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1
Gazal, Kathryn A., and Kathleen G. Arano. "Marcellus Shale Gas Boom and Forestry Employment: Evidence from West Virginia." Forest Science 67, no. 4 (June 8, 2021): 389–97. http://dx.doi.org/10.1093/forsci/fxab014.
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Abstract Advancement in drilling technology has increased natural gas extraction activities from the Marcellus shale deposit resulting in a shale gas boom in many regions, including West Virginia. This boom has created a significant labor demand shock to local economies experiencing the boom. A number of studies have shown that a shale gas boom directly increases employment and the income of those working in the industry. However, the boom can also have an adverse impact on other sectors through the resource movement effect and intersector labor mobility, pulling workers away from a related sector like forestry. Thus, an econometric model of employment in the forestry sector was developed to investigate the impact of the Marcellus shale gas boom in West Virginia. There is evidence of a labor movement effect with forestry employment negatively affected by the Marcellus shale boom. Specifically, the overall marginal effect of the shale boom on forestry employment is approximately 435 fewer jobs. However, the extent of the decline is slightly moderated by a higher relative wage between gas and forestry, perhaps suggesting diminishing returns and overall slack in the local labor market.
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MURTAZASHVILI, ILIA. "Institutions and the shale boom." Journal of Institutional Economics 13, no. 1 (September 19, 2016): 189–210. http://dx.doi.org/10.1017/s1744137416000242.
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AbstractThis paper uses the institutional economics of Douglass North to explain three features of the shale boom: why fracking technology emerged in the United States, the rapid increase in production of natural gas in the United States and the uneven response to these new economic opportunities in shale-rich economies. It argues that the institutional matrix of the United States, in particular private ownership of minerals, encouraged experimentation on the barren Texas oil and gas fields, where fracking technology emerged and the rapid transfer of mineral rights to gas companies. Institutional entrepreneurs, namely landmen and lawyers, facilitated contracting between owners of mineral rights and drillers. Private ownership of minerals and an ideology supportive of drilling provide insight into the adoption of regulations that encourage hydraulic fracturing.
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Beckwith, Robin. "The Marcellus Shale Gas Boom Evolves." Journal of Petroleum Technology 65, no. 06 (June 1, 2013): 34–44. http://dx.doi.org/10.2118/0613-0034-jpt.
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Kudelsky, A. V. "Geological-geochemical inconsistency of gas-shale boom." Geofizicheskiy Zhurnal 36, no. 1 (November 24, 2014): 105–18. http://dx.doi.org/10.24028/gzh.0203-3100.v36i1.2014.116155.
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Degnan, Tom. "The shale gas “boom”: implicatons for catalysis." Focus on Catalysts 2016, no. 9 (September 2016): 1–2. http://dx.doi.org/10.1016/j.focat.2016.08.001.
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Liu, Yang. "Remote Sensing of Forest Structural Changes Due to the Recent Boom of Unconventional Shale Gas Extraction Activities in Appalachian Ohio." Remote Sensing 13, no. 8 (April 9, 2021): 1453. http://dx.doi.org/10.3390/rs13081453.
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Dense unconventional shale gas extraction activities have occurred in Appalachian Ohio since 2010 and they have caused various landcover changes and forest fragmentation issues. This research investigated the most recent boom of unconventional shale gas extraction activities and their impacts on the landcover changes and forest structural changes in the Muskingum River Watershed in Appalachian Ohio. Triple-temporal high-resolution natural-color aerial images from 2006 to 2017 and a group of ancillary geographic information system (GIS) data were first used to digitize the landcover changes due to the recent boom of these unconventional shale gas extraction activities. Geographic object-based image analysis (GEOBIA) was then employed to form forest patches as image objects and to accurately quantify the forest connectivity. Lastly, the initial and updated forest image objects were used to quantify the loss of core forest as the two-dimensional (2D) forest structural changes, and initial and updated canopy height models (CHMs) derived from airborne light detection and ranging (LiDAR) point clouds were used to quantify the loss of forest volume as three-dimensional (3D) forest structural changes. The results indicate a consistent format but uneven spatiotemporal development of these unconventional shale gas extraction activities. Dense unconventional shale gas extraction activities formed two apparent hotspots. Two-thirds of the well pad facilities and half of the pipeline right-of-way (ROW) corridors were constructed during the raising phase of the boom. At the end of the boom, significant forest fragmentation already occurred in both hotspots of these active unconventional shale gas extraction activities, and the areal loss of core forest reached up to 14.60% in the densest concentrated regions of these activities. These results call for attention to the ecological studies targeted on the forest fragmentation in the Muskingum River Watershed and the broader Appalachian Ohio regions.
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Polyakova, T. V. "Prospects for the North America’ shale hydrocarbons development." MGIMO Review of International Relations, no. 1(34) (February 28, 2014): 97–105. http://dx.doi.org/10.24833/2071-8160-2014-1-34-97-105.
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An entire generation of American politicians were concerned about the growing U.S. dependence on imported oil and natural gas. However, in the last few years the situation has changed dramatically: there was started the development of not only the resources of shale gas, but shale oil. As a result in political and economic circles they began to talk about it as the most significant breakthrough in the energy resources development since the oil boom in Texas in the late 1920s. How large are these resources? What problems have to be overcome if the available potential will be realized? How will this problems affect the U.S. energy policy? Concerns about the adequacy of regulation, in particular the environmental issues associated with the non-conventional hydrocarbons production, have led to the internal public debate on the impact of unconventional oil and gas resources mining boom. One thing is clear: significant amounts of additional oil and gas supplies in the U.S. will have far-reaching political consequences for the world. The article presents the different points of view on the prospects for oil and gas production in North America, as well as on the political issues related to it.
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Ridha, Taufik, Yiru Li, Emre Gençer, Jeffrey Siirola, Jeffrey Miller, Fabio Ribeiro, and Rakesh Agrawal. "Valorization of Shale Gas Condensate to Liquid Hydrocarbons through Catalytic Dehydrogenation and Oligomerization." Processes 6, no. 9 (August 23, 2018): 139. http://dx.doi.org/10.3390/pr6090139.
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The recent shale gas boom has transformed the energy landscape of the United States. Compared to natural gas, shale resources contain a substantial amount of condensate and natural gas liquids (NGLs). Many shale basin regions located in remote areas are lacking the infrastructure to distribute the extracted NGLs to other regions—particularly the Gulf Coast, a major gas processing region. Here we present a shale gas transformation process that converts NGLs in shale resources into liquid hydrocarbons, which are easier to transport from these remote basins than NGL or its constituents. This process involves catalytic dehydrogenation followed by catalytic oligomerization. Thermodynamic process analysis shows that this process has the potential to be more energy efficient than existing NGL-to-liquid fuel (NTL) technologies. In addition, our estimated payback period for this process is within the average lifetime of shale gas wells. The proposed process holds the promise to be an energy efficient and economically attractive step to valorize condensate in remote shale basins.
