- Atul Rawat
- Sitanshu Tiwari
- Kartik Parolia
Refracking,New drilling Technology,Shale gas,shale oil,enhanced oil recovery
The past two years have been a difficult ride for the investors worldwide and world’s biggest publicly traded oil companies. As compared with their high-hall marks set in mid-2014, Big Oil company’s shares are down about 25% and profits in terms of earnings have been collapsed.
The biggest irony is even as oil prices have reduced to less than half, Big Oil is still getting bigger. In July 2014 U.S. oil production was around 8.75 million barrels per day, according to the Energy Information Administration. Nearly a year (50% price decline) later, U.S. oil output was increased up to 9.69 million bpd, reaching its highest level in past 45 years.
U.S. production has since decreased by more than half a million bpd to 9.07 million bpd, but global production was continuously rising. From 92.4 million bpd in 2014, global oil production reached up to 94.8 million bpd.
Volume 4 Issue 4
Pages. 267-274
