The tussle for supremacy between OPEC and U.S. shale drillers is killing off older oil fields at the fastest pace in almost a quarter century. That could hurt the industry once the current glut has faded.The three-year price slump triggered by the battle for market share choked off funds for aging deposits elsewhere, accelerating their decline. Output at older fields from China to North America — making up a third of world supply — fell 5.7 percent last year, the most since 1992, according to Rystad Energy AS. It’ll drop about 6 percent in 2017 if oil stays at current prices, the consultant said.
Prometheus TweetsMy Tweets
- Siemens Plans to Cut Nearly 7,000 Jobs in Traditional Power Generation
- Forget Grid Parity. Let’s Talk About Grid Disruption [GTM Squared]
- Tesla Turns to Roadster, Semi Truck Deposits for a Creative Financing Solution
- Cypress Creek Invests Billions in South Carolina’s Solar Market. Now It’s Investing in People, Too
- UK Wave Energy Startups, Clamoring for Government Money, Have Failed to Deliver
- High-Efficiency Monocrystalline Solar Surges in 2017. Here’s Why Bifacial Is Next
- PJM’s New Battle Over Coal and Nuclear Power [GTM Squared]
- China Faces an Uphill Renewable Energy Curtailment Challenge
- The Top Stories in Energy Storage Are Right Here
- The House Passed a Tax Bill. Will Wind and Solar Take a Hit in the Final Package?