A primer on oil drilling…how has it evolved?

Heading Out writes: So with that evidence of modern technology on one hand, let

Cairn moving slickly to Rajasthan production

CAIRN Energy, the Edinburgh-based oil and gas explorer, said it was “moving rapidly” towards production at its three northern fields – Mangala, Bhagyam and Aishwariya – in Rajasthan. The company said it expects to produce between 120,000 and 150,000 barrels of oil a day from the three key fields, with production from Mangala expected to […]

Russia considering construction of new pipelines to Turkey, Europe: Putin

Russia is going to build new gas and oil pipelines running across Turkey and to Southern Europe, Russian President Vladimir Putin said on Monday.     President Putin made the remarks after his talks with visiting Turkish Prime Minister Recep Tayyip Erdogan in Sochi.     ”We think we may build new gas and oil pipelines in different directions,” […]

Saudi Production and Reserve Estimates Questioned

No less that 17 public pronouncements have been made by Saudi officials between mid February and the second week of July, all attesting tolong-term sustainable increased production. Yet sources have told Middle East Business Strategies that publicly stated projections of Saudi crude oil production increase may not be sustainable.

OPEC sees 2006 demand for its crude at 29 mbpd

Non-OPEC supply is expected to rise strongly next year, almost meeting world oil demand growth and meaning very little need for extra OPEC crude, OPEC headquarters said on Monday. In a monthly report, OPEC’s Vienna secretariat said a balanced world market next year would require 29 million barrels daily of the cartel’s crude, only 100,000 […]

Russia

The average price for Gazprom

Iran-Iraq oil pipeline to become operational next year

Oil Minister Bijan Namdar Zanganeh here Monday said that the construction of pipeline intended to transfer oil from Iran to Iraq, whose agreement was signed 10 months ago, is already underway and is expected to be implemented within a year. Speaking to IRNA on the sidelines of inking a joint agreement in Tehran, he referred […]

Researchers study currents for clues to ocean ‘weather’

The weather is a little different underwater. Some things are similar: When scientists study the interaction of currents known as the “internal weather” of the Atlantic Ocean, they find updrafts, downward flows and even cyclones. But the currents are made of water, not air, so things are different. When was the last time a TV […]

EU Targets Sport Vehicles in Car Emissions Rules

Popular sports utility vehicles (SUVs) in Europe will no longer benefit from a loophole that lets them escape tough emissions standards under draft proposals presented by the European Union’s executive on Friday. The European Commission put forward the tougher new limits on pollution from new cars for comment from industry and other groups before a […]

Australia Looks to China to Double Uranium Exports

Australia wants to double its uranium exports if it can reach a safety agreement with China, which is increasingly turning to nuclear power generation, a senior government minister said on Friday. Australia, which has about 40 percent of the world’s uranium but only mines a fraction of the metal, restricts exports to 36 countries that […]

Former critics see the light

The nuclear power industry has some surprising new friends: environmentalists. Longtime opponents, including Senate Democratic leader Harry Reid of Nevada, have done an about-face, and that might be enough to revive the nuclear industry after a quarter-century hiatus

Russia, Ukraine Settle Gas Dispute

Russia

Consumers struggling with energy costs. (UK)

It has been revealed that an increasing number of people in the UK are struggling to cope with the rising cost of energy bills. Increases in the price of gas has pushed up payments across the country by over half a billion pounds, according to a study carried out by online comparison service uSwitch.com. QCK

Iraq goes courting in Iran

Iraqi Prime Minister Ibrahim Jaafari has taken the first important steps in the sensitive process of normalizing relations with former foe and rival Iran. His three-day official visit to Tehran, which ended on Monday, was “very important and significant”, say senior Iranian analysts. Jaafari arrived in Tehran on Saturday, soon after his defense minister visited, […]

Attack! Attack! Attack!

It’s always difficult to play defense and offense at the same time, but when the geopolitical ground is shifting beneath one’s feet and damaging leaks are spurting out of the White House and Downing Street plumbing like July 4 fireworks, it’s more difficult than usual. At least, that’s the sense one gets after watching the […]

Coal to surpass oil in Colombia exports

On the northernmost tip of South America, a train chugs across the desert past Indians with painted faces while gun-toting guards squint across the barren landscape, on the lookout for outlaws. This tableau may seem straight out a Western, but it is 21st-century life in a remote corner of Colombia, and it paints the nation’s […]

Gas Prices Aren’t Deterring Vacationers

Vacationers coping with surging energy prices this summer could take shorter trips or pass up that extra souvenir or fancy dinner. But most people do not seem to be cutting back dramatically on their spending or skipping holiday travel altogether. That helps explain why the tourism business in the United States is holding up well, […]

Venezuela tightens control over oil industry

With a lawsuit filed against Anglo-Dutch oil company Shell for tax evasion and the confiscation of financial data from U.S.-based Chrevon-Texaco, Venezuela went ahead with a campaign to tighten control over its oil industry. The National Customs and Tax Management Service (SENIAT) said Shell has already been ordered to pay $131 million in back taxes.http://www.tehrantimes.com/Description.asp?Da=7/17/2005&Cat=9&Num=18

Oilcast CopriDex: $60.95 for July 18-22

Oilcast’s Cooperative Price Forecast Index (CopriDex) for July 18th to 22nd is $60.95.

