Tullow bidding to ease gas crux in UK

TULLOW Oil is to raise its North Sea gas production by 25pc as it bids to help fill the energy gap threatening British industry this winter. The move came as wholesale gas prices have jumped 40pc to Gas shot ahead despite a slight fall in crude prices, with Brent crude drifting 66

Campbell warns of recession

An oil expert warned yesterday falling oil reserves could trigger a major global economic recession in the longer term. The warning came as the global economy faced into an uncertain winter. Markets fear prices are likely to rise again as shortage drives up demand. Crude oil futures rose in Tokyo on expectations cold weather will […]

Green energy brings in the green

The normal trickle of applicants to Xcel Energy’s Windsource program turned to a full-blown gale last month after customers learned that wind power is now cheaper than conventional electricity. As a result, the program is now fully subscribed with 33,265 Colorado customers and has a waiting list of 1,100. Even before the enrollment surge, Windsource […]

Refinery bottleneck to ease

Oil companies already have plans to add 6 percent to US capacity. GARYVILLE, LA. One expansion already being planned is here at the Marathon Oil refinery – built on a former sugar-cane plantation – which sustained no significant hurricane damage. If the oil companies follow through on their plans, this would be equal to 50 […]

Oil Companies File Arbitration Against Yemen

Two United States oil companies, taking an unusual tack, filed arbitration proceedings this week against the government of Yemen for expropriating an oil-producing block with output worth more than $1 billion a year. A venture owned by the Hunt Oil Company and Exxon Mobil sought arbitration before the International Chamber of Commerce in Paris, a […]

Russia to increase oil exports to Asia

Russia, world’s second largest oil producer, today offered to increase crude oil exports to Asia for ensuring energy security and reduce risks for the region. Currently, Russia exports over 90 per cent of its energy to Europe but was looking closely at Asian and Pacific destinations. We forecast Asia’s share in Russian oil exports to […]

New England Looks to Canada for Natural Gas Needs

Energy analysts predict that by 2010, and perhaps sooner, there won’t be enough supply to fulfill the region’s energy needs. But plans to build liquefied natural gas terminals in New England face stiff opposition. But the plan depends heavily on the goodwill of another government — and its regulations — for a crucial energy source. […]

Iraq seeks $38b to boost oil output

Iraq seeks $38 billion of mainly foreign investment to boost crude output, but talks with oil majors to attract the capital are still in initial stages, the powerful head of the Iraqi Energy Council said yesterday. Ahmad Chalabi told Reuters the government ideally would like to triple output to six million barrels per day in […]

Finland Raises Eyebrows with New Nuclear Reactor

Finland is alone among European countries in building a new nuclear reactor — the world’s most powerful. Almost no one in Finland is opposed to nuclear power, and both risks and economic objections are suppressed to the chagrin of other European countries. Will Finland become Europe’s “nuclear park” as critics contend? ..A massive new nuclear […]

Finnish govt finalizes energy strategy

The Finnish government finalized Thursday the working-out of an energy and climate strategy in which it promises to invest in the fields of renewable energy sources, energy conservation, and to reduce greenhouse gas emissions. The target set in the strategy is that the total consumption of renewable energy would increase by at least one quarter […]

New Energy Policy Advisor Outlines Policy Goals

With recent efforts to develop shale oil in eastern Utah and the stateutahbusiness

Can oil production satisfy rising demand?

Energy Secretary Samuel Bodman has asked a high-level advisory board to answer one of the toughest questions dogging the U.S. economy: Can world oil production meet steadily rising demand? The most noteworthy aspect of Bodman’s request is a reference to the “peak oil” debate. At issue: the claim by a vocal minority of energy experts […]

China to raise coal, oil production for higher growth

China is targeting quadrupling its GDP by 2020 by stepping up domestic coal and oil production, Chinese Ambassador Sun Yuxi said here Friday. “Coal will still remain the major energy in China. To achieve the general goal of quadrupling the GDP by 2020, the Chinese government will put energy in a strategically important position in […]

Brazil closer to oil self sufficiency

Brazil moved closer to oil self-sufficiency this week when President Luiz In MercoPress

Venezuela’s Oil Workers Moving On

Three years after President Hugo Chavez purged 20,000 employees from state-owned Petroleos de Venezuela, the oil giant’s production still hasn’t recovered, but many who became part of a global diaspora of Venezuelan talent slowly are putting their lives and careers back together… Worse is that average daily production has remained flat over the last two […]

Petratherm makes geothermal energy breakthrough

Petratherm Limited (PTR) today announced it has found a way to lower the cost and risk of geothermal energy. Geothermal energy is the production of electricity from steam generated through circulating water through hot rocks kilometres underground. New engineering studies by Petratherm have shown that the water can readily be heated and returned to surface […]

