Young Professionals - Current US Shale Oil & Gas Production Potential

Speaker: Dr. Richard (Dick) Bishop
Speaker Dr. Richard (Dick) Bishop
Executive Director & Chief Geologist RSK (UK) Limited   Richard S. Bishop, Ph.D. is a geologist who has worked the spectrum of research, exploration and production for ExxonMobil (29 years), Unocal (2 years) and as a consultant / independent (7 years including RSK).  During this time he has ‘seen the world’ ...

Executive Director & Chief Geologist
RSK (UK) Limited




 



Richard S. Bishop, Ph.D. is a geologist who has worked the spectrum of research, exploration and production for ExxonMobil (29 years), Unocal (2 years) and as a consultant / independent (7 years including RSK).  During this time he has ‘seen the world’ both as an explorationist and as a synthesizer of global exploration opportunities. Dick is Past President of the Houston Geologic Society (HGS) and American Association of Petroleum Geologists (AAPG).  He has been recognized with the AAPG Sproule Award, is a Distinguished Alumnus of the University of Missouri, and an Honorary Member of both the AAPG and HGS.  He was also recently recognized as an HGS Legend.


 

Dick earned his Ph.D. from Stanford University, his M.A. from University of Missouri, and B.S. from Texas Christian University.  Dick is currently Executive Director and Chief Geologist of RSK.

Full Description

Walk-Ins are Welcome!!!

YP PROFESSIONAL EVENTS LUNCHEON 

"WHAT IS THE CURRENT POTENTIAL SHALE OIL AND GAS PRODUCTION IN THE US?"

   
The large potential resource volumes reported for shale oil and gas have generated comparably large expectations for increased future oil and gas supplies in both the United States and the rest of the world.  These expectations include the substitution of domestic gas for imported oil, utilizing domestic gas as a cleaner or safer alternative for coal and nuclear generated electricity, and as well as providing gas exports. 
 
Unfortunately, however, the large resource volumes of unconventional oil and gas are not easily converted to increased delivery rates to meet these expectations. 
 
The introduction of this talk presents global scale data to support our expectation of upward pressure on oil prices and flat to downward pressure on gas prices. The body of the talk presents results from a macro-modeling method to estimate the production rate, duration and limitations to unconventional energ y supplies.  The  methodology starts with EUR and models the timing, duration and rates for potential supply additions and the effort (number of wells and rigs) necessary.  The computational model concept is straightforward:  
  • Assume representative well production profiles (i.e., decline curves)
  • Assume drilling effort (number of rigs, and wells drilled per rig per month)
  • Sum individual well production per month (100% Chance-of-Success for each well)
  • Limit the production by total resource (EUR), area of the resource, or years to drill the resource
In addition, several physical, financial and political constraints impacting the potential resource development are acknowledged but not quantified.  Shale oil and shale gas share high production costs and are therefore the first to suffer from global price downturns.  Indeed, a negative side effect of the improved technology may be lower international demand due to increased domestic production from unconventionals in other countries.
 
Based on these models,
  • Shale gas can significantly reduce the negative economic impact of imported oil but not in the near term due to slow market growth
  • Shale gas may displace some coal and nuclear use but probably will not completely replace coal and nuclear due to long term energy needs of the nation
  • Shale oil will help to maintain and to increase US production modestly but its current EUR is probably not large enough to provide oil economic independence, let alone actual oil independence.
  
Organizer Antonio Fernandez

When?

Tue, Mar. 27, 2012
11:30 a.m. - 1 p.m. US/Central

How Much?

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Where?

Petroleum Club of Houston
800 Bell Street, 43rd floor
Houston, TX 77002

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