China Moves to Claim Oil Sands

If Americans think the oil sands bonanza in their northern backyard will solely benefit the United States, they may be surprised. Chinese officials are making fast inroads into Alberta, snapping up petroleum deals with the skill of Texas oilmen. While the deals involved are still relatively small, analysts say China’s booming, oil-starved economy could eventually […]

Oil Hunt: India, China to Join Hands

The ministry of petroleum and natural gas is giving final touches to a strategy paper on India-China cooperation in the hydrocarbon sector. The essence of this paper is to encourage cooperation in place of competition between the two sides. With India and China being principal importing countries, both are pursuing similar policies and strategies at […]

Oil Prices to Top $60 by Autumn, Analysts Warn

Oil prices will surge through $60 a barrel by the end of the summer, delivering a fresh shock to the global economy at the height of the US ‘driving season’, analysts warn. Federal Reserve Chairman Alan Greenspan attempted to reassure the oil markets on Friday, saying rising stocks had helped to calm the ‘price frenzy’ […]

How Long Can We Keep Up With Surging Demand?

New supplies of oil and gas are coming on stream on a steady basis, from North Sea oil to Canada’s oil sands and the development of offshore reserves in the Indian Ocean. But demand is rising much faster. The question now is how fast it will draw down existing reserves. Below at right, statistics show […]

Venezuela Says Oil Companies Owe $4 Billion in Taxes, Royalties

May 21 (Bloomberg) — Venezuela, the world’s fifth-largest oil exporter, said international oil companies operating in the country owe about $4 billion in back taxes and unpaid royalties. Energy and Oil Minister Rafael Ramirez said international companies operating 32 oil fields for state oil company, Petroleos de Venezuela SA, owe about $3 billion in income […]

Reduction of Farm Land

The ultimate availability of land for agriculture may turn all too limited in coming years. As per estimates of the Agriculture Ministry, over eighty thousand hectares, of farm land is being used for broadening the infrastructure facilities every year. The trend is likely to continue in coming years. Alternate use of land is all too […]

OPEC Pumping at Full Capacity – Minister

OPEC is pumping at full capacity, Iran’s oil minister said on Saturday but added that any move by the cartel to legitimise its over-production would not affect the market. “OPEC members are supplying world markets with their utmost capacity,” Bijan Zanganeh was quoted as saying on the oil ministry Web site. “But legitimising the extra […]

Chinese commuters told: get off your bikes

A few years ago, Beijing was probably the most bicycle-friendly capital on Earth. A flat, dry city with broad, tree-lined cycle lanes patrolled by protective traffic wardens was perfect for two wheels. The streets teemed with so many bicycles that they became as much a symbol of China as the giant panda. Article continues But […]

Demand: China’s Unquenchable Thirst

The auto makers dutifully displayed their hybrid models at the Shanghai auto fair this spring. Under pressure from Chinese authorities, they knew they had to show an interest in conserving fuel. But look past the energy-efficient hybrids, which are unlikely to be sold in China for many years, and you soon glimpse the truth of […]

Are Saudi Reserves Drying Up?

“Our oil challenges: aging fields, rising levels of water, and complex formations,” said the Saudi Aramco geologists in a presentation in the Saudi oil city of Dhahran. Aramco, which controls 98 per cent of Saudi Arabia’s oil reserves, has had its doors shut to the outside world for more than 50 years, keeping energy experts […]

OPEC Vows Response to Fast-Changing Oil Market

OPEC president Sheikh Ahmed Fahd al-Sabah vowed at a World Economic Forum (WEF) meeting Saturday that the cartel will respond to new forces in the fast-changing oil market by the end of the year. He said that OPEC would change its The Manila Times

Still Pumping After All These Years

He said that even at $50 a barrel, the business isn’t “wildly profitable.” However, when the prices are high, it does allow him to pump more capital into the operation. Then again, having seen more busts than booms over the years, he also said he is “apprehensive” about the high prices. “I think $50 oil […]

Insurgency Delays Reconstruction of Iraq

Insurgents targeting oil lines, electricity plants and other infrastructure projects vital to Iraq’s reconstruction have delayed U.S.-led rebuilding efforts and raised the cost of doing business in this war-ravaged country, a top American official said Saturday. Bill Taylor, director of the U.S.-led Iraq Reconstruction Management Office, said ceaseless attacks on contractors and facilities have also […]

OPEC States May Link Oil Exploration to Refineries

OPEC nations, holders of about three- fourths of world oil reserves, may link foreign investment in their most profitable drilling ventures to agreements to build refineries, the group’s president said. By doing so, the group can revive investment in oil refining, an industry that until two years ago was overlooked because of its poor returns […]

