OPEC for Gas?

The international forum of natural gas producers received a message from Egyptian President Hosni Mubarak stating his support for initiatives for global co-ordination of the gas market.

neftegaz

The UAE Oil Minister Said Production Cuts Depend on the Market

Obeid bin Saif Al Nasiri, the United Arab Emirates (UAE) Minister of Petroleum and Mineral Resources, says that OPEC will review its decsion to cut production in April on MArch 30th. Until then the production cuts still stand.

rigzone

Iraqi Oil Output Shows Industry Close to Full Recovery

Iraqi oilmen and U.S. occupation officials peg Iraqi oil production in recent days at 2.5 million to 2.7 million barrels a day, roughly the same amount Iraq was capable of pumping before the U.S.-led invasion in March 2003.

the usual

Crude Calculations

This article is full of great quotes like:
“Before the end of the decade is over, we will have $60 oil”
and “People like Campbell grossly underestimate the resource base”
and “Mr. Market may …be wrong.”

Barrons

The Coming Collapse of China

Here’s a review of a new book “The Coming Collapse of China”
By Gordon C Chang

you can guess what it’s about

review on oilbarrel

Cheap oil myths and energy transition; Record economic growth and high oil price

A nice history and commentary of oil prices past and present.

Venezuela Electronic News

Iraq Wants 400,000 Bpd Kirkuk Term Sales

Iraq is aiming to lock its Kirkuk crude into long-term supply deals of some 400,000 barrels per day (bpd) — half the rate pumped by its sanctions-battered northern oilfields …

Reuters

Caspian Sea Oil Field Development

South Korea and Kazakhstan are jointly developing oil fields in the Caspian Sea, home to one of the world’s largest oil reserves

The Korea Times

Senate May Halt Crude Headed to Oil Reserve

elections comming up?

A budget amendment will cancel the delivery of 53 million barrels to the US Strategic Petroleum Reserve.

Reuters

Gauging Reserves: Room for Interpretation

A good intro to the jargon
“recoverable in future years” = how much left
“reasonable certainty” = how sure are you

The NY Times

Mexico Oil Imports Lose 1st Place

Mexico lost in January 2004 the first place as the main oil exporter in terms of volume to the USA, the Commerce Department of the USA reported on March 10, 2004.

Mexico ranked first in volume of oil exported to the USA in December 2003 but in January 2004 ceded the first place to Canada. Venezuela ranked second in oil exports to the USA and Saudi Arabia occupied the third place, while Mexico was left fourth.

from neftegaz.ru

Peak Oil is a Myth

or the “the peak oil cult exposed” A poster to RunningOnEmpty2 writes that Peak Oil will cause a recession and thus curb demand. His rant is posted on GeocitiesThe “Peak Oil” is a Myth message board “Peak Oil” is a Myth! 3/11/04 The entire “peak oil” issue is purely psychological. It is created by those […]

BP Trims Tally Of Oil, Gas Reserves 2.5%

Subtract 445 million barrels from the 18.34 billion barrels in reserve. Overall reserves have still grown for the year.

WSJ via Yahoo

Class Action against Royal Dutch Petroleum

This has to do with the whole “material overstatement of oil and gas reserves” thing.

If you owned shares of Shell, you can participate at Scott + Scott, LLC.

yahoo copy of press release

Saudi Arabia, Adapt or die

Abdullah, Osama, and more

The royal rulers of Saudi Arabia sense that their country is in crisis but don’t know how to solve it. Time is short!

read the article in the Economist

Fuel-Cell Car Demonstration Gives Westerville Students Glimpse of Future Hydroge

w00t

The President Bush’s Hydrogen Fuel Initiative has got $1.2 billion to build a fuel cell car.

U.S. Newswire – Yahoo

TNK-BP Creates New Company

TNK-BP and Boris Govorin, governor of Russia’s Irkutsk region, have signed a deal to form a new oil company. East Siberian Gas Company will develop the the region’s fields and piplines.

from Neftegaz.ru

Exxon Mobil Says It Will Save $1B in 2004

The CEO and other top brass talked to the Associated Press today and said there are major projects in the “pipe” in West Africa, Russia, maybe Libya. And they are building a new LNG pipe in Alaska. Their strategy seems to be they want to be picky about projects and avoid low-return deals.

yahoo AP

Two New Discoveries

from Rigzone Cairn

Goodrich

Cairn has made a second significant oil discovery in Rajasthan with the N-A-1 exploration well.