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Smead, Richard G. "Natural Gas Matters: The Shale Boom, Captive Supply, and the “Super Build”." Natural Gas & Electricity 31, no. 5 (November 21, 2014): 29–32. http://dx.doi.org/10.1002/gas.21804.
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Arano, Kathleen, Marieta Velikova, and Kathryn Gazal. "Marcellus Shale play and the cointegration of natural gas markets in the Northeast." International Journal of Energy Sector Management 12, no. 4 (November 5, 2018): 470–83. http://dx.doi.org/10.1108/ijesm-08-2017-0006.
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Purpose The development of the Marcellus Shale Play has altered the geography of production in the USA, particularly in the Northeast natural gas market. The purpose of this paper is to examine its impact on an already integrated industry. Design/methodology/approach The authors utilize the methodology of co-integration and focus on the geographic reach of the Marcellus region to examine movements of prices across the upstream, midstream and downstream segments of the industry. Findings The results of this paper indicate that prices across segments remain strongly co-integrated with the boom in production. The short-run dynamics, however, reveal a slower adjustment to the long-run equilibrium following the boom, particularly for wellhead to city-gate and wellhead to residential prices. Originality/value The growth in delivery infrastructure has not kept up with the boom in production creating bottlenecks. The supply shock brought about by the boom in production has not altered previously established co-integrating relationships but has altered the speeds of adjustment towards the long-run equilibrium.
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Dyrszka, Larysa. "Exposing the Real Threats of the Shale Gas Boom." NEW SOLUTIONS: A Journal of Environmental and Occupational Health Policy 25, no. 2 (June 11, 2015): 232–34. http://dx.doi.org/10.1177/1048291115589809.
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Zhiltsov, S. S., and I. S. Zonn. "Shale Gas Production in the Post-Soviet Countries: First Results and Problems." Post-Soviet Issues 5, no. 3 (August 24, 2018): 236–50. http://dx.doi.org/10.24975/2313-8920-2018-5-3-236-250.
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This chapter considers the approaches and possibilities of exploration and use of shale gas in the countries of the former USSR. Many of them became interested in the results of the US “shale revolution” which opened the new stage in gas production. Some post-Soviet countries are eager by using shale gas to reduce their dependence on external deliveries, thus, attaining energy independence.The data on shale gas reserves in the post-Soviet countries are taken together; the preliminary results of energy policy in these countries concerning development of the shale gas deposits are presented; the first results of oil and gas company activities are analyzed.Of all post-Soviet countries, Ukraine was most active in this respect having declared about possessing the greatest shale gas reserves. Ukraine invited foreign oil and gas companies which showed interest in the shale deposits. But the shale gas production in Ukraine acquired political dimensions impeding the objective assessment of startup conditions and likely consequences of shale gas extraction for the people and natural environment. Shale gas was in the focus of attention of the authorities in Kazakhstan and Moldavia which considered this hydrocarbon resource as the significant factor for diversification of hydrocarbon supply and ensuring independence of the Russian gas. “Shale revolution” was not neglected in Russia which had to take into account the shale gas factor in the world energy balance adjusting its policy respectively. USA made attempt to push its shale contracts in Russia, thus, ensuring access to the Russian gas market. On the one hand, Russia remained indifferent to the shale boom and went on implementation of its pipeline projects, but, on the other hand, it does not waive off absolutely the potential of this hydrocarbon resource.In general, the post-Soviet countries regardless of the lack of a legislative base, technologies and unresolved environmental issues have shown certain interest in shale gas production.
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Finkel, Madelon, Jake Hays, and Adam Law. "The Shale Gas Boom and the Need for Rational Policy." American Journal of Public Health 103, no. 7 (July 2013): 1161–63. http://dx.doi.org/10.2105/ajph.2013.301285.
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Mayfield, Erin N., Jared L. Cohon, Nicholas Z. Muller, Inês M. L. Azevedo, and Allen L. Robinson. "Cumulative environmental and employment impacts of the shale gas boom." Nature Sustainability 2, no. 12 (November 18, 2019): 1122–31. http://dx.doi.org/10.1038/s41893-019-0420-1.
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Testa, bridget Mintz. "Homes on the Shales." Mechanical Engineering 135, no. 12 (December 1, 2013): 30–35. http://dx.doi.org/10.1115/1.2013-dec-2.
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This article focuses on different opportunities and challenges posed by shale oil and gas reserves in Texas. Texas has about as many drilling rigs as the rest of the country combined. There are places in which the shale boom feels more like a stampede. Texans have long accommodated themselves to the oil industry and sought its upside. Over the years, the combination of high oil prices and the new application of hydraulic fracturing techniques to unlock shale gas and oil have led to resurgence. Fort Worth’s ordinance, regulating gas drilling inside the city, is widely seen as a success. Oil and gas operators evidently see the ordinance as a cooperative effort, since they generally abide by it and keep working with the city and residents to update it. As per expert’s view, the State has not put adequate emphasis on the rights of landowners.
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Wrobel, Krzysztof. "Wplyw boomu lupkowego na rynek LPG w Ameryce Srodkowej." Prace Wydzialu Nawigacyjnego Akademii Morskiej w Gdyni 30 (2015): 121–27. http://dx.doi.org/10.12716/1002.30.10.
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Mansour, Hoda. "Implications of the Shale Gas Boom for the GCC Petrochemical Producers." Review of Economics and Political Science 1, no. 1 (2016): 65–88. http://dx.doi.org/10.12816/0031034.
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Pratt, David L. "Severance vs. Servitude: Understanding the Differences Between Texas and Louisiana Law Regarding Mineral Rights." Texas Wesleyan Law Review 16, no. 1 (October 2009): 71–78. http://dx.doi.org/10.37419/twlr.v16.i1.6.
