Chavez: Venezuela Sees Oil Income Boost

President Hugo Chavez said Friday that Venezuela expects to reap an additional US$1.5 billion (euro1.24 billion) this year in oil income with the return of 32 privately operated oil fields to state control. This “shows how important it is that a country manages its strategic resources,” Chavez said in a nationally broadcast speech.

China, Africa, and Oil

As global demand for energy continues to rise, major players like the United States, European Union (EU), and Japan are facing a new competitor in the race to secure long-term energy supplies: China. The rapidly growing Asian nation has crafted its foreign policy goals around getting the resources needed to sustain its economic development, and […]

Iran ‘moves assets out of Europe’

Iran has started moving its foreign exchange reserves out of Europe in a bid to shield the country from the threat of sanctions, reports suggest. Iran’s central bank governor said the country had begun withdrawing assets from European banks, the Iranian Students News Agency reported. Iran is embroiled in a row with the US and […]

Statoil closes down production on five fields

Statoil has closed down oil and gas production on the Aasgard B(photo), Mikkel, Kristinn, Visund and Nome fields due to bad weather and accidents. Statoil stands to lose NOK 60 million a day on the oil production alone.

BP Chairman Paints Rosy Picture of Post-Peak North Sea Oil, or Does He?

British North Sea oil production peaked in 1999. Then output stood at just over 3 million barrels a day. Latest figures put that output today at around 1.5 million barrels per day. Yet Lord Browne of BP [LSE:BP; NYSE:BP], addressing a conference in Aberdeen has hit back at those who say the days of North […]

Warmer seas will wipe out plankton, source of ocean life

The microscopic plants that underpin all life in the oceans are likely to be destroyed by global warming, a study has found. Scientists have discovered a way that the vital plankton of the oceans can be starved of nutrients as a result of the seas getting warmer. They believe the findings have catastrophic implications for […]

Nigerian militants say to resume oil attacks soon

LAGOS (Reuters) – Oil unions threatened to withdraw from Nigeria’s delta on Friday if security worsened as local militants hardened their rhetoric, vowing to resume attacks and execute three foreign hostages if another one died. The militants, whose violent campaign has driven oil prices to a four-month high, are demanding the release of two Ijaw […]

Earth’s Limited Supply of Metals Raises Concern

If all nations were to use the same services enjoyed in developed nations, even the full extraction of metals from the Earth’s crust and extensive recycling may not be enough to meet metal demands in the future, according to a new study. According to the study, all of the copper in ore, plus all of the […]

Brent rises $2 after Kuwait reserve report

LONDON, Jan 20 (Reuters) – London Brent crude futures rose $2 on Friday to its highest level since early September after a report that Kuwait’s oil reserves are only half those officialy stated. March Brent rose $2.01 to $67.24 a barrel after industry newsletter Petroleum Intelligence Weekly (PIW) reported it had seen internal Kuwaiti records […]

SMS 2 TRN UTRCHT LTS ON-OF

Utrecht city council plans to operate its street lighting network by SMS, a council spokesman said on Thursday. The system will be more flexible and economical than the current one…So far 50 or the city’s 500 switches operate via SMS, controlling 1500 street lights. City-wide implementation will save around EUR 50,000 per year in energy […]

Iran Cuts off Natural Gas Flow to Turkey

Iran has reduced on Thursday the amount of natural gas to Turkey to six million cubic meters giving This latest development has alarmed the Turkish Ministry of Energy and Natural Resources. Next week will be very hard for Turkey since natural gas is mostly used for heating purposes, especially in houses rather than in industrial […]

Natural gas big winner as energy prices soar

CALGARY — As Canada’s largest energy companies get set to release record-shattering fourth quarter and year-end results, the biggest profits are expected to come from the natural gas producers. In the fourth quarter, natural gas prices soared to an average of $12.30 US a thousand cubic feet, almost double the price in the same quarter […]

What they don’t want you to know about the coming oil crisis

Soaring fuel prices, rumours of winter power cuts, panic over the gas supply from Russia, abrupt changes to forecasts of crude output… Is something sinister going on? Yes, says former oil man Jeremy Leggett, and it’s time to face the fact that the supplies we so depend on are going to run out A spectre […]

Behind rising oil cost: Nigeria

Unrest in the country’s oil-rich delta region helped to drive crude prices this week to $66 a barrel. IWHREKAN, NIGERIA On July 21, 2005, the pipeline that runs near here ruptured. Streams of black goo oozed into farmers’ fields and a fishing creek. Because of a complicated dispute between villagers and the major oil company […]

Regulators Approve Mass. Town LNG Terminal

WASHINGTON – Federal regulators said Thursday they won’t reconsider their approval of a liquefied natural gas import terminal in the heart of Fall River, Mass., though city and state officials say it would pose a safety risk. Opponents of the facility said they would ask a federal court to block the project, the focus of […]

Tax plan for greener light bulbs (UK)

The government is considering an extra tax on energy inefficient light bulbs. Costlier compact fluorescent bulbs use a fifth of the energy of Victorian- style incandescent ones, those with a filament, and last much longer. Chairman of the all-party group on climate change, Colin Challenge, is asking the Treasury to gradually raise the tax until […]

Koizumi’s electric dream puzzles carmakers

Electric cars have received a high-profile endorsement from Prime Minister Junichiro Koizumi, but his enthusiasm has most industry leaders scratching their heads. Long ago, major automakers concluded that electric cars are impractical, at least for mass production, and have moved on to gas-electric hybrid and fuel-cell technologies. “It’s fine that (Koizumi) rides various vehicles,” Toyota […]

Countries strive for developing hydrogen energy

Many countries in the world have started to implement a diversified energy strategy, making efforts on research and development of new energy resources, seeking alternative energy and technology to petroleum. In all new energy resources, hydrogen is considered to have the best prospect of application. Industrialized nations have increased their investment in development of hydrogen […]

Forecast for Earth in 2050: It’s not so gloomy

When researchers scan the global horizon, overfishing, loss of species habitat, nutrient run-off, climate change, and invasive species look to be the biggest threats to the ability of land, oceans, and water to support human well-being. Yet “there is significant reason for hope. We have the tools we need” to chart a course that safeguards […]

Will coal fuel growth in South Africa?

Last year was easier for Coal Procurement South Africa. Despite an ailing rail transport system, the Johannesburg-based coal trader enjoyed a six-month period when it managed to get all its planned rail shipments to Durban port. All too frequently, however, delays or short-notice cancellations force director Georges Mayer to use road transport, which is 10 […]

Will the oil price reach $100-a-barrel in 2006?

The supply and demand dynamics of the oil market remain unchanged. Saudi Arabia repeatedly promises sufficient crude to balance the market, but that is not really the issue. For the problem is a shortage of refinery capacity around the world. Present refineries are ageing and working at full capacity. To design and commission new ones […]

Italy’s energy regulator: strategic gas reserves ‘insufficient’

Italy’s chief energy regulator, Alessandro Ortis, said Italy’s strategic gas reserves are ‘insufficient’ for emergencies. Ortis, who chairs the Authority for Electric Energy and Gas, told a parliamentary hearing the insufficiency has been highlighted by extreme weather events last year and current gas supply difficulties. These factors ‘are revealing insufficiencies in meeting adequately the bigger […]

Price control cannot ensure energy supply

Though policy-makers made clear their intent to allow energy prices to rise, the increase in liquefied natural gas (LNG) in South China since the end of last year is stretching their patience to the limit…Undoubtedly the ongoing short supply of LNG reminds us of the similar oil crisis that hit the same region last year.China […]

South America Seeking Energy Independence

Aiming to leverage their huge natural gas reserves, left-leaning leaders across South America are talking about building a network of pipelines stretching thousands of miles to feed growing demand and wean themselves from being so dependent on big American and European energy companies. But their show of brotherhood could backfire if this expensive pipe dream […]

U.S. Won’t Run Out of Fuel if Iran Flows Stop

The chief economist of the largest oil trade industry group in the U.S. said Thursday he didn’t expect the country to suffer prolonged gasoline shortages if Iranian oil exports were halted as long as the federal government does not attempt to control prices. “In all likelihood it will be a tight market,” said John Felmy […]

Sino-Japanese oil rivalry spills into Africa

China and Japan – the two giants of East Asia – are competing for energy resources around the globe. Their rivalry in the East China Sea, Russia, Central Asia and Southeast Asia has been well documented. Yet little has been written in Washington about the impact of Sino-Japanese rivalry in Africa. With one-third of its […]

Forget Cheaper Oil in 2006?

Only a month ago chances seemed good that 2006 would break the streak of five consecutive years of rising oil prices. But not anymore. Less than three weeks into the new year, the prospect that the average price per barrel for light, sweet U.S. crude in 2006 would fall below last year’s nearly $57 per […]

Al Qaeda Web site calls for attack on Alaska oil

A Web site said to be affiliated with al Qaeda is calling for attacks on oil and gas facilities in Alaska, according to SITE, a nonprofit organization that monitors jihadist activities. The 12-page report on the Web site provides detailed Internet links to maps and information to the Alyeska Pipeline and the Valdez tanker port […]

Honda Civic Hybrid Awarded ‘Best New Alternative Power’

Honda’s advanced technology leadership in the area of fuel efficiency and low-emission vehicles was recognized by the Automobile Journalists Association of Canada (AJAC) with the Honda Civic Hybrid being named the “Best New Alternative Power” vehicle for 2006. “The new Civic Hybrid provides Canadians the ultimate in efficient technology with improved performance while providing outstanding […]

Getting Off the Oil Nipple

Amory Lovins has a vision: The U.S. economy keeps going and going and goingWhen I give talks about energy, the audience already knows about the problems. That’s not what they’ve come to hear. So I don’t talk about problems, only solutions. But after a while, during the question period, someone in the back will get […]

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