Oil firms find reserves elusive

This decade’s high crude prices mean there’s plenty of incentive for Daniel O’Byrne, chief operating officer of Calgary-based Provident Energy Trust, to keep finding oil and gas for his company to produce. But he faces a problem – there’s less and less reserves to locate, and the costs of developing them haven’t stopped going up. […]

ExxonMobil: Poised for a New High

ExxonMobil the world’s largest integrated oil company, may draw the ire of consumers as they pay more at the pump, but quarter after quarter it continues to please shareholders. Having profited richly as gas prices reached historic peaks this spring, the company is expected to announce its most profitable quarter ever when it reports earnings […]

Venezuela state oil company to double investment in 2007

Venezuela’s national oil company PDVSA will nearly double 2007 investments over 2006 levels, Energy Minister Rafael Ramirez said Tuesday. Venezuela’s national oil company PDVSA will nearly double 2007 investments over 2006 levels, Energy Minister Rafael Ramirez said Tuesday. CaribbeanNetNews

Japan crude imports to rise on extra demand

Japan’s crude oil demand is expected to rise on year in August as refiners are likely to step up imports to meet extra demand from utilities for sweet crude and low-sulfur C-fuel oil after Tokyo Electric Power Co. (9501.TO) shut its Kashiwazaki-Kariwa nuclear power plant last week following a strong earthquake. This may provide a […]

U.S. ‘Campaign Plan’ Predicts Two Years to Establish Security in Iraq

A U.S. military spokesman has confirmed that the top commander in Baghdad and the U.S. ambassador have developed a new ‘Campaign Plan’ that sets a goal of establishing security in Baghdad and other population centers by June of next year, and throughout the country a year later. The plan was first reported in Tuesday’s New […]

Iraq’s oil exports to US on the decline

A spokesperson for the U.S. Energy Department said that Iraqi crude oil shipments to the United States dropped in May to its second lowest monthly level since 2003, Reuters reported. He went on to say that during the month of May, Iraq exported 341,000 barrels of crude oil per day to the US, which is […]

Is There a Viable Solution to Our OPEC Dilemma?

Gasoline prices are still over $3 per gallon. Whenever OPEC (Organization of the Petroleum Exporting Countries) decides to increase the price of oil — which now ranges in the upper $60s to $70 a barrel — OPEC’s price becomes the world’s price and non-OPEC nations adopt the OPEC price as theirs. A major factor in […]

Saudi Arabia ‘to keep dollar peg until 2010′

Saudi Arabia will ride out the latest spell of dollar weakness and maintain the riyal’s exchange rate against the US currency at least until 2010, Jadwa Investment said in a research note. “None of the arguments that have been put forward for an adjustment to the exchange rate are compelling given the cost in terms […]

UNITED STATES OIL RESERVES: FOUR SCENARIOS

Having evaluated current data on reserves, consumption and production of oil in the United States, I have compiled four charts which illustrate various scenarios of what might occur over the next ten to twenty years. The data sources for this brief study are the United States Department of Energy and the CIA World Factbook. FinancialSense

UK: Passengers to pay billions more as rail capacity expands

Farepayers will nearly double their contribution to the cost of running the railways by the middle of the next decade, the government said yesterday. A big expansion in rail capacity, including 1,300 new carriages and an overhaul of the worst bottlenecks, formed the core of a five-year plan for the railways announced yesterday. However, the […]

China Vows Funding to Support Green Production

China’s finance ministry will beef up its fiscal support for resource conservation in the second half of 2007, Finance Minister Jin Renqing said in a statement published on Tuesday. Jin did not provide detailed figures, but said the increased spending would focus on building a system for calculating, auditing and supervising energy consumption and emissions.Jin […]

Renewable energy projects will devour huge amounts of land, warns researcher

Large-scale renewable energy projects will cause widespread environmental damage by industrialising vast swaths of countryside, a leading scientist claims today. The warning follows an analysis of the amount of land that renewable energy resources, including wind farms, biofuel crops and photovoltaic solar cells, require to produce substantial amounts of power.Jesse Ausubel, a professor of environmental […]

China’s risky bet in Somalia

China’s willingness to invest in Somalia – before the Transitional Federal Government (TFG) completes work on a national oil law and as the security situation in the East African country continues to deteriorate – shows that Beijing has not been deterred by the growing backlash across Africa at Chinese policies and remains willing to take […]

Oil price falls as Opec hints it may move to raise output

“If the oil market needs it, Opec will inject more oil into it,” Javad Yarjani, the head of Opec affairs at Iran’s oil ministry, said. (Iran is the second-biggest producer in Opec.) Qatari Oil Minister Abdullah bin Hamad Al-Attiyah added: “I have received no complaints from any customers about a shortage of crude supplies. Opec […]

EU: Dramatic increase in biofuel consumption

Consumption of biofuels in the EU rose dramatically during 2006, new figures reveal. Biofuel use in the EU went up by 78 per cent from 2005 to 2006 – from 3 million to 5.38 million tonnes – according to a report published by EurObserv’ER, an industry consortium for renewable energThe report put the boom down […]

