Analysis: Iraq oil refineries go private

Iraq’s Parliament has approved a law privatizing the country’s oil-refining sector in order to lure investment and stem a fuel shortage. The law, approved Tuesday, is a step toward relinquishing government involvement in the refining sector and, when poverty is alleviated, moving Iraqi consumers from state-subsidized to market prices for fuel. EarthTimes

Spanner in the works over BP and Shell merger

Tony Hayward, BP’s new chief executive, will have saddened investment bankers everywhere this week with his rejection of speculation about a possible merger with Royal Dutch Shell. As well as denying rumours that the companies were in talks, he suggested a merger would be the wrong answer to BP’s problems. BP needed to fix its […]

How the Weak Dollar Affects OPEC

Oil is again trading near last AugustTheTrumpet

The Peak Oil Crisis: Hard Truths

During the past week, dozens of stories have appeared in the world In reality, the

New York oil price hits new 11-month high: 77.24 dollars

LONDON (AFP) – The price of New York crude leapt to 77.24 dollar a barrel on Thursday, marking the highest level since August 9, 2006, as keen global demand and tight supplies fuelled speculative buying, traders said. On Wednesday, the US government had revealed that inventories of American crude fell by 1.1 million barrels last […]

Blast, fire hit big gas pipeline in northwest Russia

LAVRIKI, Russia (Reuters) – A powerful explosion hit a gas pipeline in northwest Russia early on Thursday but officials said it was not caused by terrorism and exports were unaffected. The huge blast hit a trunk pipeline outside Russia’s second city of St Petersburg just minutes after midnight, shaking buildings as far as 5 km […]

The Fragile State of Oil

For the last 147 years, ever since Edwin Drake drilled his first well in Pennsylvania, we’ve enjoyed cheap and easy-to-get oil. Unfortunately, those days have come to an end. When will the dam break? I’ve been asking myself that for the last two years. Many of you already know that I’m referring to the energy […]

The Upside of Down, by Thomas Homer-Dixon

For a few days after reading The Upside of Down, I annoyed most of my friends and family by reciting chunks of Homer-Dixon’s work back to them — I couldn’t get it out of my head. I do this a lot to people, but not usually for days and days on end after reading a […]

Quake cleanup delays reactor core checks

Tokyo Electric Power Co. may not be able to begin reactor core checks of its quake-hit nuclear power plant in Niigata Prefecture until September because it needs to clean up contamination inside one of the seven reactors and remedy other safety woes, company officials said Monday. In addition to repairing the damage, the utility must […]

Iran, Analysts Dampen Hints of Imminent OPEC Move

DUBAI, Jul 24, 2007 (Dow Jones Commodities News) The Organization of Petroleum Exporting Countries doesn’t yet see any indication of heightened demand for its oil, a top Iranian oil official said Tuesday, with other officials and analysts pouring cold water on the prospect of an impending change in the producer group’s current “do-nothing” policy. Oil […]

Erosion may send Alaska oil wells into the ocean

ANCHORAGE, Alaska (Reuters) – Old Alaskan oil wells could be swallowed by the ocean as rising temperatures speed up erosion of the state’s Arctic coastline. The disappearance of sea ice that shields against storm-waves, and of permafrost that holds shorelines together, is eating away at the coast of the National Petroleum Reserve-Alaska, according to a […]

Crews clean up after oil geyser near Vancouver

VANCOUVER, British Columbia (Reuters) – Experts assessed on Wednesday the environmental damage from a ruptured pipeline that showered a residential area near Vancouver with crude oil, some of which seeped into a Pacific Ocean inlet. Crews attempted to mop up pools of thick black oil left by the accident on Tuesday in Burnaby, British Columbia, […]

OPEC oil output to rise in July: Petrologistics

LONDON (Reuters) – OPEC oil output is expected to rise this month due to higher supply from members including Nigeria, Iraq and Angola, a consultant said on Wednesday. OPEC’s 10 members subject to output limits, all except Iraq and Angola, are expected to pump 26.9 million bpd, up from 26.8 million bpd in June, said […]

Russia delays Iran nuclear plant to 2008

Russia has no chance of finishing Iran’s first nuclear power station before autumn 2008, a year behind schedule, a Russian subcontractor helping to build the plant told RIA news agency on Wednesday. Russia has used the Bushehr nuclear plant as a lever in relations with Tehran which chilled this year after a row over missed […]

Nigeria: NNPC Increases Crude Export Prices

The Nigerian National Petroleum Corporation (NNPC) has increased the official selling prices for all crude exports loading for August. According to the official price list of the corporation, Nigeria’s benchmark crude grades, Bonny Light and Qua Iboe, were each raised 40 cents a barrel to a premium of N2.60 over Dated Brent, while the premium […]