Dutch greenhouses move toward energy independence

To support a strategic shift away from consuming large amounts of fossil fuel, the greenhouse industry in the Netherlands is turning to GE’s ecomagination initiative for innovative environmental solutions. Using GE’s new Lexan ZigZag sheet polycarbonate roofing material, Hydro Huisman is constructing the first greenhouse that will produce more energy than it uses. Lexan ZigZag […]

Russia Strives for Transparent and Predictable World Energy Market — Minis

On Friday, Nov. 25, Russia’s Energy and Industry Minister Viktor Khristenko said that Russia strives for a transparent and predictable global oil and gas market which is views as the foundation of global energy security. “We do not conceal information about [our] plans to develop the energy sector, the volumes and regions of production, and […]

Norway Govt: Aims to Enlarge Exploration Borders Next Year

Norway will next year present plans to the U.N. to expand the boundaries of its continental shelf, which would open up the possibility for more oil and gas resources, the head of the Norwegian Petroleum Directorate said Thursday. Norway – the third largest crude exporter in the world – wants to expand the Norwegian Continental […]

Giant kites to pull cargo vessels on the high seas

Engineers in Germany think giant kites could soon be pulling cargo vessels across the oceans. It is hoped the process will save money and help cut pollution. Tom Heap reports from trials in the Baltic Sea. Video at the BBC

CO2 ‘highest for 650,000 years’

Current levels of the greenhouse gases carbon dioxide and methane in the atmosphere are higher now than at any time in the last 650,000 years. That is the conclusion of new European studies looking at ice taken from 3km below the surface of Antarctica. The scientists say their research shows present day warming to be […]

The Oil Drum: Happy Peak Oil Day…?

Here’s a graph of world crude oil production (exclusive of NGL), as estimated by the Oil and Gas Journal. The highest production so far occurred in May 2005. The graph is not zero-scaled. May you live in interesting times… Happy Thanksgiving! And more after the jump to The Oil Drum.

Venezuela To Tap Oil Revenue For $100 Billion, 5-Year Investment Plan

Venezuela will tap oil revenue over the next five years to ramp up spending by $100 billion on projects not included in the national budget, President Hugo Chavez said late Wednesday. Chavez, who backs an expansive fiscal policy to encourage economic growth, said Venezuela will spend $20 billion a year for the next five years […]

Crude Oil Falls On Expectations U.S., Europe Can Meet Demand This Winter

Crude oil futures fell a second day in London amid perceptions U.S. and European heating fuel stockpiles are large enough to meet demand when it peaks this winter. U.S. supplies of distillate fuel, gasoline and crude oil all rose in the week ended Nov. 18, an Energy Department report showed yesterday. Distillate fuels, the category […]

US grapples with ‘the age of energy insecurity’

As fuel prices rise with winter’s approach, the debate over US energy security has reached a fevered pitch. Domestic sources open to exploration and production are being depleted and any emergency oil production capabilities are in the Middle East. The fact is that the US is subject to unreliable energy supply at unreasonable cost. If […]

Transition from oil to coal and hydrogen to take time

A 5-10-year transition period is required before coal and hydrogen can provide a solution to the world’s oil shortage, and until then oil prices will continue to shape international relations, experts say. Replacement of imported oil by coal and hydrogen is a security and foreign policy concern. It would avoid disruptions in oil supply and […]

UK gas becomes world’s most costly fuel

British gas has become the world’s most expensive fuel as the country fast runs out of North Sea supplies, forcing industry to cut output and leaving homeowners facing much higher bills. Britain has called for more reforms of the European energy market to bring down prices and give new suppliers greater access to EU pipeline […]

UK oil and gas industry further invests in oil production

The UK oil and gas industry continues in a practical and effective manner to respond to calls for additional investment in global oil production and refining capacity. The UK Offshore Operators Association (UKOOA) reports that UK oil and gas producers are playing their part and investing hard in the mature North Sea to maximize recovery […]

North Sea Chestnut Development Gets Govt OK

Venture Production, the Aberdeen-based independent oil and gas production company, announced Thursday on behalf of its partners that the U.K. Department of Trade and Industry has given its approval for the development of the Chestnut oil field in the central North Sea. Estimated total recoverable reserves for the field amount to between six and nine […]

House and Senate Bills Target Oil Consumption, Promote Fuel Efficiency and Alt F

Green Car Congress reported recently that the bipartisan groups in both the U.S. House and Senate introduced their own versions of ‘Fuel Choices for American Security’ Act. The bills are designed to reduce the consumption of oil through the promotion of fuel-efficient vehicles, including plug-in hybrids, and alternative fuels, primarily ethanol. TheWatt

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