Oil Production Falling Fastest in Britain’s North Sea

Kjell Aleklett, the president of the Association for the Study of Peak Oil, said the UK Government’s forecasts showed oil production falling one-third from its peak by 2020. “The UK produced most of its oil when it was cheap and they sold it for cheap money,” he said. “Now they need to buy it back […]

Matthew R. Simmons: A Diminished Future for Saudi Oil

E Magazine: You’re doing the world a real service by shaking up commonly held assumptions about future energy supplies, specifically about how much oil remains in the Middle East, and in particular Saudi Arabia. Matthew R. Simmons: First of all, thank you. The last thing I wanted to do over the last two years was […]

Oil Prices Cause Paving Costs To Rise

Warning to motorists this summer: Rough road ahead. From New England — where the punishing winters leave roads rutted, cracked and riddled with potholes in the spring — to the Deep South, repaving projects are being canceled or postponed because of the rising price of oil, which is used to make asphalt as well as […]

Smoothing over Russian Subsoil

The article depicts the situation with the new Russian oilfields being auctioned off to the oil companies and coming online. It explains why Russian goverments keeps the size of its petroleum reserves secret, why the Eastern Siberia oilfields will not save the world from the lack of oil, and why the Eastern Pipeline being built […]

Can Saudi Arabia Keep Its Promise To Pump More Oil?

Meanwhile, the discussion about what to do about high oil prices has already been overtaken by promises from Saudi Arabia MSNBC

Oilcast #9: ‘The pessimists are right’

In Oilcast 9 we check out prices at $55 once again, the upcoming OPEC meeting, the US SPR is nearly full, Angolan deepwater and a more in depth look at the fall in annual UK output by 17% with Chris Skrebowski (not live but…)
Plus a report from The Energy Research Centre of the Netherlands who have a fascinating look at oil peaks, globalisation and more…
As well as all this we have also figured out how to make our MP3’s a better – smaller – size.

Oilcast

Record Energy Demand

Rapid growth in demand for all forms of energy dominated world energy markets in 2004, leading to rising prices. While growth in demand from China in particular was exceptional, the strength of demand growth was a global phenomenon, increasing above the 10-year trend in every region of the world. “The world’s overall energy consumption grew […]

UK Oil Production Plummets 10%

Last autumn it emerged that the UK had become a net importer of oil for the first time in 13 years. Paul Horsnell, head of energy research at Barclays Capital, said: BreakingNews.ie

BP: Energy Consumption Likely Lower in 2005

Energy consumption is likely to be lower this year as global economic growth slows, oil company BP PLC said Tuesday, giving the industry a breather from the rapid spike in demand that pushed prices higher in 2004. BP Chief Economist Peter Davies said the events that created exceptional energy growth last year – rapid consumption […]

BP Says Global Oil Reserves Growth Stalled in 2004

Growth in the worldTiscali

OPEC Chief: Quota Raise Just Symbolic

OPEC’s inability to tackle high oil prices was underlined on Tuesday when its biggest producer Saudi Arabia said real supplies would not rise despite a plan to increase official quota limits. Saudi Oil Minister Ali-al Naimi said Riyadh had informed its customers of export allocations for July that mean keeping output steady at 9.5 million […]

Another example of decreasing supply and increasing demand: Columbia

Colombia was the third largest South American producer, and one of the top ten suppliers to the United States. Now production is continuing to decline, and as soon as three years from now Colombia may be importing fuel. But it is not that curve that I want to discuss but the other, the rising domestic use of fuel and how this, in turn, reduces the amount that will be exported.

For many countries, such as Colombia, oil provides a desperately needed revenue stream that underpins the national economy. But it also provides power to the country, and, through local industries that it supports, it also creates more jobs and an economy that can, under a wise government, sustain itself after the oil runs out (see some of the Gulf States for example).

Back in 1970 Saudi Arabia had only six million people, of whom a third were only there as temporary workers. It now has almost twenty-two million people (about half the population of the United Kingdom). To provide an economic underpinning to the population, the state must increasingly provide additional industry that will create employment and support outside of the oil industry itself. Thus an increasing amount of oil and power must remain in country if it is to drive that industry and provide the energy and raw material needed to make it run.