Attacks on Mexico pipelines show extensive knowledge of energy infrastructure

Saboteurs who blew up natural gas pipelines that shut down one of Mexico’s main industrial regions this month also crippled a crude oil pipeline, U.S. officials said Tuesday. The operation indicated extensive knowledge of Mexico’s energy infrastructure, the officials said. Not only were oil and natural gas pipelines made targets, but also the bombers knew […]

Russia Seeks to Strengthen Claim to Energy-Rich Arctic Seabed

Russia has launched an expedition to the North Pole aimed at proving that a ridge of arctic seabed thought to contain vast oil and natural gas reserves is an extension of continental Russia. Russian media say two ships, a research vessel and a nuclear-powered icebreaker, left the northern port of Murmansk Tuesday on a five-day […]

‘Energy role’ for photosynthesis

Learning how plants turn light into energy could lead to the production of cheap, emission-free power in the future, according to experts. Leading figures in photosynthesis research have been discussing potential benefits at an event in Glasgow.Professor Jim Barber, of Imperial College London, said they did not yet fully understand how the process works. However, […]

We’re all big energy wasters, says Lunn

As energy ministers from the U.S., Mexico and Canada met in Victoria yesterday to sign an agreement to co-operate on energy science and technology, Natural Resources Minister Gary Lunn pointed at private homes as pools of energy waste. Appliances such as microwaves and televisions, left on 24 hours a day, are one of Canada’s largest […]

Interview with Rafael Ramirez, Minister of Energy and Petroleum, Pdvsa CEO

“Failure to speed up bidding will prevent compliance with output plans.” While the National Assembly (AN) is investigating in depth the recent contracting of drills by state-run oil holding Petroleos de Venezuela (Pdvsa) and amidst strained labor environment in the oil business, Minister of Energy and Petroleum and Pdvsa CEO Rafael Ramirez met with a […]

Shimmering Siembra Petrolera for lack of drills

By 2010, there should be at least 205 drills for 2,229 wells The goals of plan Siembra Petrolera (Oil Sowing) advanced in 2005 by the government of President Hugo Chavez after six years in office were not attained in 2006. Last year was the first out of a new seven-year term, at the end of […]

Pakistan heading towards serious gas crisis: study

Pakistan is heading fast towards serious gas crisis as its demand and supply ratio is not showing equilibrium beyond 2007, Hagler Bailly, Pakistan, claims in a feasibility study conducted in 2006, for Iran-Pakistan-India (IPI) gas line project. The study indicates that Pakistan is going to witness gas shortage from 2007 onward and imbalance will increase […]

Gunmen kill Nigerian oil official

Gunmen on motorbikes stormed the house of a newly appointed energy official in oil-rich southern Nigeria late yesterday and killed two of his family members, police said. Felix Ogbaudu, police commissioner for Rivers state, said Billy Braide had been holding a celebration following his appointment as energy commissioner for NigeriaMinutes after Braide left the party, […]

China consumes record amount of crude and refined oil in first half

BEIJING, July 24 (Xinhua) — China’s consumption of apparent crude oil and refined oil products hit a record high in the first half of the year, totaling 173.03 million tons and 106.112 million tons respectively, up 6.8 percent and 9.6 percent on the previous year. According to the National Bureau of Statistics (NBS), the “apparent […]

The future of biofuels is not in corn

New, comprehensive analysis shows how ethanol is being oversold Washington, DC — The future of biofuels is not in corn, says a new report released today by Food & Water Watch, the Network for New Energy Choices, and the Vermont Law School Institute for Energy and the Environment. The corn ethanol refinery industry, the beneficiary […]

Lester Brown: Water Tables Falling and Rivers Running Dry

In India, water shortages are particularly serious simply because the margin between actual food consumption and survival is so precarious. In a survey of India In neighboring Yemen, a nation of 21 million, the water table under most of the country is falling by roughly 2 meters a year as water use outstrips the sustainable […]

China’s regions ignoring Beijing on environment goals

BEIJING (AFP) – Local governments in China are continuing to invest in dirty, resource-intense industries, jeopardising Beijing’s goals of saving energy and cutting pollution, state media reported Monday. Some regions are encouraging steel, cement and other heavy industries to boost economic growth despite demands from Beijing to rein in those sectors, the China Daily newspaper […]

Rural communities revived by energy

A study funded by the Economic and Social Research Council, of community renewable energy projects in Britain has found that so far, projects are largely based in the countryside, some quite remote. From wind turbines to shared heating systems, small-scale renewable energy doesn This study documented more than 500 community energy projects happening in the […]

U.S., Canada, Mexico vow energy tech co-operation

VICTORIA, British Columbia (Reuters) – Canada, the United States and Mexico pledged to co-operate on developing energy technology on Monday in an agreement that could reduce trade barriers to alternative energy development. The countries’ top energy officials, who signed the five-year deal following a meeting on Canada’s Pacific Coast, said it should also promote joint […]

BP pumps profit fall on slower output

LONDON (AFP) – British oil giant BP reported a drop in net profit for the three months to June on Tuesday, as energy production dropped for an eighth quarter running despite strong world demand for oil and gas. Net profit on the basis of replacement costs, which excludes the effect of changes in the value […]

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy