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News from September 2004
Andrew McKillop: Economic restructuring and peak oil
.”..It is therefore necessary, and urgent to consider ways and means to reduce world oil demand growth to zero, and then reduce world oil demand, at latest from the date of world peak production and preferably before. On the one hand there is the need to cut oil…”
Bush offers loans from oil reserve to help refiners
the Bush administration offered to tap the nation’s emergency stockpile of crude on behalf of refiners whose supply was disrupted by Hurricane Ivan. It would be the first time the government loaned oil from the Strategic Petroleum Reserve in almost two years.
Army
Number of small outposts grows By Robert Burns Associated Press The U.S. military is quietly expanding its network of small outposts worldwide to help fight terrorism in Middle East and African hotspots, even as it prepares to send home tens of thousands of Cold War era troops from bases in Germany and South Korea. Army […]
The world eyes Iraqi oil – The Straits Times
EARLY in the Gulf War II campaign, the Arab world’s most widely circulated view was that the Anglo-Saxons wanted to grab Iraqi oil. Many Iraqis still believe this, but the theory gets much less attention these days abroad: Insurgent attacks are making oilfields far less attractive to oil companies. http://straitstimes.asia1.com.sg/commentary/story/0,4386,274159,00.html
Can technology help find oil fast enough? – MSNBC
Debate over ‘peak oil’ turns on industry advances BELLAIRE, Tex. – Youhttp://msnbc.msn.com/id/6072980/
Oil industry faces a stark choice – Financial Times
This failure to find easily exploitable oil leaves the industry with a stark choice. Either companies pursue challenging, unconventional ventures with high overhead costs – which could prove unprofitable if large volumes of cheaper oil come to the market – or they continue to push to invest in countries such as Russia and Saudi Arabia, […]
Oil and Gas: Facing the Music Before it Stops: Hubbert and Odum
I’m glad to see the surge of interest in the coming peak of world oil production, even though the prospect is grim… …Most of the new information stems from the work of two little-known scientists, both deceased: petroleum geologist M. King Hubbert and systems ecologist Howard Odum. EB
Shell makes major oil discovery
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Murphy Oil said recently Kikeh had a recoverable reserves base of over 400 million barrels and was expected to produce 120,000 gross barrels of oil per day in the first two years, and to continue at that level for six years. It planned to start production in Kikeh in 2007. PO comment – This is classed a “major” discovery. 400 million barrels… The world uses in excess of 80 million per day. |
Besieged oil giant forced to cut production
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YUKOS, the oil giant that is facing $7.5 billion ( Crude Falls on Speculation U.S. May Loan Refiners Strategic Oil
Sept. 23 (Bloomberg) — Crude oil fell from a record high in London on speculation the U.S. may use oil from its emergency stockpiles to keep refineries running after Hurricane Ivan curtailed supplies from the Gulf of Mexico. http://quote.bloomberg.com/apps/news?pid=10000086&sid=aQ7Mk612O.qk&refer=news_index Nanoscale platinum could bring hydrogen fuel-cell advances
Researchers from Sandia National Laboratories and the University of New Mexico have developed a new way to mimic photosynthetic proteins to manipulate platinum at the nanoscale… …Because the porphyrin remains attached to the platinum nanostructure and active in the presence of light, it can also perform other functions besides growing itself. For example, when exposed […] Interview with Campbell in the online Magazin of the Swiss NZZ
In the online Magazin of the NZZ is an interview with Campbell. The Interview is in german. The remarkable thing about this is that the NZZ is the biggest conservative Newspaper in Switzerland. I do not know if there is an article in the print version. http://www-x.nzz.ch/folio/curr/articles/interview.html Shell Oil betting on higher oil prices in the future
Troubled Shell puts faith in high oil price for recovery By Carl Mortished, International Business Editor SHELL, the beleaguered oil giant, is pinning its hopes for recovery on long-term high oil prices. In its first strategy presentation since the reserves scandal, the Anglo-Dutch company set out an aggressive plan to rebuild its reserves with more […] Tough choices for oil companies in effort to head off global capacity crunch.
