Talk of ‘Russian bear’ a lot of hot air, Moscow says

A senior Russian diplomat chided Canada yesterday for criticizing his country’s military training flights in the Arctic, accusing Ottawa of overreacting and reviving Cold War political rhetoric. Dmitry Trofimov, head of the political section at Russia’s embassy, told a Commons defence committee that Canadian talk of the “Russian bear in the air” is overblown. “Let […]

Low Gas Prices Put Brakes On Hybrid Sales

As gas prices continue to drop so do the sales of hybrids. Dealerships are having a difficult time moving the fuel-efficient cars which use electricity and gasoline as power sources. According to J.D. Power and Associates, hybrid sales have dropped 30 percent during the first two months of this year compared to 2008. But lower […]

Oil industry narrows focus on deep water

Leaders of several energy-related companies avoided talk about a rebound in oil prices Monday and suggested it could be a long, slow recovery even as the search in deep waters goes on. Companies in all aspects of energy production likely will be dealing with tighter budgets well into 2010 as supplies of oil and natural […]

Iraq invites bids to develop oil field

Iraq’s Oil Ministry has invited three international oil companies to bid on developing a prized oil field in southern Iraq. A senior ministry official says invitations were sent to France’s Total SA, Chevron Corp., of the U.S. and Norway’s StatoilHydro ASA to develop Nahr bin Umar field in Basra. The official says the contract will […]

OPEC seen laying basis for higher oil prices

OPEC oil producers are gradually succeeding in tightening the market and oil prices are likely to respond by rallying later this year, oil analysts and economists said on Tuesday. Cuts in oil production by members of the Organization of the Petroleum Exporting Countries have already begun to provide a floor for prices, which tumbled from […]

GNPC announces discovery of more oil (Ghana)

The Ghana National Petroleum Corporation (GNPC), announced on Tuesday that the Tweneboa-1 oil well offshore the Tano Basin, which has a significant discovery of oil and gas, has encountered more oil after the well was deepened. A statement signed by Mr M. O. Boateng, Managing Director of GNPC, said the Tweneboa-1 well was deepened from […]

The Future of the Brazilian Pre-Salt Oil Reserves

Brazil is developing the technology to drill and recover oil from this region, but as more is discovered about the sheer size of this find it is becoming clear that foreign companies will also play a role in exploration, drilling, the development infrastructure, capital and human resources to fully realize the potential of this region. […]

Airlines losses to reach 4.7 billion dollars, worse than expected

GENEVA – Airlines will suffer losses of 4.7 billion dollars in 2009, the International Air Transport Association said Tuesday, downgrading a previous forecast. “The state of the airline industry today is grim,” Giovanni Bisignani, the head of the IATA, said. A forecast at the end of last year had predicted a 2.5 billion dollar loss. […]

Schlumberger Says Another Round of Layoffs Coming

Schlumberger is preparing for its second round of layoffs this year amid a global downturn in oil and gas activity that also has also pushed rivals to cut jobs. The world’s largest oil field services company, which in January announced plans to cut 5 percent of its work force, now expects “a further reduction of […]

Kunstler: Full Commanding Denial

If central casting called for a poised, straight-talking, and capable-seeming president, it would be hard to come up with someone better than the Barack Obama who walked and talked around the White House grounds with Steve Croft on “60-Minutes” Sunday night. He may perfectly represent the majority who elected him, though, because he also appears […]

Why Is Oil Trading at $53 When Supply and Demand Is So Bearish?

… The question is then: why is oil trading over $53 today when the supply/demand picture is so bearish? No doubt part of the reason is a jubilant market response to the fiscal policies unveiled by the Obama administration recently. That said, printing money to reflate the economy has its drawbacks. The US dollar index […]

Exxon still uses one-hull tankers 20 years after Valdez

Alaskan fisherman J.R. Janneck Even after 79 percent of the world supertanker fleet has been replaced by craft with two hulls, Exxon Mobil Corp. remains the biggest Western user of the older designs. It hired more of the tankers last year than the rest of the 10 biggest companies by market value combined, according to […]

UK population must fall to 30m

Professor Chris Rapley, director of the Science Museum, will use the OPT conference, to be held at the Royal Statistical Society, to warn that population growth could help derail attempts to cut greenhouse gas emissions. Rapley, who formerly ran the British Antarctic Survey, said humanity was emitting the equivalent of 50 billion tons of CO2 […]

EPA says global warming a public danger

WASHINGTON The White House acknowledged Monday that the EPA had transmitted its proposed finding on global warming to the Office of Management and Budget, but provided no details. It also cautioned that the Obama administration, which sees responding to climate change a top priority, nevertheless is ready to move cautiously when it comes to actually […]

Atlantic Refineries Will Cut Production, Wood Mackenzie Says

(Bloomberg) — Oil refineries surrounding the Atlantic Ocean will cut output and processing capacity in 2009 and 2010 as demand drops, according to a report by Wood Mackenzie Ltd. U.S and European oil demand is predicted to fall 1.1 million barrels per day between 2008 and 2010, the report showed. Non-refinery supplies, which include natural-gas […]