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Over the past several years, advances in drilling technology and skyrocketing prices for natural gas have led to extraordinary events in the oil and gas exploration industry. At the height of the boom, increased exploration for natural gas in urban areas created opportunities never thought possible before by owners of urban lands-gas rigs began popping up in urban neighborhoods like dandelions in the front yard, natural gas companies began paying unprecedented bonus payments of $30,000 or more per acre, and contractual royalty payments virtually doubled to a now-typical rate of 25%. Of the many beneficiaries of these events, landowners and mineral owners within the Barnett Shale region of Texas are among the most prominent and well-known. Although the natural gas boom has dramatically fallen away since late 2008, there can be no doubt that the market will one day recover. And when it does, a great deal of emphasis will likely be placed on the Haynesville Shale, which spans portions of east Texas, northwestern Louisiana, and southeastern Arkansas. As the development of the Haynesville Shale progresses, and as many of the oil and gas professionals in Texas begin to migrate eastward, it is important for those accustomed to Texas oil and gas law to develop an understanding of Louisiana law as it relates to mineral interests. Indeed, there are critical differences between the laws of Texas and Louisiana that can have a significant impact on identifying who has the capacity to enter into mineral leases, timing the commencement of drilling operations, and classifying those who are entitled to receive financial benefit from production-differences that those involved in the process must be prepared to navigate. This paper is intended to serve as a starting point in that endeavor.
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Guan, Xiao Xu, Yi Xuan Fan, and Qiang Cao. "Thoughts on Unconventional Oil and Gas Development in China." Applied Mechanics and Materials 121-126 (October 2011): 3034–38. http://dx.doi.org/10.4028/www.scientific.net/amm.121-126.3034.
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With the era of high oil prices and prominent contradict between domestic oil and gas supply and demand, a boom of unconventional natural gas development has set off. While a major success of shale gas development has been made in the United States, it has also brought a successful experience and advanced technology to China. China also have carried out deep research and have achieved certain results in coal bed methane and tight sandstone gas, etc. However, difficulties and problems faced in the development process need to be carefully dealt with .
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Burt, J. Zach. "Playing the “Wild Card” in the Highstakes Game of Urban Drilling: Unconscionability in the Early Barnett Shale Gas Leases." Texas Wesleyan Law Review 15, no. 1 (October 2008): 1–30. http://dx.doi.org/10.37419/twlr.v15.i1.1.
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But what about those who signed leases in the early stages of the Barnett Shale boom? Being uneducated about mineral rights-leasing and unprepared to face negotiations with sophisticated oil and gas companies and landmen, were the early signers of Barnett Shale leases simply the unfortunate pioneers of this unprecedented phenomenon known as "urban leasing?" The early signers of Barnett Shale leases were not privy to the knowledge of how to gain a better bargaining position by organizing their neighborhoods or the benefits of waiting until the competition for their mineral rights heats up before they signed a mineral lease. Are these early signers of Barnett Shale leases simply out of luck? Or is there a legal remedy available to the early signers of Barnett Shale leases that could help even the playing field or rescind a lease and allow early signers a chance to renegotiate? This Comment will explore potential answers to these questions. Part II of this Comment provides background information on the Barnett Shale, including a physical description of the Barnett Shale and why it is such an unusual natural gas play. Part III of this Comment introduces the legal document known as the oil and gas lease and explains what legal rights are created when one signs a lease with an oil and gas company. One cannot expect to understand the legal questions that may arise with Barnett Shale gas leases without first understanding the basics of an oil and gas lease. Part IV of this Comment analyzes the area of contract law known as unconscionability, which may be available to the early signers of Barnett Shale leases who want to rescind, renegotiate, or cancel an oil and gas lease. Finally, Part V of this Comment discusses the lessons that hopefully have been learned from the Barnett Shale urban leasing phenomenon and suggests how other cities may better prepare and protect their citizens when the next Barnett Shale is discovered
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Chen, Yan, and Jintao Xu. "The shale gas boom in the US: Productivity shocks and price responsiveness." Journal of Cleaner Production 229 (August 2019): 399–411. http://dx.doi.org/10.1016/j.jclepro.2019.04.337.
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Reed, Adam, Sean Ericson, Morgan Bazilian, Jeffrey Logan, Kevin Doran, and Chris Nelder. "Interrogating uncertainty in energy forecasts: the case of the shale gas boom." Energy Transitions 3, no. 1-2 (September 5, 2019): 1–11. http://dx.doi.org/10.1007/s41825-019-00015-9.
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Hui, Jing Xuan, Wen Jia Cai, and Can Wang. "Assessing the Influence of Shale Gas Boom on China’s Power Sector and Environmental Policy by Modeling." Advanced Materials Research 962-965 (June 2014): 1762–66. http://dx.doi.org/10.4028/www.scientific.net/amr.962-965.1762.
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As the U.S shale gas revolution evolved, there was a growing expectation that this can be replicated in China. Power sector, as the biggest contributor to China’s primary energy consumption and CO2emission, is faced with tremendous pressure and challenge. Shale gas resource will be a big opportunity for power sector to alleviate energy shortage and emission problem. This study is trying to figure out to what extent will future large gas supplies improve China’s energy structure and under which policy will the change be more efficient and cost-effective. Regarding the task, two scenarios are set up here: Base Case, Coal price rising and carbon emission control scenario. Based on the comparison of these scenarios, detailed conclusions for policy decision are drawn up.
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Truss, James M., and Benjamin Robertson. "Texas Oil and Gas Case Law Update." Texas Wesleyan Law Review 19, no. 2 (March 2013): 575–607. http://dx.doi.org/10.37419/twlr.v19.i2.29.
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As the Texas economy enjoys the impact of robust oil and gas exploration and development spurred on by the shale drilling boom, Texas courts continue to experience similarly swollen dockets of oil and gas disputes. The Texas Supreme Court remained active in the energy sector in the 2011-2012 term with significant opinions affecting the areas of pipeline condemnation, exploration and production industry contracts, and lessor-lessee relations. Texas intermediate appellate courts also issued dozens of opinions touching various aspects of the industry from title and conveyancing disputes to lease operating issues. The following update will address the significant Texas Supreme Court opinions from the 2011-2012 term as well as selected cases from the intermediate appellate courts.
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Willow, Anna J., and Sara Wylie. "Politics, ecology, and the new anthropology of energy: exploring the emerging frontiers of hydraulic fracking." Journal of Political Ecology 21, no. 1 (December 1, 2014): 222. http://dx.doi.org/10.2458/v21i1.21134.
