U.S. wants OPEC to stabilize oil price

WASHINGTON (Reuters) – U.S. Energy Secretary Steven Chu said on Friday he wants OPEC to carry out an oil production policy that will help keep oil and gasoline prices stable “as much as possible.” When Chu travels to Rome this weekend to meet with energy ministers from the Group of Eight (G8) industrialized countries, he […]

Venezuela Oil Keeps Luring Bidders in Bets Chavez Isn

(Bloomberg) — Chevron Corp. and Total SA are pursuing new Venezuelan oil projects after President Hugo Chavez tore up past agreements, seized assets of contractors and expelled producers that wouldn

Ukraine Is Europe's Problem, Too

Russia wants Brussels to pay up and accept the consequences of having an unstable transit route for its gas. When Russia turned off the gas taps in 2006 to punish Ukraine for not paying up, the image of a former Soviet heavyweight punishing a pro-Western neighbor was hard to shake off. But when it did […]

David Attenborough: Our planet is overcrowded

…The latest venture for this veteran of wildlife documentaries is as controversial as anything he has done in his long career. He has become a patron of the Optimum Population Trust, a think tank on population growth and environment with a scary website showing the global population as it grows. “For the past 20 years […]

IEA warns that investment cutbacks could lead to oil price spikes

Oil prices may return to “significantly higher” levels because companies have cut investment in the new production needed to match demand from fast-growing China and India, the International Energy Agency’s chief economist said Friday. IEA chief economist Fatih Birol told The Associated Press that oil companies have canceled at least $170 billion of planned investments […]

Humanity at a crossroads

The evidence is gaining increasing clarity: We’ve reached a crossroads unlike any other in human history. One path leads to despair for Homo industrialis. The other leads to extinction, for Homo sapiens and the millions of species we are taking with us into the abyss. I’ll take door number one. Fortunately, the former path gives […]

Experts urge US policymakers to address long-term challenges

WASHINGTON, DC — Energy policymakers should not waste the opportunity that lower oil prices provide to address US supply concerns, two experts told the congressional Joint Economic Committee on May 20. “The recent rise in oil prices again underscores the present reality of long-term challenges. Even if we see significant short-term gains in global oil […]

Canadian oil industry costs seen tumbling in '09

CALGARY, Alberta (Reuters) – The costs of exploring for, developing and acquiring oil and gas reserves in Canada could drop by as much as 35 percent this year with drilling activity dwindling as companies cut spending, brokerage FirstEnergy Capital Corp predicted on Friday. The drop in costs comes just as oil prices are recovering and […]

$60 – oil's sweet spot

Rising crude prices shouldn’t derail any economic recovery, and may prevent a super spike later on. NEW YORK (CNNMoney.com) — You’ve probably noticed it at the gas pump. $1.88, $2.01, $2.21. Price data from the government over the last few weeks clearly show gas is on the rise. On Thursday it averaged $2.36 a gallon, […]

OPEC to keep output steady after prices rise

The Organisation of Petroleum Exporting Countries (OPEC) will agree next week to keep production levels unchanged as rising prices have eased pressure on budgets and there are hints of economic recovery over the next year, an agency report said on Thursday. Eleven of 12 oil analysts and economists surveyed by the agency predicted the group […]

Vegas group tests oil in new Egyptian strike

Vegas Oil & Gas SA tested an average of 2,809 b/d of oil from two pay zones in the Geyad-1X exploration well in Egypt. The company is completing the well as a potential producer. The well produced 40OGJ

Sharp cut predicted in energy exploration, development costs

Last year was the most expensive year ever to find, develop and acquire oil and gas assets but this year those costs will free fall by between 25 and 35 per cent, according to a presentation by First Energy Capital Corp. on Friday morning. In 2008, it cost a median $22.72 US to replace a […]

Hydrogen highway opens in Norway

Norway opened a 560-kilometre hydrogen highway last week with more than a dozen hydrogen-powered cars rallying along a scenic route between its capital city Oslo and North Sea oil hub Stavanger. Norwegian oil and gas producer StatoilHydro has built several hydrogen filling stations between the two cities to cater to cars with fuel cells that […]

China plastic bag ban 'has saved 1.6m tonnes of oil'

Banning flimsy plastic bags has been dismissed as a drop in the ocean when it comes to dealing with the world’s environment problems, but multiplied on a China scale, it appears to have made a big difference. A new report suggests restrictions on bag usage in the world’s most populous nation have saved the equivalent […]

Minor oil discovery made in North Sea

Det Norske Oljeselskap, Exxon Mobile and Dana Petroleum have made a minor oil discovery in the North Sea, the Norwegian oil directorate said on Friday. ExxonMobil is the operator of production licence 027 D with 50 percent ownership, while Det Norske carried out the drilling operations of the wells located about 6 kilometres (3.7 miles) […]

Iraq

Finance Minister Bayan Jaber Solaq blamed his oil counterpart for the drop in Iraqi revenues and the 10% deficit of this yearAzzaman