Toyota Unveils Plug-In Hybrid, to Test on Roads

Toyota Motor Corp. unveiled a “plug-in” hybrid car based on its popular Prius model on Wednesday, saying it would test the fuel-saving vehicle on public roads — a first for the industry. But the world’s biggest automaker said the car, called the Toyota Plug-in HV, was not fit for commercialisation since it uses low-energy nickel-metal […]

ARMENIA DEEPENS ECONOMIC TIES WITH IRAN

Armenia and Iran have agreed to give new impetus to their bilateral relations and press ahead with the implementation of more multimillion-dollar energy projects. The agreements were announced in Yerevan after the July 20 meeting of their intergovernmental commission on economic cooperation, co-chaired by Iranian Foreign Minister Manuchehr Motaki and Armenian Energy Minister Armen Movsisian. […]

Tapped Out: The Perils of Bottled Water

Bluesman HowlinNearly all such water comes in bottles derived from oil, commonly called PET for polyethylene terephthalate. Nationally only 14.5 percent of PET bottles for non-carbonated drinks were recycled, creating 2 million tons of trash that will not degrade for hundreds of years in landfills. The Container Recycling Institute says overall beverage container recycling has […]

GAZPROM TAKEOVER IN HUNGARY LOOMS BEHIND POSSIBLE OMV TAKEOVER

Apart from the oil business (see EDM, July 24), HungaryIf carried out as intended, those agreements would also kill the European Union-backed Nabucco project for the transport of Caspian gas to Europe. OMV

Science, technology can help advance the Green Revolution

Persistent poverty and environmental degradation in developing countries, changing global climatic patterns and the use of food crops to produce biofuels all pose new and unprecedented risks and opportunities for global agriculture in the years ahead. Agricultural science and technology, including the indispensable tools of biotechnology, will be critical to meeting the growing demands for […]

The Oil Drum: The Energy Return on Time

Today on theoildrum, Nate Hagens presents a framework for alternative energy supplies and begins a discussion about the tradeoffs between energy and time. Both in energy production, and energy consumption, societies penchant for ‘just-in-time’ results comes at an energy cost. Our modern society optimizes its resources based on what it perceives to be its most […]

The Hidden Agenda behind the Bush Adminstration’s Bio-Fuel Plan

The late American satirist, Mark Twain once quipped, “Buy land: They

ConocoPhillips Profit Plunges on Exit From Venezuela

(Bloomberg) — ConocoPhillips, the third-largest U.S. oil producer, said second-quarter profit tumbled 94 percent after Hugo Chavez’s government seized the company’s assets in Venezuela. Earnings dropped to $301 million, or 18 cents a share, from a record $5.19 billion, or $3.09, a year earlier, Houston-based ConocoPhillips said today in a statement. Writing off the Venezuelan […]

One cable collapses, plunging Barcelona into total darkness

The collapse of a single power cable has brought chaos to Barcelona, with thousands of residents in one of Europe’s most sophisticated cities struggling without power for a second day yesterday. Spain’s second city which is famed for its stylish urban efficiency, scrambled for candles, emergency generators and manual typewriters, while the electricity company, Fecsa-Endesa, […]

We need fewer people to halt global warming

…Prof Rapley believes that there is an “unequivocal” link between mankind’s fossil fuel emissions and the global temperature rise seen over the past few decades. However, it’s not only this conviction that could strike fear into the hearts of the climate change sceptics. It is Rapley’s view that the “jury is still out” on the […]

Soaring Metal Prices Spark Crime Wave

…Soaring prices for salvaged metals, driven by a global demand in Asian markets, have turned scrap into the new gold for the sticky-fingered set, leading to spikes in an array of property crimes in the Washington area and elsewhere. Manhole covers, beer kegs, light poles, air-conditioning units and even catalytic converters — valued for the […]

Oil Junkies for Jesus vs the Oil Crisis

US involvement in Iraq is complicated by weird theology. Fundamentalist Christians insist upon an unconditional pro-Israeli policy no matter what! Israel is God’s chosen nation. To oppose Israel, they say, is to damn our nation to hell. Another complication is our nation’s symbiotic relationship with oil producing “infidels”. GOP faithful believe that middle east oil […]

Slope production drops faster than estimated

Alaska North Slope oil and gas fields declined 12.5 percent in production of crude oil and natural gas liquids last year, according to an analysis by the state Department of Revenue. North Slope average daily production in state fiscal year 2007 was 738,000 barrels per day, down from an average of 844,000 barrels per day […]

Manpower crisis cripples oil industry

The shortage of manpower felt throughout all sectors of the oil industry is not just a Middle East problem, it’s worldwide. Its cause is a lack of investment during periods of low oil prices, says Abdalla El-Badri, secretary general of OPEC (Organization of the Petroleum Exporting Countries). ArabianBusiness

The third trillion barrels of oil: the three steps to finding them

Today the mind-set of assumed surplus appears to be changing rapidly. People (and governments in particular) are increasingly concerned with where the next barrel is coming from. The prevailing mind set is becoming one of anxiety and insecurity. And not just about the quantity of supply EngineerLive

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