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This article reviews recent literature relevant to the ongoing shale gas boom and introduces the Journal of Political Ecology's Special Section on hydraulic fracking. We highlight the need for ethnographic studies of the tumultuous social and physical transformations resulting from, and produced by, an unfolding frontier of energy production that unsettles social, economic, and ecological landscapes. We examine how intercommunity connections are vital to recognizing the shared structural conditions produced by the oil and gas industry's expansion, through examining the roles played by the oil field services industry, the sequestration of information and agnotology (the deliberate production of ignorance), divide and conquer tactics, and shared experiences of risk and embodied effects. Summarizing the contributions of the five articles included in the Special Section, we offer recommendations for further inquiry. We examine how social science studies of hydraulic fracking are producing new and innovative methodologies for developing participatory academic and community research projects.Key words: digital media, embodiment, energy, hydraulic fracturing, oil field services industry, shale gas
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Henneberry, Lisa, Steven Harris, and Anthony Way. "Trends in natural gas pricing and their effects on traditional contracting structures." APPEA Journal 53, no. 2 (2013): 499. http://dx.doi.org/10.1071/aj12110.
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This extended abstract analyses the combined disruptive effects of the shale gas boom, the global gas glut, and the worldwide economic crisis on international gas markets. These factors are considered in three major regions of the world: In the competitive and liquid US gas market, increased domestic shale gas production prompted a dramatic decline in US gas prices and ultimately eliminated virtually all demand for new supplies of imported LNG. In Europe, continuing liberalisation in the EU's natural gas end-user and wholesale markets, the growing liquidity of trading hubs across Europe, and the introduction of cheaper spot-gas have fundamentally changed the traditional oil-indexed gas and LNG contracting models. In Asia, changes in buyer sensitivities to supply security and the development of new sources of supply have prompted discounting against traditional oil-based benchmarks and an increase in short-term or more flexible LNG purchases. This extended abstract explores the combined effects of these developing trends in each major region together with the typical responses of buyers and sellers in each market. These effects and reactions introduce associated complexities in this changing-price environment. The authors also explore potential changes in the traditional gas and LNG contracting model and the evolution of related risk allocations, which contracting parties often rely on.
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Sablan, Olivia M., Gunnar W. Schade, and Joel Holliman. "Passively Sampled Ambient Hydrocarbon Abundances in a Texas Oil Patch." Atmosphere 11, no. 3 (February 29, 2020): 241. http://dx.doi.org/10.3390/atmos11030241.
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The United States has experienced exceptional growth in oil production via unconventional extraction for over a decade. This boom has led to an increase in hydrocarbon emissions to the atmosphere. With Texas as the leading contributor to growing oil production, it is important to assess the effects the boom has had on the environment and communities at local and regional levels. We conducted a pilot study to investigate the use of passive samplers for evaluating potential off-site risk from hydrocarbon emissions in a relatively low production activity area of the Texas Eagle Ford shale. Emissions from production sites include benzene, a hazardous air pollutant and known carcinogen. Passive hydrocarbon sampling devices (Radiello samplers) were used to monitor hydrocarbon levels on a rural property near a production site with an occasional flare for one year. Selected hydrocarbons were analyzed using thermal desorption and gas chromatography with flame ionization detection. Benzene concentrations were found to be correlated with changes in season, with higher abundance in the winter months. Benzene levels at this site were similar or higher than those observed in urban areas, away from shale oil and gas production. Increased benzene concentrations were distinguished when winds advected hydrocarbons from the production site, suggesting that oil and gas site emissions have a greater impact on the local community when winds advect them towards those living downwind; however, hydrocarbon levels in this low production area never exceeded state air monitoring comparison standards.
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Kim, Soohyeon, and Surim Oh. "Impact of US Shale Gas on the Vertical and Horizontal Dynamics of Ethylene Price." Energies 13, no. 17 (August 31, 2020): 4479. http://dx.doi.org/10.3390/en13174479.
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The rise of shale resources in the United States is changing the petrochemical industries. Ethylene, the first building block of petrochemical products, is becoming the first target to be hit by the shale boom, and its shifting price dynamics needs to be explored. This study analyzes the transition of ethylene prices from crude oil to natural gas (vertical price dynamics) and investigates widening gaps among regional ethylene prices (horizontal price dynamics). To do this, we detect structural changes in cointegrating relationships and derive time-varying cointegration equations. In addition, for the long- and short-run dynamics, this study established and estimated an error correction model (ECM), with controlling, time-varying cointegrations. This study develops econometric studies by applying time-varying cointegration to nonenergy uses of fossil fuels. Thereby, our results discover that the feedstock structure of US ethylene is moving from crude oil to natural gas and that the comovement of US and Japanese prices is getting intensified.
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Hilaire, Jérôme, Nico Bauer, and Robert J. Brecha. "Boom or bust? Mapping out the known unknowns of global shale gas production potential." Energy Economics 49 (May 2015): 581–87. http://dx.doi.org/10.1016/j.eneco.2015.03.017.
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Perry, Simona L. "Development, Land Use, and Collective Trauma: The Marcellus Shale Gas Boom in Rural Pennsylvania." Culture, Agriculture, Food and Environment 34, no. 1 (June 2012): 81–92. http://dx.doi.org/10.1111/j.2153-9561.2012.01066.x.
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Herrnstadt, Evan, Ryan Kellogg, and Eric Lewis. "Drilling Deadlines and Oil and Gas Development." Econometrica 92, no. 1 (2024): 29–60. http://dx.doi.org/10.3982/ecta18436.
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Oil and gas leases between mineral owners and extraction firms typically specify a date by which the firm must either drill a well or lose the lease. These deadlines are known as primary terms. Using data from the Louisiana shale boom, we first show that well drilling is substantially bunched just before the primary term deadline. This bunching is not necessarily surplus‐reducing: using an estimated model of firms' drilling and input choices, we show that primary terms can increase total surplus by countering the effects of leases' royalties, as royalties are a tax on revenue and delay drilling. These benefits are reduced, however, when production outcomes are sensitive to drilling inputs and when drilling one well indefinitely extends the period of time during which additional wells may be drilled. We enrich the model to consider mineral owners' lease offers and find small effects of primary terms on owners' revenue.
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Kryvosheyev, V. T., V. V. Makogon, and Ye Z. Ivanova. "THE MAIN RESERVE OF ACCELERATED EFFECTIVE OPENING OF OIL AND GAS FIELDS IN UKRAINE." Мінеральні ресурси України, no. 1 (April 25, 2019): 31–37. http://dx.doi.org/10.31996/mru.2019.1.31-37.
