Rts Group: China Trying To Discredit Oilfield Investors -FT

Chinese officials from Shaanxi province are trying to discredit the case of a group of oilfield investors who claim their property was unjustly seized by the state, the Financial Times reports a U.S. human rights group as saying. New York-based Human Rights in China said officials from the northern Chinese province had held “coercive private […]

BP Assessing Damage to Thunder Horse Platform in Gulf of Mexico

BP today confirmed that the Thunder Horse semi-submersible platform, located in Mississippi Canyon Block 778 in the deepwater Gulf of Mexico, 150 miles southeast of New Orleans, is listing following the passing of Hurricane Dennis. Early reports confirmed that the platform is listing an estimated 20 – 30 degrees. The Thunder Horse field is in […]

Saudi Aramco Joins Hands with Sinopec

Saudi ArabiaArab News

This Time, America Shrugs at High Oil Prices

When oil prices spiked in the early 1980s after the Iranian revolution, Jared Nedzel gave up his 1978 Pontiac Trans Am, an emblematic American muscle car, for a smaller, less extravagant Toyota Corolla. He was on his way to Cornell University to study civil engineering, and he needed a more economical car. Today, Nedzel, a […]

Feds no longer dismiss talk of housing bubble

When we first began writing about the possibility of a housing bubble nearly three years ago, economists who sketched a grim scenario of downward spiraling prices largely were dismissed as overly pessimistic cranks.

So far, their harsh projections have failed to materialize. But even the most optimistic housing industry boosters are beginning to worry, to wonder and to wish out loud for a cooling-off period.

MSNBC

G8 Energy Plan a Good Starting Point – IEA

The West’s energy watchdog hailed on Monday an action plan by the Group of Eight powers to promote energy efficiency and cleaner fuels to tackle global warming but said steps needed to be taken soon. The G8 leaders agreed the plan last week at their summit in Gleneagles in Scotland where they recognized climate change […]

OPEC Pumps 30.1 Million Barrels Per Day in June, According to Platts

OPEC cranked out an additional 80,000 barrels per day (b/d) of crude in June to push average production over the month up to 30.1-mil b/d, a Platts survey of OPEC and oil industry officials showed July 11. Excluding Iraq, the 10 members with crude output quotas pumped an average 28.25-mil b/d, 50,000 b/d higher than […]

Major UK Peak Oil conference – October 2005

On 11 October 2005, in London, a major conference will look at the peak oil problem and its impact on climate change, the world’s food supply and the world economy. Speakers include Michael Meacher MP, Tim Lang and Andrew Simms (of NEF), and the chair will be Dr Ian Gibson MP. The conference is being […]

Oilcast CopriDex July 11-15 $62.20

Oilcast’s first Co-Operative Price Forecast Index or CopriDex is as follows:

An average NYMEX crude closing price for July 11-15 2005 of $62.20.

Editors comment: Looks a bit high to me (AP)

Please note this is not a view of Oilcast editorial but a cumulative forecast undertaken by Oilcast listeners and should in no way be taken as an indicator with which to trade.

Come and forecast the price for next week 18th-22nd July 05.

http://www.oilcast.com/

Some technical information on horizontal drilling…

Using horizontal drilling, the well will drop straight down for two miles, then take a gradual turn and travel sideways until it reaches the rock underneath the subdivision.

This is usually in a specific position across the oil/gas bearing layer, although in the recent well in Alaska the horizontal well was deviated so that it undulated up into an overlying oil-containing layer for a while, then down into a thicker one underneath, and then back up into the upper oil-bearing layer etc. {snip} I mention all this so that you can realize that while, in the end, these techniques can produce much more oil and gas from the rock in a shorter overall time, the time that it takes to prepare the well becomes much longer…

More after the jump at The Oil Drum.

Russia can guarantee oil and gas supplies to global economy – presidential aide

Russia can guarantee that the global economy will have enough energy resources and will develop positively and predictably, a presidential aide said Sunday. Igor Shuvalov told a nationwide Russian TV channel: “Russia can play the most important role here as a predictable and democratic country. We are part of the Group of Eight [industrialized nations] […]

Weakening won, oil prices magnify inflationary pressure

Lofty oil prices were always a threat but a fresh weakening of the won is threatening to magnify the threat to Korea’s economy, analysts say.

Although crude prices have been on a steady climb since last year, so has the won’s strength against the U.S. dollar, the currency of global oil transactions.

With fewer won needed to convert into dollars to pay for oil shipments, Korean companies have been able to blunt the impact of higher energy costs.

But now, with the won softening since early June, the weakening Korean currency combined with surging oil “can trigger cost-push inflationary pressure stemming from an increase in raw material import prices,” said Kwak Soo-jong, a senior researcher at Samsung Economic Research Institute.


Korea Herald

Uzbek unrest threatens Russia

“Uzbekistan is to Russia what Mexico is to the United States,” Elizaveta Isaev, professor of Russian politics, said to me as we walked along Old Arbot Street.          ”Just as the United States cannot control its southern border with Mexico, so a radical Islamic victory in Uzbekistan, coupled with our Chechnya problem, would create a […]

U.S. official touts Canada’s oil sands as plus for security

U.S. Treasury Secretary John Snow said Friday that crude output from Alberta’s oil sands substantially improves energy security for the United States and Canada as the world frets over crude supplies and surging prices.