Green gift: Energy upstarts chase stimulus cash

With help from Washington, a new crop of entrepreneurs are building pragmatic, planet-friendly enterprises. (Fortune Small Business) — There were no champagne corks popping at Horizon Wind on the February morning when President Obama signed the $787 billion American Recovery and Reinvestment Act into law. Instead, 30 employees swilled coffee as they got down to […]

China Asked to Adopt First Binding Emissions Cuts

(Bloomberg) — China, the world The UN whittled down hundreds of proposals circulating to get poor and rich countries to focus on closing a gap that threatens to derail a deal. Nations are closer to agreeing on a year for a long-term emissions target, 2050, and on how to fund greenhouse-gas reductions in poor countries, […]

Petrobras Union Strikes, Says Some Oil Output Halted

(Bloomberg) — A strike by Petroleo Brasileiro SA workers cut output at refineries in Brazil and also temporarily halted crude production of 60,000 barrels a day and 1.4 million cubic meters of natural gas, union officials said. The walkout over profit-sharing and safety issues may force the company to cut output from about 40 percent […]

2009 Tesla Roadster Bottom Line

TheCarConnection.com The Tesla

Ukraine Seeks $5.5 Billion to Modernize Gas Pipeline System

(Bloomberg) — Ukrainian Prime Minister Yulia Timoshenko said her country is seeking $5.5 billion to upgrade Soviet-era pipelines to help Europe secure supply routes that carry about a fifth of its natural gas needs from Russia. The eastern European country is aiming to increase capacity by 60 billion cubic meters of gas a year, Timoshenko […]

CERA: Technology drives natural gas renaissance

North American natural gas is entering a new era in which supply is no longer constrained, according to a new study from Cambridge Energy Research Associates, a consulting firm also known as CERA. CERA’s study is titled “Rising to the Challenge: A Study of North American Gas Supply to 2018,” and its conclusion is that […]

Province supplying Beijing water drying up

BEIJING (AFP) “Water resources in Hebei have dwindled by nearly 50 percent in recent years,” Li was quoted as saying. Hebei, part of China’s parched north, is one of the major suppliers of water to neighbouring Beijing and Tianjin — two sprawling cities that together group at least 28 million people and are running out […]

Space storm alert: 90 seconds from catastrophe

IT IS midnight on 22 September 2012 and the skies above Manhattan are filled with a flickering curtain of colourful light. Few New Yorkers have seen the aurora this far south but their fascination is short-lived. Within a few seconds, electric bulbs dim and flicker, then become unusually bright for a fleeting moment. Then all […]

The Cost of Corrosion

Corrosion engineers are not always popular in the oil and gas industry as they are usually requesting money for additional maintenance, or to take something offline for inspection or have something else shut down if it has really deteriorated. But ageing infrastructure (as well as an ageing workforce) is one important aspect of the peak […]

Saudi Aramco renews commitment to long-term plans

Oil company Saudi Aramco on Monday renewed its commitment to long-term investment plans in oil and gas during the global financial crisis, which has dampened demand for sources of energy. “Despite the difficulty in the current global economic climate and … challenges facing the energy sector, the kingdom will continue its long-term investments to expand […]

Russia can raise oil output if price above $50

Russia can sustain and even raise oil output if prices stay above $50 per barrel, Russia’s Energy Minister said, adding he believed it would make no sense to merge oil majors Rosneft) and Surgut. Sergei Shmatko also said Russia and China were close to finalizing work on a $25 billion loan to Rosneft and oil […]

Suncor to buy Petro-Canada for $18.4B

Canadian oil companies combine to create largest oil company in the country. CALGARY, Alberta (Reuters) — Suncor Energy Inc, Canada’ No. 2 oil company, agreed to buy rival Petro-Canada for about $18.43 billion Canadian ($14.86 billion U.S.) to expand its oil sand reserves and create the country’s biggest energy group. The deal comes after a […]

Oil prices hit multi-month peaks

LONDON (AFP) New York’s main futures contract, light sweet crude for delivery in May, bounced as high as 52.90 dollars, the highest point since late November. In later trade, Brent oil stood at 51.36 dollars a barrel, up 14 cents from Friday’s close, and New York crude was a marginal two cents higher at 52.09 […]

Nissan planning luxury hybrid in 2010

Nissan Motor Co. will offer a luxury gas-electric hybrid for the U.S. and Japanese markets next year, Japan’s top business daily reported Sunday, as competition intensifies in the green technology. Nissan’s Tokyo headquarters were closed for the weekend. Automakers are generally tightlipped about specific product plans, but Nissan already has shown prototypes of their hybrid […]

Economic Recovery May Rekindle Food/Fuel Debate

Now, initiatives to expand the production and use of renewable fuels in the name of national security, domestic job growth or to combat climate change may further fan the controversy, according to several food and agriculture company executives and industry analysts speaking at the Reuters Food and Agriculture Summit in Chicago and elsewhere. “At the […]

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