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Economic hardship in Ukraine during the years of independence led to a sharp reduction of exploration work on oil and gas, a drop in hydrocarbon production, a decrease in inventories and a sharp collapse of research work to ensure the growth of hydrocarbon reserves.The hydrocarbon potential of various sources of Ukrainian subsoil is quite powerful and can provide future energy independence of the country. Potential hydrocarbon resources in traditional traps of various types are exhausted by only 25 %. Ukraine has recently experienced so-called “shale gas boom”. The experience of extraction of shale gas in desert areas of the United States can not be repeated in densely populated Ukraine in the absence of such powerful shale strata, resource base, necessary infrastructure, own technologies and techniques and economic, environmental and social risks.Taking into account the fuel and energy problems of the state, we constantly throughout the years of independence oriented the oil and gas industry and the authorities on the active use of our own reserves and opportunities for accelerated opening of new oil and gas fields.The results of geological exploration work in the old oil and gas basins at the high level of their study indicate that deposits in non-structural traps dominate among open deposits.A complex of sequence-stratigraphical, lithology-facies and lithology-paleogeographical studies is being successfully used to forecast undeformational traps in well-studied oil and gas bearing basin of the Ukraine – the Dniprovsko-Donetsky basin. The authors predict wide development of stratigraphic, lithologic, tectonic and combined traps in terrigenous sediments of Tournaisian and Visean age, reef-carbonate massifs of the lower Tournaisian, lower and middle Visean age and others. They should become the basis for exploration of oil and gas fields for the near and medium term and open the second breath of the basin.
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Choi, Sunghee. "미국 셰일가스 호황과 제도적 배경의 역할 : 셰일가스 호황이 세계 원유시장의 공적분 현상에 영향을 미쳤는가?" Review of Institution and Economics 15, no. 1 (February 28, 2021): 83–105. http://dx.doi.org/10.30885/rie.2021.15.1.083.
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Bamberger, Michelle, and Robert E. Oswald. "Impacts of Gas Drilling on Human and Animal Health." NEW SOLUTIONS: A Journal of Environmental and Occupational Health Policy 22, no. 1 (May 2012): 51–77. http://dx.doi.org/10.2190/ns.22.1.e.
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Environmental concerns surrounding drilling for gas are intense due to expansion of shale gas drilling operations. Controversy surrounding the impact of drilling on air and water quality has pitted industry and leaseholders against individuals and groups concerned with environmental protection and public health. Because animals often are exposed continually to air, soil, and groundwater and have more frequent reproductive cycles, animals can be used as sentinels to monitor impacts to human health. This study involved interviews with animal owners who live near gas drilling operations. The findings illustrate which aspects of the drilling process may lead to health problems and suggest modifications that would lessen but not eliminate impacts. Complete evidence regarding health impacts of gas drilling cannot be obtained due to incomplete testing and disclosure of chemicals, and nondisclosure agreements. Without rigorous scientific studies, the gas drilling boom sweeping the world will remain an uncontrolled health experiment on an enormous scale.
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Munasib, Abdul, and Dan S. Rickman. "Regional economic impacts of the shale gas and tight oil boom: A synthetic control analysis." Regional Science and Urban Economics 50 (January 2015): 1–17. http://dx.doi.org/10.1016/j.regsciurbeco.2014.10.006.
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Antolik, Courtney Beck, J. C. Pinkett, and Morgan Horbatko. "The Powder River Basin: A persistent player in Wyoming’s energy landscape." Mountain Geologist 59, no. 3 (August 15, 2022): 239–49. http://dx.doi.org/10.31582/rmag.mg.59.3.239.
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The Cretaceous-Tertiary strata of Wyoming’s Powder River Basin have long been a source of natural resources, including coal, oil, and natural gas. Coal mining and oil drilling have been ongoing in the basin for more than a century. Coal mining started in the late 1800s, and today, Wyoming is the largest coal-producing state in the U.S. A coalbed methane boom-and-bust cycle in the 2000s left tens of thousands of wells idle or abandoned. Historical oil production has been largely from vertical wells in the Minnelusa/Tensleep, Muddy, Frontier/Turner, Shannon, Sussex, Parkman, and Teapot Formations. More recently, interest in unconventional source-rock reservoirs like the Mowry Shale and Niobrara Formation has grown in tandem with directional and horizontal drilling and hydraulic fracturing technology. Interest was so explosive that the state of Wyoming imposed new permitting regulations to keep activity under control. Like a bellwether for the energy industry, Wyoming has seen it all, from boom-and-bust cycles to fracking to carbon capture.
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Schafft, Kai A., Erin McHenry-Sorber, Daniella Hall, and Ian Burfoot-Rochford. "Busted amidst the Boom: The Creation of New Insecurities and Inequalities within Pennsylvania's Shale Gas Boomtowns." Rural Sociology 83, no. 3 (November 7, 2017): 503–31. http://dx.doi.org/10.1111/ruso.12196.
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Upton, Gregory B., and Han Yu. "Labor demand shocks and earnings and employment differentials: Evidence from the U.S. shale oil & gas boom." Energy Economics 102 (October 2021): 105462. http://dx.doi.org/10.1016/j.eneco.2021.105462.
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Shepard, Michael, Michael Betz, and Anastasia Snyder. "The Shale Boom and Family Structure: Oil and Gas Employment Growth Relationship to Marriage, Divorce, and Cohabitation." Rural Sociology 85, no. 3 (October 9, 2019): 623–57. http://dx.doi.org/10.1111/ruso.12306.
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Huang, Kuan-Ming, and Xiaoli Etienne. "Do natural hazards in the Gulf Coast still matter for state-level natural gas prices in the US? Evidence after the shale gas boom." Energy Economics 98 (June 2021): 105267. http://dx.doi.org/10.1016/j.eneco.2021.105267.
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Borglum, Scyller J., and Arash Dahi Taleghani. "A Grand Challenge: Education and Advocacy in the New Energy World." Journal of Petroleum Technology 76, no. 09 (September 1, 2024): 52–57. http://dx.doi.org/10.2118/0924-0052-jpt.
