New low-sulphur crude to be introduced into Asia

New Asian oilfields are about to produce some 120,000 barrels a day of high-quality, low-sulphur oil. The low sulphur oils should appeal to simpler refiners, as more Asian countries switch to lower-sulphur petroleum products to reduce worsening pollution.Even though the fresh barrels won’t fully offset declining output elsewhere in the region, the spread between Tapis […]

Petrotrin gets US$750 million funding for gasoline upgrade

STATE-OWNED oil company Petrotrin has accessed US$750 million from the international capital markets in order to fund its gasoline optimisation project. The completion of the gasoline optimisation project will shift Petrotrin The financing

Methanol as fuel

The use of methanol as a fuel is expected to provide the major impetus for growth in the methanol market over the next decade. Methanol use will increase both as a direct fuel and as Di Methyl Ether (DME), a clean burning alternative fuel made from methanol. With markets currently tight and prices soaring above […]

Norwegian vessel seismic surveying in Falklands and Uruguay

Desire Petroleum PLC (AIM:DES) announced earlier this month that Wavefield InSeis ASA from Norway acquired a majority of the high resolution 2D shallow-seismic data, at a number of potential drilling sites, on its licences in the North Falkland Basin, using the seismic vessel The survey will consist of approximately 7,000 km of long offset Multi […]

Nigeria: Addax Petroleum’s Oml 137 Yields Oil/Gas Discoveries Offshore

ADDAX Petroleum Corporation has announced the discovery of oil and gas in the Ofrima North structure and gas in the Udele West structure, both located in Oil Mining Lease (OML) 137, offshore Nigeria. A statement released by the company disclosed that the Ofrima-2 exploration well, drilled on the Ofrima North structure, discovered a 140 feet […]

African oil producing nations: Looking beyond European markets

Komolafe Rasheed writes on the need for African Liquified Natural Gas producing nations to look beyond Europe for future market of their clean fuel. LiquIfied Natural Gas (LNG) is non-other than natural gas that has been processed and con densed into a liquid and cooled to about. 163-degree celcius for shipment through the sea especially […]

No Oil Yet, But African Isle Finds Slippery Dealings

A decade ago, geologists found signs that one of Africa’s least-known countries, the tiny island nation of Sao Tome and Principe, might hold a king’s ransom in oil. The first drop of oil has yet to be produced. But these days, little Sao Tome may have attracted ample supplies of something else, federal investigators suspect […]

Nationalized oil staying in the ground

WASHINGTON Based on what’s known about the world’s petroleum reserves, nearly all of the increase will have to come from countries that have national oil company monopolies. Conservation, alternative fuels and giant new oil and natural gas fields in areas where Exxon Mobil Corp. and other private companies can explore won’t be enough to meet […]

US Petroleum Industry Draft Sees Energy Demand Soaring

…Houston investment banker Matthew Simmons takes a pessimistic view. He believes the world should be preparing for sharply lower oil production. He points out the NPC study didn’t squarely address one important issue raised by Mr. Bodman in requesting the study: the point at which global oil production will plateau and then begin to decline, […]

The Sins of Affluence

…McKibben, unlike Barber, drills into the fundamental question of the planet So McKibben sets out to find happiness in simpler, less eco-destructive lives. His investigative technique is to travel the world and report what he sees, from factory life in northeast China (surprisingly humanized in his account) to organic farming in urban Havana, and as […]

The oil squeeze has just begun

Think the market is already tight? It’s going to get tighter over the next five years under pressure from both the supply and demand ends. Here’s why. “World will face oil crunch in five years.” That’s not exactly the kind of headline you want to read when crude oil is already at $73 a barrel. […]

OPEC countries ignore West’s agenda

American drivers wince as they pull up at the pump to pay $3 and more for a gallon of gasoline. Our leaders respond by asking OPEC to produce more oil. Congress passes a ludicrous bill making it illegal for oil-producing countries to manipulate prices by withholding “our oil” from the market. Washington apparently didn’t note […]

Stalling on fixing the price of gasoline

By Rep. Adrian Smith, Congressman On a trip back to Nebraska recently, I took the opportunity to meet with folks who were filling up their gas tanks at local gas stations in North Platte, Hastings, and Grand Island. High fuel prices take a toll on our daily lives in so many ways, and Congress has […]

Will the USA Invade Canada?

…Few Americans know that Canada is the leading source of imported energy to the USA. They are the biggest source of foreign oil, natural gas, uranium, and even electricity. As energy costs recently doubled, Canada is becoming wealthy, at the expense of its southern neighbor. This has weakened Canadian support for a NAU. The obnoxious […]

Japan nuke plant reports slew of problems

Thousands evacuate quake zone day after radioactive water spills into sea KASHIWAZAKI, Japan – A nuclear power plant near the epicenter of a powerful earthquake suffered a slew of problems, including spilled waste drums, leaked radioactive water, fires and burst pipes, the reactor Tokyo Electric Power Co. said a total of 50 cases of malfunctioning […]

The Oil Drum: The Peak Oil Booklet

Chapter 1: What Is Peak Oil? Chapter 2: Is This a False Alarm? available as a .pdf for you to send, print, or whatever!Much more after the jump to The Oil Drum… Chapter 1 can be found here. Chapter 2 can be found here.

