Halliburton Unit to Build $30M Jail at Guantanamo

The Pentagon announced that a Halliburton subsidiary was awarded the contract to build a state-of-the-art $30 million prison for 220 terrorism suspects at GuantMiami Herald via Global Exchange

World Bank lends China $87 mln for renewable energy

WASHINGTON (Reuters) – The World Bank said on Friday it would lend China $87 million to help expand the supply of renewable electricity in Asia’s economic powerhouse and giant energy consumer. “China’s abundant undeveloped resources of small hydropower, wind, biomass, geothermal and solar energy … could help the country reduce some of the environmental damage […]

Norway Strike Fear Pushes Oil to New High

Oil prices rose close to $60 a barrel on Monday on the threat of an oil workers strike in Norway, the world’s third largest oil exporter, and deepening market worries about the lack of refining capacity. The rise to a new nominal high forced the Organisation of the Petroleum Exporting Countries to consider a new […]

OPEC ‘Has Lost Credibility’ Over Price Stability: CGES

The Organization of Petroleum Exporting Countries (OPEC) has lost its credibility as a guarantor of price stability, the Centre for Global Energy Studies (CGES) said in its monthly report published Monday. “OPEC has lost credibility as a guarantor of stable oil prices and its claims that it is doing all it can to ease oil […]

Crude Oil Futures to Hit New High: Chinese Expert

Chinese experts Monday predicted that world’s crude oil futures will hit a new high in that the demand still outpaces capability of producers and refiner alike in the second half of the year. Crude oil futures hit a record high on Monday in the New York Mercantile Exchange (Nymex), reaching 59.23 US dollars a barrel […]

China plans $3-billion refinery expansion

China, the world’s second-biggest oil consumer, plans to spend $3-billion (U.S.) on refinery units able to process cheaper, lower-quality Middle East crude oil to cut the nation’s annual import bill by as much as 20 per cent. The investments over the next two years will boost the profit on each barrel processed by China Petroleum […]

Norway, eyeing Arctic gas, signs Russia energy deal

Russia and Norway signed an energy partnership agreement and a trade deal on Monday, bringing the two energy-rich nations closer ahead of a decision on whether Norwegian firms can join a huge Russian gas project. “We have good prospects in the field of oil and gas,” President Vladimir Putin told Norwegian Prime Minister Kjell Magne […]

Oil 5 9 – People 0

CONSULATES

POLITICAL RISK

DEMAND WORRIES

“The fundamental problems with the conditions of the market are related to refinery capacity,” Iran’s OPEC governor Hossein Kazempour Ardebili said on Saturday.”

http://news.yahoo.com/news?tmpl=story&u=/nm/20050620/bs_nm/markets_oil_dc_2

U.S. consulate in Nigeria reopens

The United States consulate in Lagos reopened Monday after a phoned-in terrorist threat prompted it to close down along with several other diplomatic missions, a U.S. official said. U.S. embassy spokesman Rudolph Stewart, speaking from the capital Abuja, said Nigerian authorities had given “outstanding assistance and cooperation” in responding to the threat.

How long will it last?

The world consumed ener gy at a record pace last year, raising a question of global proportions: How long can the planet sustain ever-increasing levels of energy use?

Mixing oil, gas and politics

The Russian government is tightening its grip on the country

China’s new Silk Road?

China is forging deals with the world’s major energy players, from Canada to Latin America and Cuba to the Middle East, in an effort to feed its rapidly growing, energy-hungry economy.     But in doing so, it also has engaged some of the world’s most troubled hot spots, such as Iran and Syria. WashingtonTimes

OECD Report: Russia Is ‘A Weak State’

Russia must forge ahead with significant administrative, judicial and economic reforms if it is to make a clean break with its business-stifling Soviet legacy, the Organization for Economic Cooperation and Development said in a toughly worded report released Monday. The Paris-based OECD, which represents a group of industrialized nations, said Russia deserved praise for the […]

Norwegian Union Threatens Strike at Fields

A Norwegian union threatened a strike at offshore oil fields that could cut nearly one-third of the nation’s production of roughly 3 million barrel per day unless talks that began Monday settle a new contract. The union said it would order a strike by more than 500 members, which would shut down most of the […]

A new Castro is taking root

President Hugo Chavez of Venezuela wants to build a new empire. The new strongman of South America hopes to re-establish a new Gran Colombia – including Ecuador, Venezuela, Colombia and Panama – an oil-rich colossus astride a key global trade route and access to the Panama Canal.