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_ This is the final article in a series of six on SPE’s Grand Challenges in Energy, formulated as the output of a 2023 workshop held by the SPE Research and Development Technical Section in Austin, Texas. Described in a JPT article last year, each of the challenges are discussed separately in this series: geothermal energy; net-zero operations; improving recovery from tight/shale resources; digital transformation; carbon capture, utilization, and storage; and education and advocacy. _ We have our work cut out for us… but then, we always have in our industry. Following the crippling effects of the oil embargo in 1973, the price of crude oil climbed high and fast to the top of the charts. That increase in crude oil value brought students to petroleum engineering programs in droves around the world. It was not just the crude; it was the value of the degree program. Students rightly saw an opportunity to work in an industry that fueled the engine of the global economy, lit their homes, warmed their food, and moved people around the continents, all reliably and affordably. The post-embargo peak in enrollment was only topped by the peak following the shale boom of the mid-2000s. After the post-embargo boom in the 1980s came the bust. Similarly, many of us were not left standing when the mid-2000 boom busted. The price of oil is climbing again; natural gas and crude oil use is up and consistently so, but the petroleum engineering enrollments are not (Fig. 1). Depending on where you started along the x-axis in your career (Fig. 1), you may already know this story. What’s different now in an industry known to be cyclical, where we’ve seen this before? If higher crude oil prices and concomitant salaries are not bringing in the students, what will? The demand for STEM graduates is high across industries, and it’s particularly acute in the oil and gas sector. The US faces a significant shortage of STEM graduates to meet the needs of critical industries. This scarcity raises concerns about our ability to fill specialized roles, such as petroleum engineering, which are crucial for the energy sector’s development over the next century. If we struggle to produce enough STEM graduates overall, how can we expect to meet the specific demands of the oil and gas industry in the coming decades? There are a few reasons for this new trend. More than half of Americans say that STEM studies are too hard and nearly a quarter believe that STEM studies are not useful for a career. The National Academies have been sounding the alarm for more than 20 years about where we are going technologically, as a nation, and who is going to get us there. Second, within STEM degrees in general, there are fewer petroleum engineering, or equivalent graduates. While additional energy types in the mix have been growing for years, the sharp move toward renewable energy and simultaneously painting hydrocarbons as undesirable is recent.
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Rassenfoss, Stephen. "Chevron Applies Some Unconventional Thinking To Try To Make Shale EOR a Standard Treatment." Journal of Petroleum Technology 76, no. 02 (February 1, 2024): 24–28. http://dx.doi.org/10.2118/0224-0024-jpt.
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In the shale business, the closest thing now to enhanced oil recovery (EOR) is improved techniques. During an earnings call last November an analyst asked EOG Resources executives about their enhanced completion technique which EOG reported was adding 20% to first-year well production in the Permian. Improved completions have allowed operators to significantly increase early production year after year, but after that, steep declines are a given. Back in 2016, EOG was talking about how it was increasing oil production significantly by injecting millions of cubic feet of gas a day into wells in the Eagle Ford. It triggered an EOR field-testing boom by competitors hoping to match reported reserve increases of “30 to 70%.” In a 2017 JPT story, Deepak Devegowda, a petroleum engineering professor at the University of Oklahoma, said, “This is the name of the game. Everybody is talking about EOR and pumping money into trials of EOR.” Now the only mention of the acronym EOR on EOG’s website is an item in its corporate history timeline for 2016: “We commercialized the first enhanced oil recovery process, or EOR, in shale.” In recent years, reported shale EOR work has been mostly in the form of occasional papers describing production uplift by companies selling ways to increase production by injecting gas or chemicals. EOR effectiveness isn’t the issue, according to Todd Hoffman, a petroleum engineering professor at Montana Tech University who wrote two papers evaluating EOG’s methods cited in two Chevron papers. “The EOG field work showed us that these projects can produce significant additional oil and be economically positive,” he said. The problem is that drilling and fracturing wells delivers “higher economic returns than the EOG-style EOR projects with the huge compressors, high gas rates, and high injection pressures.” Last year in the middle of this EOR drought, Chevron did something different. It delivered two papers revealing a major company-scale effort to find ways to use chemical and gas injections to economically produce more oil. The papers presented at the 2023 Unconventional Resources Technology Conference (URTeC) reported on field tests of surfactants and natural gas injection on Permian Basin wells which delivered sufficiently encouraging results to justify an expanded testing program. (URTeC 3870505 and URTeC 3871386). Chevron described a systematic effort by its corporate technical unit and its Mid-Continent business unit to rethink shale EOR methods based on the unconventional nature of flow through fractured reservoirs and the economic realities in a business where new EOR technology is competing with the profitable status quo. Its methods challenge accepted notions about the role of EOR. In SPE’s disciplines, EOR normally falls under the production topic, “marginal aging fields.” What Chevron tested is better described by the topic, “well interventions.” Rather than looking at these techniques as a way to eke out the last barrels from old wells, the papers describe methods that can be deployed earlier in the life of these short-lived wells.
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Taylor, Oliver-Denzil S., Alanna P. Lester, Theodore A. Lee, and Mihan H. McKenna. "Can Repetitive Small Magnitude-Induced Seismic Events Actually Cause Damage?" Advances in Civil Engineering 2018 (2018): 1–5. http://dx.doi.org/10.1155/2018/2056123.
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Geoengineering activities such as reservoir impoundment, mining, wastewater injection, geothermal systems, and CO2 capture have been linked directly to induced seismicity. With the industrial boom in natural shale gas production regions previously aseismic areas have seen an exponential growth in the frequency of small magnitude events, with multiple events observed in close proximity within a 24-hour time period. While the overwhelming majority of induced seismic research has focused on the causality, the potential risk posed to critical federal infrastructure has escaped scrutiny. This proposes the question, “Can repetitive small magnitude-induced seismic events actually cause damage?” A review of the potential risk is presented herein, concluding that a simplistic definitive statement of whether single or multiple small magnitude-induced seismic events do or do not cause damage to critical infrastructure cannot be justified, and warrants additional study. However, recent observations and research suggest the likelihood that these geoengineering-induced events can and do cause detrimental degradation of the subsurface (damaging the overlying structure) is not insignificant.
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Mayfield, Erin N., Jared L. Cohon, Nicholas Z. Muller, Inês M. L. Azevedo, and Allen L. Robinson. "Quantifying the social equity state of an energy system: environmental and labor market equity of the shale gas boom in Appalachia." Environmental Research Letters 14, no. 12 (December 18, 2019): 124072. http://dx.doi.org/10.1088/1748-9326/ab59cd.
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Kurbet, Oleksandra. "INSTITUTIONAL PRECONDITIONS AND GENESIS OF NATURAL GAS EXCHANGE TRADING." Economics & Education 7, no. 3 (November 30, 2022): 27–34. http://dx.doi.org/10.30525/2500-946x/2022-3-4.
