Nigeria’s Crude Oil Earnings Crash by 50%

The Nigeria National Petroleum Corporation (NNPC) has announced a shortfall in oil revenue from average 330 billion naira (US $2.2 billion) monthly recorded in 2008 to about 150 billion naira (US $1 billion) in January 2009, the Lagos-based Financial Standard newspaper reported on Friday. Mohammed Bakindo, NNPC group managing director who disclosed this at a […]

Global oil demand may peak, forcing oil out as a fuel source

In a report titled

Venezuela Slashes Oil Investment

State-owned Petroleos de Venezuela S.A. (PDVSA) has cut its investment plan for this year by almost 40 percent to $12 billion, PDVSA Vice President Eulogio Del Pino told an industry group. He said, however, that PDVSA “is maintaining its policy” of devoting at least 10 percent of its investment budget “to social development,” state news […]

Russia plans to deploy troops in Arctic

MOSCOW: Russia plans to turn the Arctic into its According to the strategy, the Arctic should become Russia

Russia Capable of Becoming China’s Biggest Energy Supplier

“Russia is fully capable of becoming the biggest energy supplier for China in upcoming 15 years,” Russian Deputy Prime Minister Alexander Zhukov said here Friday. Zhukov made the remarks in addressing the China-Russia Investment Forum. He stressed that the two nations should especially expand energy cooperation. Last month, the two nations signed an oil-for-loan deal, […]

Bad News: Scientists Make Cheap Gas From Coal

Electric cars have been getting a lot of buzz lately, but a more immediately viable transportation fuel of the future could be liquid derived from coal. Scientists have devised a new way to transform coal into gas for your car using far less energy than the current process. The advance makes scaling up the environmentally […]

The Peak Oil Crisis: Pondering the Near Future

We are faced with three serious problems that are going to bring about radical changes in our lifestyles. In order of urgency, the problems are the great economic recession/financial crisis, the peaking of world oil and other fossil fuel production, and global warming. The opening effects of these problems are already upon us, but it […]

An SUV is home for jobless duo

FORT LAUDERDALE, Florida (CNN) — Richard Barboza sits behind the steering wheel, patiently working a crossword puzzle. There’s no rush. Time is one thing Barboza has plenty of. It’s just after sun-up. The streaks of light shimmer off the car windows. In the back of the Ford Explorer John Nilsen stirs. This is home. Clothes […]

Arctic meltdown is a threat to humanity

I AM shocked, truly shocked,” says Katey Walter, an ecologist at the University of Alaska in Fairbanks. “I was in Siberia a few weeks ago, and I am now just back in from the field in Alaska. The permafrost is melting fast all over the Arctic, lakes are forming everywhere and methane is bubbling up […]

City dwellers have smaller carbon footprints, study finds

The image of cities is often traffic-clogged, polluted and energy-guzzling, but a new study has shown that city dwellers have smaller carbon footprints than national averages. The report by London-based International Institute for Environment and Development (IIED) looked at 11 major cities on four continents, including London, Tokyo, New York and Rio de Janeiro.It found […]

Peak Lite and the Current Oil Picture

A few years ago, after spending a lot of time thinking about peak oil, and then watching the price of oil break out of its historical trading range and head higher, the idea of Peak Lite came to me. Over time the price of oil had bounced between $10 and $30 a barrel, but about […]

EU Moves To Straighten Air Routes, Cut Fuel Burn

European lawmakers approved a plan on Wednesday aimed at straightening commercial air routes to cut fuel costs and carbon dioxide emissions growth from increasing numbers of aircraft. Airlines, which contribute about 3 percent of Europe’s CO2 output, waste millions of tonnes of fuel as they zig-zag between national airspaces in the 27-country European Union.The Single […]

China, Philippines stoke island tensions

The Philippines stirred a diplomat hornet’s nest with China and others when it passed a new law this month that defines its national maritime boundaries to include the long-disputed and potentially fuel-rich Spratly islands in the South China Sea.The contested islands are believed to contain significant oil and gas deposits, though estimates vary. The first […]

Europe keeps Nabucco on life-support

The European Council, in a meeting principally devoted to determining the European Union’s policy towards its eastern members and preparing an EU position for next week’s Group of 20 summit in London, also took an important decision last week on energy with a compromise to keep plans for the Nabucco gas pipeline on life-support.Out of […]

Pemex to increase power supply to Mexico’s largest oil field

Petroleos Mexicanos plans to increase power supplies to the Ku-Maloob-Zaap oil field in an effort to optimize output at Mexico’s largest producer as other fields decline. Pemex, as the company is known, has announced tenders to install an underwater power cable and build an offshore platform to increase electricity supplies to Ku-Maloob-Zaap’s production platforms. Pemex […]

Financier [Simmons] sees oil shock from credit crunch

The global financial crisis and collapse in the oil market have stalled vital investment in oil exploration and production and are likely soon to lead to a sharp spike in prices, an energy consultant and financier says. Matt Simmons, founder of Houston-based investment bank Simmons & Co, argues the underlying rate of decline of the […]

