Shell Reserves Audit Result Within Weeks

We can expect the Shell Reserves Audit to conclude in the next few week. The audit committee is made up of six non-executive directors (but still Shell employees). It’s no wonder that they’re getting a class-action suit from unhappy shareholders. The press relsease says

The results will be shared with the SEC and other regulatory authorities… Outside counsel are involved

from yahoo

R.I.P., Texas Oil – Here Comes the Sun

Wired Magazine has a story on the rise of Solar Energy in Texas. Favorite quote:

“A minute’s work on the back of an envelope suggests that Austin’s plan is a daring long shot. So far, solar satisfies a whopping 0.1 percent of the nation’s energy requirement. It costs five times as much as fossil fuels – though it cost 50 times as much in the 1970s, so the trend line looks good. The silicon needed for solar panels is expensive, though not necessarily for Austin, a town full of vacant chip fabs since the tech bubble burst. But even if the whole city were paved in solar panels, it would take a wondrously smart and nimble utility to shuffle the resulting energy to meet demand. And there’s a pressing need for a new business model. When a power company’s customers become its producers, too, who pays for maintenance? Who inspects what? Who do you sue?”

Arc Energy Consolidates Its Position

A small company, Arc Energy, is at the center of a renaissance of oil discovery located in Perth Basin in Western Australian. With partners, they have between 15 to 20 million barrels of oil plus some gas.

It’s on the oilbarrel

NORWAY FAVORS A CRUDE PRICE RANGE OF $20-$30 PER BARREL

Norwegian Minister of Oil and Energy Einar Steensnaes says:

“Norway, a major non-OPEC oil producer and the world’s third-largest oil exporter, has said it favors a crude price range of 20-30 dollars per barrel.”

“Any price range between 20 and 30 dollars a barrel will be acceptable. We should leave it to the market fundamentals to decide the price … However, we will not allow the market to have prices that jump to extreme high levels, or low prices”

It’s on rigzone

ExxonMobil Angola Subsidiary Announces Seventeenth Deepwater Discovery

ExxonMobile Found 4.5 Billion Barrels in Angola Block 15. Read about it in the:

press release

U.S. Oil Hits 6-Week High

Light Crude hits $36.25 a barrel. Can Peak Oil be far behind? Article quote:

The bullish market tone was reflected by new statistics from the U.S. Commodity Futures Trading Commission (CFTC), which said on Friday that net long positions held by crude oil speculators on the New York Mercantile Exchange hit a 4- year high.

Yahoo, Reuters

ConocoPhillips publishes new SEC form 4

w00t! They gave the executive VPs some more stock options

pfd download

Running On Empty: How Will Mighty China Power Future Growth?

Beijing is getting oil form Russia, Sudan. LNG from Australia and Indonesia. Article quote:

Chinese oil demand will lead world demand in 2004 and beyond. It believes China

OIL supply gap debate rises again

Mr. Simmons is in the news again. Quoted as saying:

“Producing from the next generation of fields will be complex and expensive,” Mr. Simmons said last week at a debate sponsored by the Center for Strategic and International Studies. “If … [the new fields] work, great. If they don’t, Saudi Arabia has probably seen peak oil.”

Dallas Morning News

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