to find and exploit new
hydrocarbon sources, the CEO of Repsol Antonio Brufau said today.
Brufau said progress made in exploring and developing
ultra-deepwater areas, unconventional oil and gas sources and the move into
remote areas such as the Arctic, have been key to growing global reserves of
oil and gas. "The speed at which technology changes and its consequences
have taken us largely by surprise. The peak oil debate has lost a great deal of
its relevance in the past three years," Brufau told the World Petroleum
Congress in Doha.
Repsol continued to more than replace its proven oil
and gas reserves outside Argentina this year and will accelerate output from
2015 onwards as it converts contingent resources into proven reserves. Brufau
pointed to developments in the U.S. shale gas industry and highlighted Repsol's
own plans to develop a huge shale oil and gas area in Argentina. The Vaca
Muerta shale oil and gas discovery in Argentina covers nearly 1 billion
equivalent barrels of recoverable shale oil."
2. Shell Strikes Shale
Gas in China --
"Royal Dutch Shell has found shale gas in China, a development that could
cap imports in a market natural gas producers are hoping will drive
demand. An official with Shell's partner, PetroChina, a unit of the
country's top energy group, state-owned CNPC, said drilling results from two
wells Shell drilled had been positive.
"Shell has two vertical wells and they got very
good primary production," Professor Yuzhang Liu, Vice president of
Petrochina's Research Institute of Petroleum Exploration and Development
(RIPED), said in an interview at the sidelines of the World Petroleum Congress
in Doha. "It's good news for shale gas," said Liu. China currently
has no commercial shale gas production."
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