The forecast for last week 11th to 15th was $62.20.
The five day average NYMEX price was $59.10.
Last week’s forecast was too high by $3.10 or 4.98%.

Forecast for next week 25th-29th now ongoing…

http://www.oilcast.com/

A few thoughts on the inflation / deflation conundrum

Another Safehaven article mentioning Peak Oil. Links sudden population changes to inflationary pressures as well. First few paragraphs are good, but the charts and graphs are, well, charts and graphs. http://www.safehaven.com/article-3459.htm

Weekend of Slaughter Propels Iraq Towards All-Out Civil War

IRAQ is slipping into all-out civil war, a Shia leader declared yesterday, as a devastating onslaught of suicide bombers slaughtered more than 150 people, most of them Shias, around the capital at the weekend. One bomber killed almost 100 people when he blew up a fuel tanker south of Baghdad, an attack aimed at snapping […]

Wind Farms Could Meet Energy Needs

Wind power could generate more than enough sustainable electricity to meet global energy needs, according to new research. Scientists at Stanford University have produced a world map that plots wind power potential for the first time. They say that harnessing even 20 percent of that energy would produce eight times more electricity than the world […]

Crude Oil Rises as Mexico Shuts Offshore Output for Hurricane

Crude oil rose a second day as Mexico’s state-owned oil company shut offshore fields as Hurricane Emily approached the country’s Yucatan Peninsula. Petroleos Mexicanos yesterday halted output in the Campeche Sound, where three-quarters of the country’s 3.4 million barrels a day of oil is pumped. Emily is the second hurricane since the June start of […]

Study Says Ethanol Not Worth The Energy

Farmers, businesses and state officials are investing millions of dollars in ethanol and biofuel plants as renewable energy sources, but a new study says the alternative fuels burn more energy than they produce. Supporters of ethanol and other biofuels contend they burn cleaner than fossil fuels, reduce U.S. dependence on oil and give farmers another […]

Iran Says Old Foe Iraq Is Now Its Brother

Iran on Saturday hailed Iraq as its “brother,” taking a further step toward laying to rest the spectre of their war of attrition in the 1980s that killed hundreds of thousands on both sides. Iran and Iraq bludgeoned each other to a stalemate between 1980 and 1988, but on Saturday cemented improving ties with warm […]

All Fished Out

Taiwan will meet with Japan next week to try and calm the waters surrounding the disputed Diaoyutai archipelago. Both countries, as well as China, claim ownership of the island chain. And though the islands themselves are nearly deserted, the waters around them are an historic fishing ground. But the recent headlines created by frustrated fishermen […]

Wanted: Adult in the White House

I’m not a big worrier by temperament. The recent terror attacks in London would not put me off public transit. I had no qualms about boarding an airplane after 9/11. In my various jobs, I’ve received personal death threats that I’ve shrugged off. But now I’m worried. I’m worried about our staggering deficit (which the […]

Fuel cell future? PBS program explores

Explaining how fuel cells work is a daunting task, but an upcoming PBS television program makes it simple MSNBC

A peek on peakoil…

So what is it going to be like, this peakoil? Take a peak in: 1) Indonesia: “So acute is the shortage and so desperate were some vehicle-owners that they took to sleeping overnight at the stations to ensure their tanks were filled when supply arrived. The shortage criss-crossed the vast archipelago, disrupting public transport in […]

Turning tar sands in to oil

How much the Alberta oil sands, as Canadians call their tar sands, can help in this transition is debatable, as industry estimates of economically recoverable oil reserves in Canada vary enormously.

Oil & Gas Journal estimates close to 180 billion barrels, second only to Saudi Arabia’s approximately 260 billion, while BP Statistical Review of World Energy puts the figure at about 17 billion barrels, based on oil sands under active development. And the Canadian oil sands don’t even turn up on the International Energy Agency’s industry lists of the 10 countries with the largest proven oil reserves.

Even the higher industry estimate is only about a six-year world supply, as the planet now consumes close to 30 billion barrels of oil a year.

Cleveland Plain Dealer

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