Goodrich Petroleum has made a new discovery on its Dempsey prospect at
South Pass Block 41, a southerly extension to its Burrwood field in
Plaquemines Parish, Louisiana.

Kirkuk Pipeline Needs Millions in Repairs

Its sabotage!

Northern Oil Company expert Ghazi al-Talabani says:

“A number of pumping and production stations and power generation stations linked to the pipeline were either damaged during the war or looted in the aftermath of the war”

yahoo AP

Qatar Oil Min Says Oil Prices High On Speculators

Qatar’s Minister of Energy and Industry Abdullah bin Hamad al-Attiyah think that Geopolitics and speculators are behind high oil prices. He is quoted:

“I’m not happy the market is fluctuating,” he said. “I’m very
concerned…high prices are not due to a shortage of supply,”

Dow Jones (yahoo)

Does Thermal Depolymerization Solve the Problem of Peak Oil?

Thanks to Martin Bento for this article Thermal Depolymerization is a process that breaks down polymers into simpler compounds, much of which can be used for fuel. Polymers include essentially all organic matter (matter made of living or once-living things), which, in this sense, includes petroleum products like plastic, styrofoam, and nylon, as well as […]

China Goes South

China’s state-owned Sincopec countinues to surprise in its desperate search for oil. The latest report is that Brazil’s state-owned Petrobras will sign a wide-ranging cooperation deal with Sinopec. The agreement is expected to be signed when Brazilian President Luiz Inacio Lula da Silva visits China in May, Petrobras said in a statement on its website.

from Neftegaz.ru

Maybe you can afford that SUV of your dreams

linked from
The default internet explorer home page

Normally when you buy a company car, you’re required to depreciate it over time. (The Year One deduction was raised from $7,660 to $10,710 in the tax reform package passed a couple of years ago, but that provision is set to expire at the end of 2004.)

A notable exception to the rule are vehicles rated at more than 6,000 pounds of gross weight, meaning the loaded weight of the vehicle. In such cases, up to $20,000 of the purchase price can be deducted as a business expense in the year of purchase, with the remainder subject to depreciation.

Converting Turkey Offal Into Bio-Derived Hydrocarbon Oil With the CWT Thermal Pr

A new white paper by Changing World Technologies on the world-changing process that can turn anything into Oil.

Ex-Shell Head Warned on Reserves

It turns out that Sir Philip Watts was honest after all. The Wall Street Journal, citing undocumented sources, said that executives warned in 2002 that the company’s accounting of oil and natural gas reserves was inconsistent with U.S. Securities and Exchange Commission reports. But warning in a memo isn’t the same thing as warning in a press release?

yahoo news

WSJ

Alaska to Probe Cause of Petroleum Product Spill at ConocoPhillips Field

In Alaska, at the Kuparuk oil field, a 1,600 gallon spill was discovered yesterday. A ConocoPhillips diesel refinery plant spilled naphtha, a refining byproduct; now Alaskan State official are investigating.

from rigzone

Cheal oil myths and energy transition

PetroleumWorld has an article that claims that worldwide demand for oil grew for 10 years at 1.25%-1.5% is now well above 2%. This quote pretty well sums it up:

“Overall, the supply/demand system is both fragile and stretched to the limit.”

Forget About Cheap Oil

Bussiness Week article talks about hedge funds, OPEC, changes in Saudi Arabia. This quote pretty well sums it up:

“There’s a lot more going on behind the scenes in the global oil market.”

East Timor PM Denies Bribery Accusation

Oceanic says ConocoPhillips gave East Timor’s Prime Minister $2 million. What a suprise, he DENIES it. quote from rigzone

East Timor’s Prime Minister Mari Alkatiri has denied he accepted bribes to secure the exploration interests of oil giant ConocoPhillips in the Timor Sea.

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