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Natural gas is one of the world's leading sources of primary energy, and gas exchanges are key players in the natural gas market, which ensure its functioning on a liberal basis. Given the current liberalization trends, exchange trading in natural gas is gaining momentum and importance in this market. The main objective of the study was to determine the institutional preconditions and the main stages of the genesis of the exchange segment of natural gas trade. The study showed that gas exchanges and gas hubs are the key institutions of natural gas exchange trading, as they ensure openness and transparency of the market. As a result of the study, the author identified the following institutional prerequisites for the creation of gas exchanges: the need to form a competitive gas market and ensure its availability to third parties, ensuring transparent pricing and setting the market price for gas, simplification of trade procedures and standardization of products, protection of the execution of agreements and limitation of risks, which is manifested in the security and reliability of supplies and increasing the energy security of the state. Identifying the stages of the evolution of natural gas exchange trading, the author distinguished gas trading on mixed commodity exchanges, gas trading on universal and specialized energy exchanges, which began to emerge slowly in the 1990s, and gas market liberalization, accompanied by a boom in the creation of gas exchanges and gas hubs. The recession of 2008-2009, the shale gas revolution, the process of decarbonization of the economy and the full-scale invasion of Ukraine by Russia have been the main catalysts for the modern transformation of the natural gas market in recent decades. The author concludes that the latter will significantly affect the natural gas market in the coming years, which will lead to a revision of European policy in this area and the struggle for energy security. This paper is an original scientific study of the evolution of natural gas exchange trading and makes a certain contribution to the study of the peculiarities of the gas market functioning.
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Tkach, O., V. Tsvykh, M. Khylko, O. Batrymenko, and D. Nelipa. "OIL AND GAS FACTOR IN THE FOREIGN POLICY OF LATIN AMERICA." Visnyk of Taras Shevchenko National University of Kyiv. Geology, no. 3 (86) (2019): 27–33. http://dx.doi.org/10.17721/1728-2713.86.04.
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Formulation of the problem. The authors analyze the current state and prospects for the development of the oil and gas complex and their role in the foreign policy of the Latin American states, policies of the use of oil and gas resources as a tool for enhancing influence in the region, as well as the functioning of multilateral oil supply agreements. The possibilities of realization of joint energy projects in Latin America are analyzed. The presence of oil and gas in the region has always been used as a political tool. The United States' reliance on Middle Eastern oil and the carbon emissions produced by the surging demand for fossil fuels in Asia tend to dominate discussions about the role of energy in U.S. foreign policy. But in recent years, the energy relationship between the United States and Latin America has perhaps become more important than other issues, as the largest share of the United States international trade and investment in the energy sector has occurred within the Western Hemisphere. Purpose of the researchis to study the role of the oil and gas complex in the foreign policy of Latin American countries. The oil and gas complex plays an important role in the foreign policy of Latin American countries. The Latin American energy market is quite attractive to transnational energy companies due to the huge volumes of cheap energy resources, the consumer market with growing energy demand. The energy markets of the Americas are deeply integrated. Despite the shale boom, which led to a sharp increase in U.S. oil production and a drop in imports, the United States still relies on Latin America for more than 30 percent of the oil it buys from abroad. The gas and gas complex part of the geological section is characterized by a similar lithological composition and the underlying rocks, containing oil and gas in industrial volumes. Research methods: The following research methods were used to address the issues set in the article: general scientific methods – descriptive, hermeneutic-political, systemic, structural-functional, comparative, institutional-comparative; general logical methods – empirical, statistical, prognostic modeling and analysis; special methods of political science. The preference was given to the method of political-system analysis, by which the common and distinctive characteristics of the basic components of immigration policy strategies were identified, reflecting existing political, public, information and other challenges for international relations and global development. The article of analysis. Latin America, a growing importer of U.S. natural gas and the largest market for U.S., makes refined petroleum products, such as gasoline. American oil companies and utilities are big investors in Argentina, Brazil, Mexico, and Venezuela, helping to develop the energy resources of all those countries. In Brazil, the United States direct investment in oil and gas extraction reached $2,4 billion in 2015; in Mexico, the figure was $420 million. Washington's financing and technical cooperation programs have further helped the development of new energy resources in the region. U.S. institutions and funds back up clean energy investments and provide regulatory and technical guidance to tap the region's shale fields.
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Hart, Bruce. "Stratigraphy and hydrocarbon resources of the San Juan Basin: Lessons for other basins, lessons from other basins." Mountain Geologist 58, no. 2 (April 1, 2021): 43–103. http://dx.doi.org/10.31582/rmag.mg.58.2.43.
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This paper examines the relationships between stratigraphy and hydrocarbon production from the San Juan Basin of New Mexico and Colorado. Abundant data and the long production history allow lessons to be learned, both from an exploration and development perspective, that can be applied in other basins. Conversely, as new play types and technologies are defined and developed elsewhere, the applicability of those tools in the San Juan Basin needs to be understood for well-informed exploration and development activities to continue. The San Juan Basin is a Latest Cretaceous – Tertiary (Paleogene) structure that contains rocks deposited from the Lower Paleozoic to the Tertiary, but only the Upper Cretaceous section has significant hydrocarbon, mostly gas, production. Herein I make the case for studying depositional systems, and the controls thereon (e.g., basin development, eustasy, sediment supply), because they are the first-order controls on whether a sedimentary basin can become a hydrocarbon province, or super basin as the San Juan Basin has recently been defined. Only in the Upper Cretaceous did a suitable combination of forcing mechanisms combine to form source and reservoir rocks, and repeated transgressive-regressive cycles of the Upper Cretaceous stacked multiple successions of source and reservoir rocks in a way that leads to stacked pay potential. Because of the types of depositional systems that could develop, the source rocks were primarily gas prone, like those of other Rocky Mountain basins. Oil-prone source rocks are present but primarily restricted to episodes of peak transgression. A lack of suitable trapping mechanisms helps to explain the relative dearth of conventional oil pools. Although gas production has dropped precipitously in the past decade, driven primarily by overabundance of gas supply associated with the shale-gas boom, the combination of horizontal drilling and multi-stage hydraulic fracturing is being applied to revive oil production from some unconventional stratigraphic targets with success.
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Jackson, Jane E., Donna S. Anderson, and Matthew R. Silverman. "Celebrating 100 Years of the Rocky Mountain Association of Geologist." Mountain Geologist 60, no. 2 (April 1, 2023): 51–76. http://dx.doi.org/10.31582/rmag.mg.60.2.51.