More after the jump at The Oil Drum

Putin hopes ”gas problems” with Ukraine will be resolved

During his meeting with the speaker of the Ukrainian parliament, Vladimir Litvin, the Russian president said: “Gazprom’s representatives have come back from Ukraine. There are 7.7 billion cu m of natural gas on paper but none in hand. Based on European prices, the amount of gas is to the tune of $160 per 1,000 cu […]

Xinjiang plans to be China’s top oil producer

Xinjiang Uygur Auto-nomous Region plans to overtake Northeast China’s Daqing to become the country’s largest oil production area in the next few years, said a top local government official Monday. The region, currently China’s third largest oil producing area, plans to more than double its oil production to 50 million tons in the near future […]

Three year pause expected in UK’s declining oil production

New Energy Minister Malcolm Wicks is hoping for a temporary three-year pause in the UK’s declining oil production before the country becomes a net importer by around 2010. “New fields are expected to start production from the latter half of 2005 and consequently the decline in UK crude production is projected to plateau before reverting […]

In search of energy security

This week, the American people will get a chance to see if their senators are prepared finally to go beyond mere rhetoric and actually do something consequential about a problem 90 percent of those polled in a recent survey now regard as “serious”: U.S. dependence upon imported oil. Especially if, as some believe — including […]

York Scientists Warn Of Dramatic Impact Of Climate Change On Africa

Scientists at the University of York are warning that dramatic changes may soon occur in Africa

Statistical Review of World Energy 2005

Welcome to the 54th edition of the Review. Published on 14th June 2005, this Review provides high-quality and globally consistent data of the energy markets, with a history series of statistics dating back to 1965.

BP

Blair Wins Support From Putin on Africa Poverty, Climate Change

U.K. Prime Minister Tony Blair won backing from Russian President Vladimir Putin for plans to put poverty relief in Africa and global climate change at the center of the agenda for the Group of Eight nations. “We fully support the ideas put forward by the U.K. and the prime minister,” Putin said today after talks […]

Nuclear power not the way, says Greenpeace (Australia)

IF nuclear energy supplied 75 per cent of the world’s electricity, it would result in only a 25 per cent reduction in harmful carbon emissions, the global head of Greenpeace has warned.In Sydney to address the Lowy Institute think tank tonight, Greenpeace International executive director Gerd Leipold told The Australian that he was surprised at […]

French to Boost Biofuel Output to Meet EU Target

France will announce new biofuel production quotas in the next few months because its current plans are insufficient to meet the EU targets for 2010, a farm ministry official said on Friday. The European Commission set targets in 2003 that fuels should contain 5.75 percent of biofuels by the end of the decade in a […]

Power shift? Nuclear industry sees resurgence

For two months, Ray Ganthner took to the road, visiting a dozen power companies to find out if his bosses should take a $100 million gamble. Asking executives

Texas firms join race for LNG project

Launching an offshore land rush, two Texas energy companies formally applied to the federal government yesterday for permission to build a linked pipeline and liquefied natural gas unloading station about 13 miles off the coast of Gloucester The moves by business partners Duke Energy Corp. and Excelerate Energy LLC set up a head-to-head race with […]

US Needs 10 New LNG Terminals By 2025 To Meet Demand -EIA

The U.S. needs 10 new liquefied natural gas terminal projects to come online by 2025 to meet its increasing domestic demand, an official from the statistical arm of the U.S. Department of Energy said Tuesday. Based on current projections, “LNG imports in 2025 will reach 6.4 trillion cubic feet, but that is still only about […]

U.S. Not Worried About China Investment

China’s increasing investment in oil and natural gas projects in Canada and Latin America to secure supplies for its growing needs isn’t a concern to the United States, a senior energy official said Tuesday. Guy Caruso, administrator of the U.S. Department of Energy’s statistical arm, dismissed competition from China in seeking new energy sources, saying […]

Saudi Arabia urges consumer nations to build oil refineries

Saudi Arabian Oil Minister Ali al-Nuaimi urged consumer countries to build more refineries to put an end to a shortage that is causing oil prices to surge. “The supply is here, inventories are building, there is certainly no shortage of supply — so build, build refineries, Nuaimi told reporters. “Start building refineries and you will […]

Malaysian PM calls for energy diplomacy to meet rising demand

Malaysian Prime Minister Abdullah Ahmad Badawi on Monday urged Asian countries to engage in “energy diplomacy” to secure the region’s huge energy requirements as oil prices hit historic highs. Abdullah said that because Asia is expected to account for most of the growth in future demand, the race to secure energy resources among national oil […]

Petronas in talks to develop Iraq oil

Malaysia’s state oil company Petroliam Nasional Bhd (Petronas) said on Monday it was in talks with Iraqi officials about how it could help develop the country’s war-battered oil industry. Petronas, already working in political hot spots such as Sudan, Myanmar and Iran, is expanding offshore as part of a long-term ambition to become a global […]

Bomb strikes key Iraq oil centre

At least 16 people have been killed in a bombing in the Iraqi city of Kirkuk, a key centre of Iraq’s oil industry.More than 50 people were wounded in the explosion, which may have been a suicide bombing, police say.Some reports say the blast happened at a bank where pensioners were waiting to collect money, […]

Funding for deep carbon storage

The UK government has pledged BBC

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