In The Petri Dish: The Plight of our Energy-Sucking Species

This is not the decade of global warming or even climate change. It is one of ensuing ecological destruction. When the energy runs dry, all of the systems we have so carelessly created to gulp that energy down will be worthless. We can build tiny houses (less than 100 square feet), rip up our lawns […]

Decline in light oil forces rethink

LIGHT oil production is already in decline, except in the reserve-rich Middle East, forcing consumer nations to utilise unconventional resources such as heavy oil, sour crudes and natural gas liquids. Geological constraints, although not the only reason, seem to have affected production levels in most of the main basins outside Opec, providing little comfort to […]

An ill-equipped military raises doubts about future

…In retrospect, of course, it seems obvious that free market individualism would triumph and because of this we tend to forget some other vital props that helped the US on it’s way. Perhaps the most vital of these were the raw materials of the American continent particularly oil. It’s easy to forget that easy access […]

Psychotic Break (Kunstler)

A curious phenomenon worth attention from pathologists in the financial press is the now nearly complete de-coupling of the finance sector from the salient ominous trend in the oil sector: the fast-developing permanent oil export shock. By that I mean a severe decline in export ability by those nations currently supplying the US, Europe, China, […]

Group calls for action on energy

Warning that the world faces “hard truths about the global energy future,” a government advisory group this week is expected to urge policymakers to adopt a multipronged strategy to boost energy supplies and reduce demand. The U.S. government should raise fuel mileage requirements, throw open areas off-limits to drilling and assume a leadership role on […]

Copper Thieves Die Trying

…Most copper thefts are nuisances, such as a recent rash at a Maryland youth baseball park that has left Little Leaguers without lights for night games. But increasingly, thieves are turning to the highest-quality sources of copper — power substations, utility poles and electrical boxes — and turning over the easy-to-recycle wiring to scrap dealers. […]

Kremlin finds renewed power from oil

Flush with oil and gas wealth, Russia has acquired the economic might to inflict punishing wounds on British interests – if it so wishes. With the world’s third largest foreign reserves ($405 billion), the country is unrecognisable from the basket case that defaulted in 1998. The economy is growing at 7.7 per cent a year, […]

The End of Cheap Oil?

Crude oil prices rose above $74 per barrel this week and Goldman Sachs warned that the world could be facing $95 per barrel oil by this fall. Later this week the National Petroleum Council (NPC), which advises the Secretary of the Department of Energy, will release a new report which will find that conventional oil […]

Coffeyville refinery shut to Sept

Independent U.S. refiner Coffeyville Resources’ debt ratings were cut on Monday as an industry source said the company’s flooded Kansas refinery was unlikely to restart until early September. Moody’s Investors Service pushed Coffeyville’s corporate family rating deeper into speculative territory, cutting it from B2 to B3 amid uncertainty over the losses Coffeyville faces from the […]

The Energy Solution that dare not speak it’s name.

Quite incredibly over a span of two weeks during the Aspen Ideas Festival and the Aspen Energy Conference wherein the themes of global warming and oil dependency were discussed again and again in various forums by formidable personages of government, the press, industry, think tanks and environmental groups the issue this post focuses on was […]

Japan Drops Dollar to Buy Iran

Iran has asked Japanese oil refiners to pay for all future deliveries in yen, as opposed to dollars, according to a letter obtained by Bloomberg News. The request is TheTrumpet

Venezuela: Idea of ‘energy security’ in U.S. is fantasy

Energy security is one of the major policy issues facing the United States. The debate in this country, however, has been framed solely in terms of whether the United States has adequate supplies of reliable and affordable energy to meet its substantial needs. While certainly a component of energy security in its narrowest sense, it […]

Gulf Investor Unveils China Energy Plan

A Bahrain-based developer announced a US$5 billion (euro3.6 billion) plan Tuesday to build a business center for the oil industry in suburban Beijing, highlighting China’s growing ties to the Middle East and its booming energy market. The project, which requires Chinese government approval, could become the biggest Middle Eastern investment in China, said Esam Yousif […]

Renewable Energy Gets $100 Billion Globally

Total global investment in renewable energy technologies was 25% higher in 2006 than the year before, topping $100 billion, according to a United Nations Environment Programme analysis. Most of the investments are going towards wind power, solar energy, and biofuels, with $28 billion invested in new generating capacity. prairiefarmer

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