‘T&T’s natural gas reserves declining’

The Trinidad and Tobago Government is expected to release details of its latest natural gas audit by mid-month following newspaper reports that the Houston-based audit consultant, Ryder Scott, found an 11 per cent decline in the country’s natural gas reserves. Last week, the Trinidad Guardian quoted sources who said the audit found proven reserves declined […]

Beijing dips its toes in troubled waters

BEIJING – For millennia, China’s great rivers have snaked their long, meandering courses across the country, providing the life-blood for Chinese civilization: water. Along the banks of the Yellow River to the north and the Yangtze to the south, 5,000 years of history and culture have unfolded, with agriculture flourishing in an otherwise inhospitable terrain […]

Africa: Three Hard Truths About the World’s Energy Crisis

When it comes to the future of energy, the world needs a reality check. Contrary to public perception, renewable energy is not the silver bullet that will solve all our problems. Indeed, in the decades ahead, three hard truths will generate turbulence in the global energy system. We all know that global demand for energy […]

Bad tidings for ethanol

This week’s USDA report could be precursor to another runup in corn prices, spelling bad times for ethanol industry looking to get off the ground. NEW YORK (CNNMoney.com) — Friday’s closely watched U.S. Department of Agriculture crop report could serve as a gloomy bellwether for the nation’s ethanol industry. Despite projections of a record harvest, […]

Indonesia, Kuwait eye proposed Somali oil firm

Somalia is considering creating a state petroleum firm with a 49 percent stake for Indonesia’s PT Medco Energi Internasional Tbk and Kuwait Energy Company, according to documents obtained by Reuters. The government documents, titled “Somalia Petroleum Policy”, indicate that the two firms would acquire their stake in Somalia Petroleum Corporation on August 31.That, however, would […]

Why oil won’t hit $100

New production, new energy sources and some conservation could push down prices by 2010 – but don’t expect $20 a barrel anytime soon. NEW YORK (CNNMoney.com) — Despite oil’s record high last week, forget about crude going to $100 a barrel. Prices have already dropped about 7 percent since last week, and are likely to […]

Nigeria: 40bbls Oil Reserve By 2010 Not Feasible, Says NNPC

The Nigerian National Petroleum Corporation (NNPC) has said the targeted 40 billion barrels (bbls) oil reserve by 2010 is no longer attainable. Group Managing Director, (GMD) of the corporation, Engr. Funsho Kupolokun, argued that enormous energy requirements are needed to achieve the set target as the reserve addition and replacement ratio need to increase by […]

Hungary

HungaryOn July 31, MOL signed an agreement to purchase 100% of the Italiana Energia i Servizi (IES) company in Mantua, northern Italy, for a price of almost $800 million (including $300 million to cover the IES debts). MOL is thereby acquiring the refinery near Mantua with a processing capacity of 2.6 million tons of crude […]

Russian flag stakes energy claim at north pole

Russia made big international waves last week with a successful Arctic expedition that combined scientific and geopolitical goals. The research ship Akademik Fedorov and the nuclear icebreaker Arktika left Murmansk on July 24 and on August 2 reached their destination Mainstream Russian media had no doubt about the real aim of the expedition, featuring headlines […]

Gwynne Dyer: Asia may soon put world over a barrel

Nine of the past 10 serious downturns in the world economy followed a spike in the price of oil. And we are heading for another spike, with oil near the peak of US$78.40 a gallon that it reached almost exactly a year ago. A record number of options contracts are now being sold that entitle […]

When Collapse is No Longer Science Fiction

By owning the truth and all of its distressing emotions, we empower ourselves beyond our wildest dreams. Within the past month, America has witnessed two dramatic events which have illumined the devastating demise of its infrastructure-the New York City steam explosion in mid-July and the collapse of the I-35 bridge in Minneapolis, on August 1. […]

The CO2 problem in 6 easy steps

We often get requests to provide an easy-to-understand explanation for why increasing CO2 is a significant problem without relying on climate models and we are generally happy to oblige. The explanation has a number of separate steps which tend to sometimes get confused and so we will try to break it down carefully. Step 1: […]

The resource wars are already underway

Brother Joe: You write a lot about the upcoming catastrophe for humanity. I agree with you. That’s why I read you. In a recent letter to a reader, you foretold the demise of 5 billion people. That will entail carnage on an unimaginable scale. How are all those people going to make the transition from […]

A Crude Awakening (Review)

If you didn’t know we’re paying outrageous pricesThe film uses a pastiche of talking head interviews, stock footage, and cheesy old industrial films (the last along the lines of The Atomic Cafe) to make its points