U.S. nuclear power industry working on quiet comeback

More than 26 years after a near-meltdown at the Three Mile Island nuclear power plant, the Senate is considering an energy bill that includes financial incentives for construction of nuclear plants. It’s the latest sign of the industry’s quiet rehabilitation

Spain warns desert is spreading

The deserts of north Africa are threatening to leap the Mediterranean and creep through Spain, according to government figures made public as part of a national campaign to halt desertification. A third of the country is at risk of being turned into desert as climate change and tourism add to the effects of farming.

Australian drought towns run out of water

Severe drought is drying up drinking water in cities and towns across Australia, threatening to shut down major population centres but also creating conditions for a revolution in water use. Worst hit is the farming town of Goulburn, population 25,000, southwest of Australia’s biggest city, Sydney. Its main dam, Pejar, is a cracked-earth dustbowl holding […]

CRUDE AWAKENING!

The majority of analysts, politicians and OPEC wise guys have been calling for a top in the oil price. This has been happening for the past 2 years now and they

Another exciting week in oil markets

Spot oil prices climbed to new highs last week even as the price of the December 2011 futures contract fell, steepening the backwardation I commented on here and here. A look back at what happened in the early 1980’s may give some insights into what the market may be expecting next. Last week’s news was […]

Government urges Gazprom to invest $1 billion in rural gas networks

Russian president Vladimir Putin called upon gas state monopoly Gazprom on Friday to spend at least $1 billion on developing natural gas supplies to the country’s remote areas. Vedomosti, a leading business daily, reported today that analysts warned this might hamper Gazprom’s huge acquisition plans. RIAN

Iran exporting 60% of oil to eastern Asia

Iranhttp://www.tehrantimes.com/Description.asp?Da=6/18/2005&Cat=9&Num=2

Oil and gas production up in Russia

Oil and gas condensate production grew by 3.2% in Russia in the first five months of the year to 191 million tons as compared to the same period of 2004, the Federal State Statistics Service said. The production of gas increased by 1.2% to 277 billion cubic meters and coal by 2.9% to 121 million […]

Sustainable energy source could solve Bermuda Triangle riddle

http://www.newswales.co.uk/?section=Environment&F=1&id=7760 Experts in Wales have designed world-first technology to investigate sustainable energy sources from the ocean bed by isolating ancient high-pressure bacteria from deep sediments.Scientists and engineers at Cardiff University are investigating bacteria from deep sediments which despite high pressures (greater than 1,000 atmospheres), gradually increasing temperatures (from an icy 2

Scott Ritter: US war with Iran has already begun

America and the Western nations continue to be fixated on the ongoing tragedy and debacle that is Iraq. Much needed debate on the reasoning behind the war with Iraq and the failed post-war occupation of Iraq is finally starting to spring up in the United States and elsewhere. Normally, this would represent a good turn […]

Bush Admin Urged to Review Expected China CNOOC Bid for Unocal

Two Republican members of Congress are calling on the Bush administration to review — and potentially block — an expected effort by China’s third-largest oil-and-natural-gas company to acquire Unocal Corp, the Wall Street Journal reported. The newspaper said the move comes as China’s CNOOC Ltd is considering a counterbid for Unocal, a US company with […]

Energy: Ignoring the Obvious Fix

As Congress puts the final touches on a massive new energy bill, lawmakers are about to blow it. That’s because the bill, which they hope to pass by the end of July, almost certainly won’t include the one policy initiative that could seriously reduce American’s dependence on foreign oil: A government-mandated increase in the average […]

Oil Rises Above $59 for First Time on Concern About Inventories

Crude oil rose above $59 a barrel in New York for the first time, reinforcing concern record oil prices may hinder global economic growth. “I definitely see $60 on the horizon and $50 a fond memory,” Gal Luft, executive director of the Washington-based Institute for the Analysis of Global Security, said in an interview. “The […]

Time to Worry Again About Oil

Record oil prices and a falling dollar do not usually an up market make. But that’s what happened last week, and it’s got some analysts concerned about what might happen in the week ahead, when there are few economic or earnings reports to distract investors. After peaking in early April, oil prices sold off for […]

China’s $3 Bln Refinery Expansion May Cut Costs, Boost Profits

China, the world’s second-biggest oil consumer, plans to spend $3 billion on refinery units able to process cheaper, lower-quality Middle East crude oil to cut the nation’s annual import bill by as much as 20 percent. The investments over the next two years will boost the profit on each barrel processed by China Petroleum & […]

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