Project Kuwait Oil Plan Seen Approved by End-2005 – Min

Kuwait’s long-delayed multibillion dollar plan to open up its northern oil fields to western oil majors is likely to be approved by the end of the year with contracts to be awarded within six months, the country’s oil minister said Saturday.DowJones Newswires via iWon

High Oil Prices Required, OPEC Chief Says

High oil prices are needed to help fund higher oil production and exploration by producer countries, OPEC’s president said Saturday. Global demand for oil will rise to 85.5 million barrels per day in the fourth quarter of this year and OPEC is making investments to bring production in line with that demand, said Sheik Ahmed […]

Crude oil’s fall may be positive for oil companies

By Anupama Chandrasekaran NEW YORK (Reuters) – Here’s one for the mindbender file: The drop in oil prices could be good news for many oil companies. While at first glance that might seem counter-intuitive, some stock strategists contend crude’s move below $50 a barrel may be a precursor to a narrower trading range for oil, […]

US Fed Chairman Says Oil Uncertainties to Persist ‘For Some Time’

Federal Reserve Chairman Alan Greenspan said Friday that oil markets may stay turbulent “for some time to come,” but he predicted that high prices will spur the use of cheaper alternatives well before the world’s oil reserves are depleted.Rigzone

Toronto Globe and Mail covering PeakOil all this week.

Canada’s leading newspaper is dedicating all this coming week, starting with the Saturday, May 21 edition, to covering Peak Oil. It will be primarily in the Business section.

Here’s a link to their website.

The Globe and Mail

Chinese oil production rises five percent on year

Chinese oil production in the first quarter rose five percent from a year ago to 3.67 million barrels per day, or 180,000 barrels more than for the same period of last year. “Such a growth rate is rare in recent years,” Shan Weiguo, research director at the country’s largest oil producer, China National Petroleum Corp.

Yahoo!

Xinjiang to be No. 1 oil production area in China

BEIJING, May 21 — Western China’s Xinjiang region will become the largest oil production area in the country by 2010.

Chairman of Xinjiang Uygur Autonomous Region Ismail Tiliwaldi says the region will have a likely crude oil output of 50 million tons with increased investments for oil and natural gas resources by 2010.

The Chairman also noted that last year, Xinjiang’s petroleum output exceeded 22 million tons, taking third place in the country.

Xinhua Online

Welcome to the Age of Scarcity

This story begins with abundant oil. Vast supplies of the light fuel spawned new and previously unimagined demand The Globe and Mail

Qatar GTL Plans Slowed

Qatar’s ambitions to build gas-to-liquids refineries has been slowed by escalating construction costs in the tiny Gulf emirate and by competing demands for its natural-gas resources, industry executives said.Khaleej Times

U.S. Denies Trying to Lower Venezuelan Oil Production

U.S. Ambassador William Brownfield denied the U.S. is trying to undermine Venezuelan oil output, responding to an accusation by the country’s defense minister last month that a production drop was the result of a CIA- inspired plot. “We aren’t trying to lower production of the state oil company or break off energy relations,” Brownfield said […]

Running on Empty

Venezuela’s Oil Production Woes Will Be Felt Widely The consequences of the continuing shortfall for Venezuela, its president, Hugo Chavez, his close ally Fidel Castro, Central America, OPEC and the U.S. could be far reaching. At the beginning of May, the Associated Press reported that Chavez had admitted that production levels in Venezuela’s Western oil […]

Oil Export Duty to Rise by a Third

Beginning on June 1, the oil export duty will rise to another record high, $136.2 per metric ton. Prime Minister Mikhail Fradkov has signed the corresponding government resolution.

Rian.ru

Making energy the basis of our money supply

The basic idea of this book is that economics, although useful within limits as a way of understanding the world, has become a dangerous encouragement to self deception when it comes to understanding humanity’s relationship with nature. The contribution of nature to economic activity, including its capacity to supply materials and to act as a sink for wastes, cannot be measured through money.

Feasta.org

‘Wave Farm’ Project Gets Green Light

A pioneering commercial wave power plant, producing clean and renewable energy, is to go on line off Portugal in 2006, after a contract was signed this week, project partners announced Friday. The companies claimed the so-called “wave farm” will be the world’s first such commercial operation.CNN

Western Oil Majors Need Partnerships with Russians to Tap Arctic Shelf

Three quarters of Western and Eastern Siberian oilfields are already nearing 50% depletion, while the reserves of newly discovered fields are on average five times lower than those found 30 years ago. Russia’s huge energy potential is mainly built on the world’s largest continental shelf, with two-thirds of its 6.2 million square kilometers promising for […]

OPEC President Says Group Has No Plan To Reduce Oil Output

OPEC, the supplier of almost 40 percent of the world’s oil, will keep production at current levels to meet global demand regardless of how much prices fall, the group’s president said. “We affirm that if global demand keeps on growing then we will keep on producing whatever the level of the price is,” Sheikh Ahmad […]

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