Trying to Make Nuclear Power Less Risky

Thorium is a slightly radioactive element, a cousin of uranium. For the past four decades, in fits and starts, researchers have been testing it as a potentially attractive competitor to uranium as a source of nuclear fuel. Within the nuclear community, it’s won a small, devoted following. Up to now, it’s had little commercial impact. […]

India’s Nuclear Power Plans to Borrow 3 Billion Euros

Nuclear Power Corp. of India plans to raise 3 billion euros ($4 billion) in overseas debt to fund a project to be built in partnership with Areva SA, the world’s biggest maker of atomic reactors.The project with Areva, to be built at Jaitapur in western India, will be India’s first large-capacity plant using overseas equipment […]

The next not-so-big thing: nanogenerators

Just as a machine won’t run without a source of power, a device built at the nano-scale is of little use if it doesn’t have the energy to work as a sensor or drug delivery particle. Since there isn’t a battery in existence yet that’s small enough to couple with a nanodevice, researchers have sought […]

Hubris Never Dies

The NY Times is running a woe-is-me “open letter” from the former head of commodities trading for AIG, who takes no blame for anything – just seeks sympathy for having to leave his job. This is just one of so many stories coming out – all of which seem to lack one major component: personal responsibility!

This man thinks that his high transaction fees churned out on buys and sells meant he was good for the company and, therefore, didn’t contribute to the economy we now face? Three words: Wheat, Platinum, Oil.

Hubris Never Dies by Michael Fox

Obama’s spending fails to engage with the peak oil problem

Republican criticisms of the Obama administration’s spending practices are amusing as a form of metaphysical punishment. When people like Senate Minority Leader Mitch McConnell rail against pork and say that the government can’t create jobs, they should maybe check the employer on their paychecks. The fact that anyone takes these ideologically bankrupt scolds seriously after […]

Averting the next energy crisis: The demand challenge

Global energy-demand growth is expected to flatten in the short term but will rebound with recovery. Indeed, there is potential for liquids-demand growth to outpace that of supply Chapter 2: Liquids-demand tightness could return between 2010 and 2013 Liquids demand will be stagnant in the short term due to impact of high prices in 2007 […]

‘Russia can participate in modernizing Ukrainian gas transit system’

Russia can participate in modernizing Ukrainian gas transit system, Ukrainian Prime Minister Yulia Tymoshenko said here on Tuesday. Ukraine signed a joint declaration on its gas transit system modernization with the European Commission and other parties at Monday’s conference in Brussels. Russian officials were present at the conference, but complained that that they were not […]

Siemens Sees Boost In Green Product Sales: Report

German industrial company Siemens expects fiscal stimulus programs around the world to support sales of its “green” products, chief executive Peter Loescher told the Financial Times newspaper. “One thing is crystal clear: even during the crisis we will substantially increase the share of our sales which are attributable to green technologies,” Loescher said in an […]

Financial Crisis Can Lead To Modest Lifestyles

The financial crisis is a timely warning of much greater risks the planet faces from excessive focus on profit and growth, veteran British environmental campaigner Jonathon Porritt said on Saturday. Environmentalists have linked the present recession with wider threats such as climate change, blaming credit-fueled economic growth for the reckless consumption of natural resources including […]

South Africa: Private Power Generation Put on Hold

Johannesburg — Deteriorating global financial conditions had forced listed electricity company Independent Power SA (Ipsa) to adjust its operations and growth plans, it said yesterday. Ipsa, which is listed on London’s Alternative Investment Market (AIM) and the JSE, owns SA’s first independent gas-fired power station, at Newcastle in KwaZulu-Natal.The plant supplies power under contract to […]

Anti-oil sentiment sweeps across Europe — study

KUWAIT (KUNA) — Several European countries have seen a growing mainstream tendency against oil under the themes of “energy security,” “protection of environment” and “combat against climate change,” a specialized paper said on Wednesday. The paper, filed by Dr. Ibrahim Al-Mehanna, advisor to the Saudi Arabian Ministry of Petroleum and Mineral Resources, has been raised […]

BP, Shell Renewable Invest Cuts Make Business Sense

Recently, BP slashed 2009 investment in its alternative energy and other non-core business units by almost 30% and Shell says it will make no significant new investments in wind or solar power in the future. Both are maintaining steady investment in oil and gas exploration. “In the short term, I can understand where they’re coming […]

Two Houston oil services firms reveal job cuts

BJ Services Co., the oilfield- services provider that lost 52 percent of its market value last year, and Pride International Inc., the U.S. driller with rigs from India to Africa, have cut jobs as declining commodity prices force customers to reduce spending. BJ Services has cut about 1,500 jobs, said Chief Executive Officer James Stewart […]

Hungry shrimp eat climate change experiment

It is another nail in the coffin of using ocean fertilisation to cool the planet. Early results from the latest field experiment suggest the technique will fail. “I think we are seeing the last gasps of ocean iron fertilisation as a carbon storage strategy,” says Ken Caldeira of the Carnegie Institution at Stanford University. Earlier […]

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