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In 2022, the Rocky Mountain Association of Geologists (RMAG) celebrated its centennial anniversary. Founded on January 26, 1922, RMAG (called Rocky Mountain Association of Petroleum Geologists until 1947) grew out of a desire and need for petroleum geologists in Denver to come together in a collegial environment. Petroleum geology had become an important component of exploration and development, with significant discoveries in the greater Denver Basin (Florence Field) as well as east-central Wyoming (Salt Creek Field) and northwest Colorado (Rangely Field). Through the first 25 years (1922–1947), membership hovered around 50, reflecting an initial boom of World War I through the 1920s, and then surviving the Great Depression and World War II. Post-World War II through the early 1980s, the world saw a huge increase in demand for oil (less-so for natural gas), spurring the “golden years” of Rocky Mountain exploration and development of many now-famous discoveries. Denver grew as a petroleum business center with large (major) to small (independent) companies, leading to steady RMAG membership growth, which peaked at 4,524 in 1984. During this period, RMAG established a legacy of publishing (The Mountain Geologist and the Geologic Atlas of the Rocky Mountain Region, aka “the Big Red Book”), sponsored multi-day field trips and symposia, hosted weekly luncheons with 200–300 attendees at the peak, and maintained a dedicated office staff located in downtown Denver. The legacy “golden” years ended with the “crash” in oil prices in 1985–86, and membership declined about 7% per year until the mid-1990s, levelling out at 1,900 members. Within the ashes of the 1984–1995 period, however, RMAG began its On the Rocks field trip series (1986) and published several sold-out guidebooks. It inaugurated the 3D Seismic Symposium (1995) co-hosted with the Denver Geophysical Society (DGS) and hosted several successful AAPG and Rocky Mountain Section AAPG annual meetings. In the 1990s, natural gas hosted in “unconventional” reservoirs began an exploration/development revolution, spurred on by federal price supports and construction of a major gas pipeline to the West Coast in 1992. By 2000, huge natural gas resources locked in Rocky Mountain “tight gas” reservoirs became economically viable with improved hydraulic fracturing technology and increasing gas prices. RMAG membership began growing along with the increased natural gas-drilling activity, and RMAG offered multiple well-attended symposia and publications highlighting unconventional gas plays. A new boom began in 2008 with the advent of horizontal drilling for oil in the Bakken Shale of the Williston Basin and Niobrara Formation of the Denver Basin, and a massive increase in oil price. Consequently, RMAG membership reached a secondary peak of 2,978 in 2012. However, as oil prices began declining steadily in 2014, membership also decreased. By 2016, oil price decline led to the familiar cycle of company closings and layoffs. In 2020, the Covid-19 pandemic shut down all in-person RMAG activities, heavily impacting the organization. RMAG pivoted to online (virtual) luncheons, symposia, and field trips. Even so, membership declined to about 1200 members in 2022. The challenges that the RMAG will face in the next 100 years will be daunting. Long-term sustainability of the RMAG will require its members and member-leaders to recognize and embrace changes as they occur.
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Feder, Judy. "Who Is Winning in Energy Transition?" Journal of Petroleum Technology 73, no. 06 (June 1, 2021): 34–37. http://dx.doi.org/10.2118/0621-0034-jpt.
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We talk about “the energy transition” as if it were some type of unified, global event. Instead, numerous approaches to energy transitions are taking place in parallel, with all of the “players” moving at different paces, in different directions, and with different guiding philosophies. Which companies are best positioned to survive and thrive, and why? This article takes a look at what several top energy research and business intelligence firms are saying. What a Difference a Year Makes Prior to 2020—in fact, as recently as the 2014 bust that followed the shale boom—the oil and gas industry weathered downturns by “tightening their belts” and “doing more with less” in the form of cutting capital expenditures and costs, tapping credit lines, and improving operational efficiency. Adopting advanced digitalization and cognitive technologies as integral parts of the supply chain from 2015 to 2019 led to significant performance improvements as companies dealt with “shale shock.” Then, in 2020, a strange thing happened. Just as disruptive technologies like electric vehicles and solar photovoltaic and new batteries were gaining traction and decarbonization and environmental, social, and governance (ESG) issues were rising to the top of global social and policy agendas, COVID-19 left companies with almost nothing to squeeze from their supply chains, and budget cuts had a direct impact on operational performance and short-term operational plans. To stabilize their returns, many oil and gas companies revised and reshaped their portfolios and business strategies around decarbonization and alternative energy sources. The result: The investment in efforts toward effecting energy transition surpassed $500 billion for the first time in early 2021 ($501.3 billion, a 9% increase over 2019, according to BloombergNEF) despite the economic disruption caused by COVID-19. According to Wood Mackenzie, carbon emissions and carbon intensity are now key metrics in any project’s final investment decision. And, Rystad Energy said that greenhouse-gas emissions are declining faster than what is outlined in many conventional models regarded as aggressive scenarios. In Rystad’s model, electrification levels will reach 80% by 2050. A Look at the Playing Field: Energy Transition Pillars In a February 2021 webinar, Rystad discussed what leading exploration and production (E&P) companies are doing to keep up with the energy transition and stay investable in the rapidly changing market environment. The consulting firm researched the top 25 E&P companies based on their oil and gas production in 2020 and analyzed how they approach various market criteria in “three pillars of energy transition in the E&P sector” that the firm regards as key distinguishers and important indicators of potential success (Fig. 1). The research excludes national oil companies (NOCs) except for those with international activity (INOCs). Rystad says these 25 companies are responsible for almost 40% of global hydrocarbon production and the same share of global E&P investments and believes the trends within this peer group are representative on a global scale.
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Bandyopadhyay, Kaushik Ranjan. "Oil and Gas Markets and COVID-19: A Critical Rumination on Drivers, Triggers, and Volatility." Energies 15, no. 8 (April 14, 2022): 2884. http://dx.doi.org/10.3390/en15082884.
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The paper endeavours to explore and analyse some critical issues in the oil and gas market that cropped up around the spread of COVID-19 and tries to identify the key drivers and triggers pertaining therewith. The spread of the first wave that began in March 2020 is crucial because of the global economic downturn that ensued due to lockdown and imposed restrictions coupled with a protracted oil price war that began between Saudi Arabia and Russia. The paper tries to address some key research questions to understand the triggers and drivers around the pandemic. These are: (1) whether the behaviour of OPEC or its key players around the pandemic could be considered uniquely different; (2) what could the triggers be for the increased volatilities that cropped up in both physical and financial markets during the pandemic; (3) what was really different about the oil market crisis around the pandemic that transformed it to an unprecedented storage crisis; (4) what really went wrong with the much-hyped U.S. shale boom during the pandemic that led to the bankruptcy of several oil and gas companies, followed by huge job losses. The paper relies on a structured review of relevant secondary literature to address these exploratory questions and builds upon a retrospective rumination on the world oil market from 1960 to 2020. This is complemented by an analysis of supporting data and evidence obtained from various sources. Considering the intertwining of oil and financial markets around the pandemic, the lessons and findings from the paper would not only be highly relevant for policymakers and stakeholders in the oil and gas sector but would be equally relevant for those in the financial markets.