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A logistic distribution shaped world oil production curve, peaking at 12.5 billion barrels per year about the year 2000, as originally proposed by M. King Hubbert in 1956. In 1956, M. King Hubbert created and first used the models behind peak oil to predict that United States oil production would peak between 1965 and 1971.
An oil shale development program was initiated in 2003. [60] The Energy Policy Act of 2005 directed the Department of Energy and the Department of the Interior to begin a program of leasing federal land for commercial oil shale production. The BLM had already proposed a phased approach, which would allow companies to do research and development ...
In China, the "Refinery No. 2" of Fushun began its production in 1954 and in 1959, the maximum annual shale oil production increased to 780,000 tonnes. [70] [96] [97] The produced shale oil was used for producing light liquid fuels. [97] In 1961, China was producing one third of its total oil production from oil shale. [23]
[1] [27] Oil shale can also be used for production of different chemical products, construction materials, and pharmaceutical products, e.g. ammonium bituminosulfonate. [11] [19] However, use of oil shale for production of these products is still very rare and in experimental stages only. [1] [6]
After the predicted early-1970s peak of oil production in the U.S., production declined over the following 35 years in a pattern closely matching the Hubbert curve. However, new extraction methods began reversing this trend beginning in the mid-2000s decade, with production reaching 10.07 million b/d in November 2017 – the highest monthly ...
The standard Hubbert curve.For applications, the x and y scales are replaced by time and production scales. U.S. Oil Production and Imports 1910 to 2012. In 1956, Hubbert proposed that fossil fuel production in a given region over time would follow a roughly bell-shaped curve without giving a precise formula; he later used the Hubbert curve, the derivative of the logistic curve, [6] [7] for ...
Oil depletion is the decline in oil production of a well, oil field, or geographic area. [1] The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve.
Oil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on the day of reserves reporting are also sensitive to fluctuating global market pricing.