Houston Chonicle

Gas may reach $3

 Gasoline prices may get worse during the next few years. Fereidun Fesharaki, an expert in energy economics with the East-West Center in Hawaii, said he expects gasoline prices will easily reach $3 within a year and up to $5 by the end of the decade.

Prices set to go up further in 2006: analyst

Crude oil prices may increase in 2006 because supply isn

OPEC says any output hike to be based on mkt need

output hike would be based on market need not other factors such as the recent London attacks, a spokesman for the cartel was quoted on Monday as saying. “There is no relation between what happened in London and the organisation’s decision,” OPEC spokesman Abdel-Rahman al-Khreiji told Kuwait’s state news agency KUNA in Vienna.

Looming China oil output peak means import overdrive

But as China

Oil fuels UK producer input costs

Raw material costs rose at their fastest pace in 20 years in June as soaring oil prices continued to put pressure on industry. Producer input prices rose 2.1% between May and June, giving an annual increase of 12.7%, according the Office for National Statistics (ONS).

Extreme impact of global warming on Europe, new report

Spaniards could be sunning themselves on British beaches and Greeks could be cruising down the Rhine if global warming patterns continue, a report revealed today. Southern Europeans could be heading northward for their summer break and British holidaymakers could be boycotting Benidorm as temperatures rise to unbearable levels within the next twenty years. MedicalNewsToday

Dangerous Summer for Nuclear Power Plants

The northern hemisphere’s summer began officially just a few weeks ago, but the high temperatures already recorded in France could prompt the shutdown of some of the 58 nuclear reactors that supply 80 percent of the country’s energy. On Jun. 23, Electricite de France (EDF), the government electrical power monopoly that controls the nuclear facilities, […]

Should we invest in nuclear power?

Climate change and rising demand for energy are sparking debate about energy alternatives for the future. Whatever actions America takes must be affordable as well as effective. The Bush administration wants to expand commercial nuclear power. While the idea predictably has met resistance, no reasonable solution should be off-limits. Even some environmentalists say climate change […]

Canadian Natural Gas May Rise Amid Storm Cuts, Higher Demand

Canadian natural-gas prices may rise amid uncertainty about the duration of U.S. production cuts caused by Hurricane Dennis and increased demand that’s pared additions to inventories in recent weeks. Dennis came ashore yesterday on the west coast of Florida, missing the main petroleum-producing region in the Gulf of Mexico. Companies that had shut oil and […]

US and China Slipping Into a Conflict Over Oil

Occasionally, there are tipping-point moments and we are witnessing one at the moment. Seismic change is afoot. As oil prices breach $60 a barrel and pessimists warn that the world could be as little as 10 years away from a first-order resources crisis, ChinaAlJazeerah

Coal Touted As Alternative To Oil

Oil run-up carries two local coal stocks higherBy Gregory CanceladaOf the Post-Dispatch07/03/2005Record-high oil prices may be hurting consumers and many businesses, but the prices also juiced up the stock performance of a few St. Louis area companies during the first half of 2005. The area’s two coal companies were among the top 10 local stock […]

Russia’s Putin to propose ‘world energy policy’ at 2006 G8 meeting

Moves to stabilise world energy supplies will top the Group of Eight agenda at next year’s meeting in Russia, President Vladimir Putin said. ‘We will propose a world energy policy,’ Putin told reporters at the end of the G8 summit in Gleneagles, Scotland.

The Economic View: Mid-year outlook shows energy prices starting to bite

Higher energy prices will take a toll on U.S. and global economic growth: The terrorist attacks in London are a grim reminder that the war against terrorism is far from over. These cowardly attacks against innocent British civilians will have a mournful, albeit temporary, impact on consumer, business and investor behaviors in Western countries. In […]

Rising petrol prices fuel anti-Bush backlash

Maybe Prime Minister John Howard, when he travels to Washington late next week, could offer a few tips to the President about the need to keep his team focused, “on message” and disciplined. But for all the debate about Iraq and the mounting human cost, there is something else that many pundits have not been […]

Asians cling to SUVs despite rising oil prices

Move over, slow drivers. A busy mom with a monstrous turbocharged truck, a long grocery shopping list and a wailing child strapped to the back seat is looming right behind you.Petrol-guzzling sport utility vehicles (SUVs), the carrier of choice among fashionable urban women and affluent families, remain highly popular across the Asia-Pacific region despite soaring […]

China, Nigeria sign oil supply pact

PetroChina International and the Nigerian National Petroleum Corporation (NNPC) signed in Abuja on Friday an oil supply pact, with the latter selling 30,000 barrels of crude a day to the former. Si Bingjun, managing director of PetroChina, and Edmund Daukoru, special adviser to Nigerian President Olusegun Obasanjo on Energy and Oil Matters, signed the contract […]

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