“There is a serious danger that short-termism, driven by the demands of the stock market, may prove seriously damaging to the oil consumer” Financial Times article today by Carola Hoyos on the stark choices facing oil companies if a “global capacity crunch” is to be avoided. Financial Times Print Edition, Wed., Sept. 22, 2004. Full page article on p.11. http://news.ft.com/cms/s/2fc60b80-0bfc-11d9-8318-00000e2511c8.html Summary of Weekly Petroleum Data for the Week Ending September 17, 2004
From DOE: “At 269.5 million barrels, U.S. crude oil inventories are well below the lower end of the average range for this time of year.”http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/wpsr.txt Saudi, Iran, Kuwait Oil Capacity to Rise by 1 Mln Barrels a Day
From Bloomberg: “Saudi Arabia’s capacity will rise to more than 11 million barrels a day next month after Aramco completes the development of the Qatif and Abu Safah oil fields, the country’s oil minister, Ali al-Naimi, told Bloomberg in Vienna on Sept. 15.”http://quote.bloomberg.com/apps/news?pid=10001099&sid=a8XgnfXjWj50&refer=energy Quest for Energy is Race Against Time
by Jeremy Leggett Trading Blood For Oil
By Bill Moore Fresh Aire’s Terry Gross interviews ‘Blood and Oil’ author, Michael Klare EV WorldAt a family reunion this past weekend, a cousin of mine said he supported the invasion of Iraq, citing the need to oust Saddam Hussein and his murderous regime. I pointed out to him that the reason we went to […] Getting There On Less
By Guy Dauncey Oil: It
A great financial article about how and why the markets are responding to oil prices the way they are. A good summary of peak oil from an economic perspective. International Perspective. By Marshall Auerback Saudi Aramco Says it Can Produce 10 mln bpd of Crude for 50 Years
From Rigzone: Jalali said that while Saudi Aramco does not have the capacity to produce up to 15 mln barrels of oil daily currently, it will “come to that when the requirement comes up”.http://www.rigzone.com/news/article.asp?a_id=16556 Road & Track magazine looks at peak oil
I have been reading Road & Track for over 35 years. It is ironic that the last issue I will receive under my recently cancelled subscription addresses the future of fuel for automobiles. Unfortunately, it is an overly optimistic, simplistic “technological fix” perspective that glosses over economic, monetary, and several other critical issues related to […] Depletion – the missing demand element?
From Petroleum Review – Editorial – September 2004: “In the case of the International Energy Agency (IEA), which is ultimately charged with sharing out available oil supplies (stocks) in the event of a major shortfall, we find that it is publicly reluctant to even mention the impact of depletion. Is this the reason, or part […] Eyeing the bear as blame game starts
From Petroleum Review – Editorial – October 2004: “Most agree that recent oil discovery has been disappointing, that there is a lack of new capacity and a dangerously small margin of spare capacity. Candidates for blame include – lack of investment by Opec, lack of investment by the oil companies, lack of exploration by oil […] Gazprom looks to the world stage
From FT: “By merging natural gas monopoly Gazprom and Rosneft, the last Russian state-owned oil company, the Moscow government has created the country’s most powerful energy group – giving the Kremlin a powerful lever in dealing with a core economic sector.”http://news.ft.com/cms/s/91d927e4-0b6b-11d9-b403-00000e2511c8.html
The Bear and The Dragon By Donald Coxe Last week a reader sent me a very interesting essay by Donald Coxe, the Global Portfolio Strategist, BMO Financial Group. He is also the Chairman and Chief Strategist of Harris Investment Management in Chicago, and Chairman of Jones Heward Investments in Toronto. He looks at the global […] Looking to the hydrogen horizon
From BBC: “But political pressure for the investment in the re-engineering of our cities and infrastructure, it isn’t there yet. People don’t riot for austerity; they riot because they want more, not less. We have to riot for less.” http://news.bbc.co.uk/2/hi/science/nature/3675760.stm Winning the Oil Endgame
Quest for Energy is Race Against Time
This is the point at which the peak-depletion and global-warming imperatives for the big retreat from oil meet. The core question boils down to this: can we progressively replace oil and the other fossil fuels quickly enough to avoid economic calamity as a result of oil shock, climate shock, or both? Oil provides 40 percent […] China’s crude oil imports jump over 37%
China’s crude oil imports jump over 37% Fuelling world prices, China’s crude oil imports jumped 37.4 per cent in August from the same month a year earlier to 9.33 million metric tons (70 million barrels), the government reports. The increase, equivalent to an average of 2.21 million barrels a day, brought the country’s crude imports […] Oil News Categories Recent Board Topics Archive LATEST NEWS HEADLINES
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