Shell Canada: Oil Sands Project Faces Higher Costs

(MarketWatch) — Shell Canada’s (SHC.T) C$7.3 billion ($6.57 billion) plan to expand its 155,000 barrel-a-day Athabasca Oil Sands Project, or AOSP, could cost 50% more than previously expected, according to one of the companies involved in the project. In a press release, Western Oil Sands (WTO.T), which owns a 20% stake in the AOSP, said […]

Robert Newman History of Oil

Robert Newman gets to grips with the wars and politics of the last hundred years – but rather than adhering to the history we were fed at school, the places oil centre stage as the cause of all commotion. This innovative history programme is based around Robert Newman’s stand-up act and supported by resourceful archive sequences and stills with satirical impersonations.

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Oil Analysts Raise Forecasts on Demand Growth, Supply Threats

(Bloomberg) — Oil analysts raised their price forecasts for this year as demand increases and threats to output loom in the Persian Gulf, Nigeria and the Gulf of Mexico. Crude oil will average $67.25 a barrel, $9.25 higher than expected at the start of the year, according to the median forecast in a survey of […]

Saudi Arabia: Record 100 Oil Rigs Operating in Kingdom

Schlumberger – Saudi Arabia, the world’s biggest oil exporter, said Wednesday that a record 100 oil drilling rigs are now operating in the kingdom and that it expects to close 2006 with 121 in operation, state-run oil giant Saudi Aramco said Wednesday. The flurry of drilling activity is all part of an ongoing $50 billion […]

Oil hits new record high

Tensions over Iran, worries about North Korea, send crude soaring. LONDON (Reuters) — Oil jumped to a record high Wednesday after talks between OPEC producer Iran and the European Union on incentives to end a stand-off over Tehran’s nuclear work were suddenly postponed. U.S. crude jumped $1.47 to $75.40 a barrel, eclipsing the oil trading […]

Canada taps tough-to-obtain oil

With crude oil selling for over $70 a barrel, costly development of unconventional oil supplies finally appears viable. Canada, already the USA’s No. 1 source of imported oil, is moving forward with plans to massively expand production of oil from giant tar-like deposits in the country’s West called “oil sands.” For the United States, Canadian […]

Oil rigs leaving Gulf of Mexico

Drilling companies are sending vital shallow-water rigs abroad, driving up domestic energy prices, according to a report. NEW YORK (CNNMoney.com) — Oil rigs are leaving the Gulf of Mexico in record numbers, threatening to put upward pressure on U.S. oil and natural gas prices, according to a report published Wednesday. Drilling companies are increasingly signing […]

The Big Idea: An Energy Tax

I had lunch not long ago with a fund-raiser for a prospective presidential candidate. He admitted that his candidate is still looking for a “big idea.” I won’t say who the candidate is, or even what party he or she belongs to, but I will offer a “big idea” for whoever wants to take it. […]

Consumers face challenges in handling debt

Rising rates, higher gasoline prices are putting a squeeze on budgets NEW YORK – Rising interest rates and higher gasoline prices are putting the squeeze on consumers An important measure of consumer financial distress, late payments on credit cards, ticked up in the first quarter, according to figures from the American Bankers Association. The Washington, […]

Ken Lay, Enron founder, dies of heart attack

NEW YORK (CNNMoney.com) — Enron founder Kenneth Lay died early Wednesday in Aspen, a family spokeswoman said. He was 64. In a statement, spokeswoman Kelly Kimberly said, “The Lays have a very large family with whom they need to communicate, and out of respect for the family we will release further details at a later […]

Jackson Leads Anti-BP March Near Refinery

TEXAS CITY, Texas — The Rev. Jesse Jackson brought his protest of BP PLC to the site of one of the state’s worst refinery accidents Tuesday to speak against what he calls price gouging, discriminatory hiring practices and unsafe working conditions at the company. He led about 100 spirited followers on a march in front […]

Kazakhstan Buys Part of China Oil Producer

ALMATY, Kazakhstan China National Petroleum Corp. took over PetroKazakhstan last year for US$4.2 billion (euro3.28 billion). The takeover was China’s biggest foreign acquisition and the latest in a string of efforts by Beijing to secure foreign energy supplies for its booming economy. The Kazakh government approved the takeover but immediately signaled its intention to buy […]

Mayo Clinic collides with coal trains

ROCHESTER, Minn. But a plan by the Dakota, Minnesota & Eastern Railroad (DM&E) to run mile-long trains loaded with coal through here daily has fueled a bitter eight-year battle pitting the famous clinic and its hometown against a growing railroad. On one side is DM&E, which is based in Sioux Falls, S.D. It wants to […]

Energy Costs mean loss of jobs in UK Clay industry

– French owner of historic business to cut half staff – Cost of power blamed as production shifts to Brazil One of Britain’s most fragile regional economies was dealt a hammer blow yesterday when the main operator of the historic china clay industry in the West Country said it would axe 800 jobs, almost half […]