Russia Unlikely to Meet With OPEC

Deputy Prime Minister Igor Sechin said Thursday that Russia was unlikely to send a delegation to an OPEC meeting next week, in a sign that the honeymoon between the world’s second-largest oil producer and the cartel may be over. Russia, which has said it wants to work with OPEC to stabilize the global oil market, […]

Turkey, Brazil to explore for Black Sea oil

Turkish President Abdullah Gul announced on Friday that Turkish Petroleum Corporation (TPAO) and Brazil’s PetroBras would jointly explore oil in the Blacksea as the initial findings inspired hope. Gul made the announcement at a joint press conference with visiting Brazilian President Luiz Inacio Lula Da Silva in the Turkish capital of Ankara following their talks […]

Chinese Oil: Google Images Show Growing Crude Storage in China

The economic recovery may yet tarry, and oil demand is still anemic, but there might be a solid reason crude oil has perched above $60 a barrel. Energy analysts at Sanford Bernstein say eye-in-the-sky satellite images from Google show the Chinese are packing away a rising amount of crude in storage tanks. Just as satellite […]

Pemex Is

(Bloomberg) — Petroleos Mexicanos, the state- owned oil company, should reevaluate its investment plan for the onshore Chicontepec project after oil prices plunged from last year The Mexican oil producer plans to invest more than $11.1 billion in Chicontepec from 2009 to 2012 to offset a production decline at Cantarell, an aging, offshore field that […]

Of energy security and conducive environment

(MENAFN – Arab News) The issue of energy security and energy independence is creeping up now for serious debate. Major stakeholders are looking it at minutely for it has wider ramifications and long-term implications. What the world was striving for – energy security or energy independence – needs to be sorted out. It cannot be […]

Will the Nuclear Power "Renaissance" Ever Reach Critical Mass?

An MIT report cautions that nuclear power has not yet been effectively employed to cut back on greenhouse gas emissions–and time is running out. This month, Finland’s Olkiluoto 3 nuclear reactor was supposed to begin generating power, a tangible sign of the revival of the nuclear industry outside of Asia after nearly 30 years of […]

China's Tire Demand Rolls over Southeast Asian Forests

Geographer Jefferson Fox thought he was on to something big when the Chinese military stripped his team’s weather monitoring equipment from a montane rubber plantation in the run-up to last year’s Olympics. How big? In the past 20 years, more than 1.2 million acres (485,000 hectares) of evergreen broadleaf and secondary forests have been cleared […]

China solar cos offer gloomy outlooks, shares fall

Chinese solar companies Suntech Power Holdings Inc, ReneSola Ltd and LDK Solar gave gloomy outlooks on Thursday as the credit crisis chokes off funding for renewable energy projects, and their shares fell sharply. Solar manufacturers have been hit by the sharp decline in prices for photovoltaic products because the credit crunch is forcing new projects […]

Airlines say they can't afford another huge oil price jump

The 25% run-up in oil prices over the past month that has motorists again scrutinizing gas station price signs heading into the Memorial Day weekend also has U.S. airline managers beginning to worry about another big cost jump on top of double-digit drops in demand and revenue. The CEOs of both AMR, parent of American […]

Did Malaysia cancel plans for palm oil development in the Amazon?

The Malaysian government’s federal land agency (FELDA) is now denying its well-documented plan to develop oil palm plantations in the Amazon rainforest, reports Ecological Internet, a forest advocacy group that carried out a campaign against the project. “In a positive yet puzzling development, a spokesperson for the Malaysian government’s federal land agency (FELDA) now denies […]

Slouching towards balkanization

Happy Days are here again. It’s as if the George W Bush years in Afghanistan had never left, with Washington still wallowing in an intelligence-free environment. A surge is coming to town – just like the one General David Petraeus engineered in Iraq. A Bush proconsul (Zalmay Khalilzad) wants to run the show – again. […]

Mexico oil exports plummet

Mexican oil exports plunged 18.2% in April to levels unseen since 1990 outside hurricane seasons, in more grim news for a key economic motor relied on for a major chunk of government revenues. Crude export volumes tumbled to 1.177 million barrels per day as yields at Mexico’s aging Cantarell field continued to plummet, state oil […]

Richard Duncan-Olduvai Theory: Toward Re-Equalizing the World Standard of Living

This study is based on: (1) historic population and energy data from 1965 to 2008 and (2) backup studies by several scientists. The Olduvai Theory is explained by disaggregating the World into the U.S., the OECD nations, and the non-OECD nations standards of living (SL). The U.S. SL peaked in 1973 (Figure 1). The World […]

Robert Bryce: There Will Be Many Barnetts

A Q&A with Roberto Aguilera ET: We talked over the phone a few weeks ago about the developments in the North American gas business. You said the combination of horizontal wells, and multi-stage slick-water fracturing has created a The addition of hydraulic fractures to these already naturally micro-fractured reservoirs leads to the monsters we are […]

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