Russian Oil Companies Fail to Increase Production for 8th Month Straight

Having risen to a new post-Soviet high of 9.42 million barrels per day last September, oil production has since fallen due to seasonal factors, the Yukos crisis, and higher taxes. In April, output fell to 9.30 million barrels per day from 9.33 million in March. Analysts, interview by the Reuters agency, have said the slowdown in output is further confirmation that the Kremlin

Summer Strength Predicted for US Natural Gas Prices

NGSA’s Blount, president of Unocal Corp.’s midstream and trade division, noted that weather is always the largest single factor affecting gas pricesOil & Gas Journal

State Welcomes All to Lift Oil Output

Russia plans licensing rounds for several hundred offshore and onshore oil blocks for both local and foreign firms in order to stem slowing crude production growth and boost reserve replacement rates, a senior official said Wednesday. Anatoly Ledovskikh, head of the Federal Subsoil Resource Use Agency, said the government was worried that oil production was […]

Researchers Up 2005 Atlantic Hurricane Activity Projections

Revising their predictions on the eve of the official start to hurricane season, Colorado State University’s William M. Gray and Philip J. Klotzbach said the 2005 hurricane activity in the Atlantic Basin is now expected to be “well-above average,” an upgrade from their early April prediction for an “above-average” hurricane season. Hurricane season officially runs […]

Saudi Arabia Sees Oil Output Rising to 16 Mln Barrels Daily in 2025: CSIS

Saudi Arabia, the world’s leading oil producer with 12.5 percent of global output, will be able to offer 16 million barrels per day (mbpd) in 2025, the Center for Strategic and International Studies forecast. “The CSIS sees Saudi capable of doing at least 16 mbpd in 2025,” CSIS expert Nawaf Obaid told a small group […]

‘Saudi Output Peaked; Due to Decline’

Saudi Arabia, the worldGulf Times Newspaper

Venezuela Govt Ready to Close Ops of Tax Evading Oil Companies

The Venezuelan government is ready to shut the operations of foreign oil companies that have evaded taxes until they pay what they owe, said the head of the Seniat tax office, Jose Vielma Mora. Local media quoted Vielma as saying: ‘I don’t want oil companies to leave, but we do want them to pay.’ Forbes

Euro Sinks Further After ‘Break Up’ Talk

The under-fire euro fell further on Wednesday, slumping to an eight-month low against the US dollar amid rumblings over the long-term future of the eurozone. The fresh selling was prompted by a report claiming that Hans Eichel, the German finance minister, and Axel Weber, the president of the Bundesbank, were present at a meeting at […]

Dutch Voters Reject EU Constitution

Dutch voters overwhelmingly rejected the European Union constitution Wednesday, the prime minister said, in what could be a knockout blow for the charter roundly defeated just days ago by France. Less than an hour after the polls closed, Prime Minister Jan Peter Balkenende conceded defeat in his campaign to ratify the constitution and said the […]

OPEC May Output Rises Slightly To 30 Million B/D -DJ Survey

OPEC production rose slightly in May to 30 million barrels a day, led by new production from Iran and Kuwait compensating for a drop in Iraqi output, a Dow Jones Newswires survey found Wednesday. Production for the Organization of Petroleum Exporting Countries inched up 50, 000 b/d from 29.95 million b/d in April, according to […]

Crude Oil Rises Most in 6 Months on Concern Over Fuel Supplies

Crude oil had the biggest gain in almost six months, topping $54 a barrel in New York, as refinery malfunctions raised concern that refiners won’t produce enough gasoline to meet peak demand this summer. U.S. refineries have increased operations to about 95 percent of capacity as they struggle to meet growing demand. Royal Dutch/Shell Group […]

A Picture of Depletion

For most people there was some one thing that brought the reality of Peak Oil home to them. For me it was this picture, from a paper by Dogru, Hamoud and Barlow in JPT in February 2004…It shows a vertical slice taken through the Abqaiq oilfield in Saudi Arabia, using an instrument that measures the […]

Costs Rising For Saudi Oil Expansion Plans

Tougher-than-expected technical hurdles and an accelerated schedule are quickly raising costs for Saudi Arabia’s ambitious plans to increase its oil production capacity, a Saudi analysts said Wednesday.

The government is now budgeting $15 billion-$18 billion to ramp up its capacity to about 12.6 billion barrels a day by early 2009, according to Nawaf Obaid, managing director of the Saudi Strategic National Security Assessment Project.

The earlier estimates had been for a more modest $12 billion-$15 billion budget.

Obaid said getting oil out of the Khoreis and Khursaniyah oil fields has proven more challenging and required costlier drilling technology then expected.

http://www.slb.com/news/story.cfm?storyid=627593

Oil prices may double in three years, analyst says

One of the world’s leading energy analysts on Monday called for an independent assessment of global oil reserves because he believed that Middle Eastern countries may have far less than officially stated and that oil prices could double to more than US$100 a barrel within three years, triggering economic collapse. Matthew Simmons, an adviser to […]

Welcome to the 6th Extinction

Though it is true that life, so incredibly resilient, has always recovered (though after long lags) after major extinction spasms, it is only after whatever has caused the extinction event has dissipated. That cause, in the case of the Sixth Extinction, is ourselves — Homo sapiens. This means we can continue on the path to […]

Peak Oil History 101: Causes of the Situation

By DAN MCMENAMIN / Aggie Science Writer Posted 06/01/2005 Editor Doubters have dismissed peak oil

TURKEY: Bomb Attacks Target Petroleum Pipeline

A fragmentation bomb ripped through petroleum pipeline in southeastern Anatolian province of Batman. The second bomb targeted the ruling Justice and Development Party’s town branch in central Anatolian province of Konya early Monday. The first bomb exploded at a petroleum pipeline of Turkey Petroleum Corporation’s (TPAO) Batiraman facility in Batman province. The explosion caused leakage […]

Wind yes, Nuclear No for Sweden

Sweden has closed its Barseback 2 nuclear reactor. two years behind schedule, and 25 years after Swedes voted to stop using atomic energy. Danes celebrated the shutdown, as Barseback lies just across the Baltic Sea from their capital, Copenhagen. Sweden took the decision to phase out nuclear power in 1980, when anti-nuclear protest was at […]

North Korea, Facing Food Shortages

N. Korea is sending larger percentage of city dwellers to countryside on weekends to tend rice fields.

NYT

Iran to India Gas Pipeline

Indian Oil Minister Mani Shankar Aiyar is visiting Islamabad at the weekend to hold talks with Pakistan over a proposed route for a gas pipeline from Iran, which he said he hopes will lead to an agreement that attracts companies and finance for the multi-billion dollar project. Aiyar will meet his counterpart Amanullah Khan Jadoon […]

OPEC likely to maintain current output

OPEC’s president Sheikh Ahmed Fahd al-Sabah said on Wednesday that the oil producing cartel will most likely maintain current output levels at its next meeting set for June 15 in Vienna.

“I started consulting with some of my colleagues. I think the situation is that we will continue to maintain our production (levels) now,” Sheikh Ahmed, who is also Kuwait’s energy minister, told reporters in parliament.

“And this will be… unless there is something unexpected in our meeting in June,” he added.

Times of Oman

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