Iran’s refinery problem reflects global fuel shortage

The National Iranian Oil Company expects oil revenue to reach a record of more than $52bn in the current financial year. The problem is that much of the state’s revenues are draining away in subsidies to support a largely closed economy lacking foreign investment. One of the most pressing challenges to the government lies in […]

Gore: Polluters manipulate climate info

SINGAPORE – Research aimed at disputing the scientific consensus on global warming is part of a huge public misinformation campaign funded by some of the world’s largest carbon polluters, former Vice President Al Gore said Tuesday. “There has been an organized campaign, financed to the tune of about $10 million a year from some of […]

The Oil Drum: Mythbusters: Ethanol and Foreign Oil Displacement

As a result of the recent Rolling Stone article on ethanol, I have been getting a lot of e-mails in which the same topics come up again and again. Therefore, I decided to write a comprehensive ethanol FAQ, which will eventually be placed in full here at TOD. Today’s topic is the claim: Ethanol Reduces […]

World hit by record extreme weather events in 2007: WMO

GENEVA (AFP) – Many parts of the world have experienced record extreme weather conditions including unusual floods, heatwaves, storms and cold snaps since the beginning of the year, the UN’s weather agency said Tuesday. Preliminary observations also indicated that global land surface temperatures in January and April reached the highest levels ever recorded for those […]

The next energy crisis

More than a quarter of America’s oil flows through southern Louisiana. Too bad the land is slowly sinking into the sea. Fortune Magazine — Port Fourchon feels like the edge of the world. As you drive south on Louisiana Highway 1 through Bayou Lafourche, open marshes seem to stretch endlessly until you reach this spot, […]

Japan refiners buy Venezuelan crude after two decades

Japanese refiners have purchased Venezuelan crude for the first time in about two decades under a long-term deal that offers both countries greater diversity. Nippon Oil Corp bought 500,000 barrels of light sweet Santa Barbara crude, a rarity among Venezuela’s largely heavy grades, while Idemitsu Kosan Co bought 400,000 barrels, the companies said in statements […]

NNPC Plans Two More Refineries

The NNPC says it is working with some International Oil Companies (IOC) to establish two new refineries with capacities for 200,000 barrels daily each. Dr Levi Ajuonuma, NNPC Group General Manager (Group Public Affairs Division), said they would be located in Okrika and Brass. AllAfrica

Oman

OmanGulfTimes

The struggle for Iraq’s oil flares up as Kurds open doors to foreign investors

At the end of a rough dirt track, on a sun-baked hillock once the domain of scorpions and snakes, squats an odd settlement of caravans, generators and drilling rigs that is at the heart of the battle for Iraq’s oil. “Welcome to Texas, Kurdistan,” said Karim Ali, as his taxi bounced to the gates of […]

Analysis: Venezuela’s Oil Takeover

Efforts to nationalize VenezuelaUPI

PEMEX Expects Oil Depletion in Seven Years

Recently PEMEX, Mexico’s largest integrated oil producer informed the United States that “Supplies of its economically exploitable resource are running out.” The company estimated proven reserves near 9 billion barrels in December of 2005. With current production near 1.3 billion and demand stable, simple division extrapolates seven years as the target depletion date. SeekingAlpha

New oilfield discovered in Iran

A senior official at the Ministry of Oil has said that Iran has discovered a new major oil field in the central parts of the country. Iranian officials are slated to release more details on the discovery of a new major oil field in the central parts of the country

Drilling Down on Higher Oil Prices

There is already some oil scarcity, current prices being several times what they were just a few years ago, but a great deal more lies before us. While we wait for the future to unfold letSeekingAlpha

Saudis slap big hike on heavy crude oil prices

Saudi Arabia has raised the official selling prices of its heavier crudes in September by more than expected for Asian buyers, setting Arab Heavy at its highest in two years, traders said yesterday. The world’s top oil exporter also raised prices to Europe but cut the OSPs sharply for all its crude supplies to the […]

China almost pips Japan as world No.2 oil importer

China came close to becoming the world’s second-largest crude oil importer last quarter, as North Asia’s refinery maintenance season slashed Japan’s imports but failed to limit galloping Chinese demand, data showed. Heavy refinery maintenance programme in No. 2 crude importer Japan during the second quarter led to a 15 percent fall in crude imports versus […]

We are all prophets now

It may be the fate of humans always to believe that we live at the most important time in history, that our moment is the decisive moment. But even factoring in this tendency toward collective self-centeredness, it is difficult to ignore that today we face multiple crises — economic, political, cultural, and, most crucially, ecological […]

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