Opposition demands ‘true’ reserve figures in Kuwait

Kuwait’s opposition alliance, which swept to victory in parliamentary elections on June 30th, will reject a government plan to raise oil production capacity in the light of reports that the country’s reserves are half the official figure, a leading opposition MP said. “We will work to introduce key changes to the government oil policy in […]

Finnish Presidency wants ‘new generation’ of environmental policy

During its 6 months at the helm of the EU, the Finnish Presidency wants to initiate a debate on the need for a new generation of environmental policy. The Finns think there is a need for a new approach because globalisation puts a big strain on natural ecosystems and on vital resources for our economies. […]

Vietnam to squeeze biofuel from catfish to run engines

A Vietnamese company plans to turn catfish fat into biofuel to run diesel engines, with industrial-scale production set to start next year, an official of the firm said Tuesday. Catfish exporter Agifish said it had won government approval to build a factory in the southern Mekong delta province of An Giang in 2007 and produce […]

Uganda: After Oil, Country Goes for Uranium

Promising uranium occurrences have been discovered in parts of Buganda, Toro, Ankole and Bunyoro, covering an area estimated at 35,000 sq. kms, the Ministry of Energy and Mineral development disclosed yesterday. According to the 2006 government report on “Opportunities for Mining Investment in Uganda,” -released recently, a few occurrences of Uranium of possible interest have […]

Playing Oil Politics in the Caspian Sea

About a third of the world’s undeveloped natural gas and oil deposits lie beneath the Caspian Sea. Still, its energy potential remained largely untouched until the early 1990s, when many observers declared it the world’s new “Oil Mecca”. The region has caught the attention of leading energy consumers, such as the United States, Russia, China, […]

Asia’s oil demand growth is surging

Oil demand growth in key Asian economies has accelerated at its fastest rate since 2004 and could maintain momentum through the end of this year. But just as hard-hit consumers in Thailand and Indonesia are finally adjusting to last year’s steep increase in their subsidised fuel rates, motorists and industries in China and India are […]

Faced with soaring oil prices, Indonesia turns to biodiesel

With global oil prices continuing to soar, Indonesia is joining other countries in the race for alternative fuels at the pump. High costs, a lack of private-sector zeal, and environmental and social concerns are among the obstacles here on the road away from heavy dependence on fossil fuels and toward alternatives such as biodiesel – […]

Listen if experts disagree over oil

As my wise old dad told me, differences of opinion make horse races. They also make markets. Every trade on the stock exchange implies a disagreement over the future price of those shares. Each party – both the buyer and the seller – believes the other guy is wrong. Usually the rest of us can […]

Caribbean still awaits benefits of oil deal

One year after 13 Caribbean countries signed a deal with Hugo ChThe program has gotten bogged down because many governments do not have state-owned docking or storage facilities, or the know-how to run an oil business – a task they previously left to private companies. While Ch

Clash looming over energy security at G8 summit

The issues of European energy security and Russian access to European Union markets have assumed strategic importance on the eve of this month monstersandcritics

Iraq to open deals for Big Oil

Iraq plans to invite international oil companies to help develop its giant oilfields before the end of this year, Oil Minister Hussain al-Shahristani told Reuters on Tuesday. “These are major projects, giant oilfields,” Shahristani said in an interview on his arrival in Kuwait. cnn

Documents reveal hidden fears over Britain’s nuclear plants

Government nuclear inspectors have raised serious questions over the safety of Britain’s ageing atomic power stations, some of which have developed major cracks in their reactor cores, documents reveal today. guardian

World’s Deepest Offshore Wind Turbines Given Green Light

Talisman Energy (UK) Limited, a wholly-owned subsidiary of Talisman Energy Inc. (TSX:TLM) (NYSE:TLM), has announced that the UK Department of Trade and Industry (DTI) has given its approval for the development of a deepwater wind farm demonstrator project adjacent to the Company’s Beatrice oilfield, 25 kilometres off the east coast of Scotland. ccnmatthews

New Gas Field Discovered

Petroleum and Mineral Resources Minister Ali Al-Naimi yesterday announced the discovery of a gas field in the eastern region capable of producing 20 million cubic feet of gas per day, the Saudi Press Agency reported. arabnews

Search for New Oil Sources Leads to Processed Coal

The coal in the ground in Illinois alone has more energy than all the oil in Saudi Arabia. The technology to turn that coal into fuel for cars, homes and factories is proven. And at current prices, that process could be at the vanguard of a big, new industry. nytimes

Airlines ready for a dogfight over EU’s plan for cleaner, greener skies

A new front in the battle against global warming opens today when 732 MEPs debate the European commission’s plans to extend its fledgling and controversial greenhouse gas emissions trading scheme (ETS) to air travel – the fastest-growing source of carbon dioxide. guardian

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