PeakOil.com: Weekly Petroleum Supply Report 6.12.10

Review of last week: 1. A gigantic oil tanker, the A-Whale, specially modified to suck oily water out of the Gulf, was moved into place over the oil slick and initial reports are that it does just half of that….. 2. The pup55 Jet Ski index, recently developed by me to estimate US unleaded consumption […]

CNN Money: Offshore drilling woes may land on shore

NEW YORK (CNNMoney.com) — Restrictions on new oil and gas drilling could soon spread from the Gulf of Mexico to onshore operations. There’s currently a moratorium set to last until Nov. 30 on drilling rigs used for deepwater operations in the Gulf. It is designed to halt new operations until the causes of the BP […]

Will Underinvestment Kill Oil Exports ?

The most important theme that people need to understand with regard to conventional oil is that most conventional oil that is produced in the world and sold for export is not produced by companies like Shell or Exxon or Total, in other words it’s not produced by major oil companies. It’s produced by national oil […]

Iran Dumps A Glut Of Oil Onto The Market

Iran, the second-largest oil producer in the Middle East, released six supertankers from its fleet of vessels storing crude oil, a 40 percent reduction that may mean more oil heading to Europe, shipping tracking data show. The National Iranian Tanker Co. has nine supertankers stationed off the United Arab Emirates and its own coast, according […]

Canada’s energy superpower delusion

First off, Canada is not now, nor is it ever likely to be, an “Energy Superpower”. This term was first used by Prime Minister Harper on the eve of the 2006 G8 meeting1. As evidence he stated: ‘Canada is the world’s third largest producer of gas, seventh in oil production, the biggest hydro-electric generator and […]

Continued Alberta oil sands production growth seen

Forecasts are starting to indicate a rebound in activity for developing bitumen production from the oil sands in Alberta. Alberta’s Energy Resources Conservation Board in its June 2010 update forecasts bitumen production to reach 3.2 million b/d in 2019.1 This rate is an increase from its forecast last year that saw oil sands production increasing […]

The Fallacy of ‘Easy Oil’

There is one thing on which almost all pundits, industry veterans, forecasting agencies and members of the public seem to agree. Energy, particularly hydrocarbons, is going to get ever scarcer and more expensive. The “age of easy oil” is over. Former Shell CEO Jeroen van der Veer opined in April 2008 that, “Easy oil and […]

Russia Challenges Middle East on Oil

Russia is sending record amounts of oil to Asia, eroding the dominance of the Middle East, as refiners in South Korea and Japan increase purchases from a source that’s three weeks closer by ship. South Korean imports of Russian crude climbed to an all- time high of 179,000 barrels a day in May, equal to […]

PeakOil.com: Weekly Petroleum Supply Report 6.6.10

Well, here is the situation we are faced with this morning: 1. A giant blob of toxic goo is sitting out in the Gulf of Mexico, offshore, mainly submerged so no one can see it, killing everything it touches. 2. There was a Category 1 hurricane last week that parked itself over Mexico’s biggest oil […]

The hunt for energy is not going to be pretty

The world’s energy needs are expected to double by 2050 (as we simultaneously try to halve CO2 emissions). Peter Voser, the chief executive of Shell, told an audience at the London Business School on Monday that he expects the number of cars and trucks on the road to rise from 900 million to 2 billion […]

Saudi Arabia ceases to develop crude oil fields

Lower oil prices makes the largest exporter of black gold to stop work on new oil fields. World’s largest exporter of crude oil, Saudi Arabia announced that it stopped all development of new oil fields. Such an order given by King Abdullah bin Abdulaziz Al Saud at the meeting of the Cabinet. Monarch explained his […]

OPEC surplus keeps price of crude down

Iran’s OPEC governor Mohammad Ali Khatibi said the organization had surplus capacity of 4-6 million barrels of oil per day, which was keeping the price of crude down. Right now, because of the economic crisis, OPEC is facing a 4-6 million barrel surplus capacity,” Khatibi said, according to the Iranian oil ministry website SHANA. “This […]

Saudi Arabia claims to have boosted production to 12.5 million barrels per day

King Abdullah has highlighted Saudi Arabia’s efforts to stabilize international oil market. “The Kingdom has increased its production capacity to 12.5 million barrels per day,” he said. Addressing the G20 summit here on Sunday, the Saudi leader called upon consumer countries to establish effective financial and commodity markets to avoid fluctuations in oil prices. “The […]

PeakOil.com: Weekly Petroleum Supply Report 6.30.10

PeakOil’s own Pup55 reviews the weekly EIA Petroleum Supply Report and pits his forecasting prowess against the so-called “experts”. The main driver of the decrease in crude oil was imports, like it always is, in this case the Captain Jack theory was incorrect since pricing was good last week, but imports were down to only […]

Cantarell Finally Slips Below 500 kbpd

t’s odd that people believe something truly new is possible in the world of global oil discovery. Oil deposits on earth follow a fairly well defined pattern: a handful of giant fields, and a great number of smaller fields. Unsurprisingly, 150 years of oil exploration and discovery has done nothing to upend this distribution. The giant fields were all found earlier in the oil age. Now we are into the latter part of the oil age, when the large fields have peaked and gone into decline, and we spend more capital, more labor, and more energy to extract oil from the smaller fields.

Shell: deep-water oil drilling will go on

“Given the rise in the population and the rise in the developing world of energy needs, we will have to develop those resources in deep waters, so my expectation is that we will go forward with it, but it will need some changes,” Voser told the Fortune Global Forum in Cape Town.

more.

NYT: Is a New Reactor Rust-Prone?

Courtesy of Arnold Gundersen, Fairewinds Associates An expert warns that an air pathway in a new reactor design could open the way for the release of radioactive materials.Approval of the design for the Westinghouse AP 1000 reactor is slowly moving forward at the Nuclear Regulatory Commission, as are financial arrangements for building the nation’s first […]

Iran oil sales fall by 24 percent

Iran’s oil sales dropped by more than 24 percent to $59.5 billion in the 11 months ending February 2010, according to a report by Fars News Agency. The figure showed a 24.3 point decline compared to the same period in the previous year, when Iran’s oil sales stood at $78.6 billion, the report said. Non-oil […]

Coal Mining – Mechanized Room and Pillar Mining

The most common method of mining started with driving tunnels, and then intersecting these with “cross cuts” through the pillars of coal left to hold the roof (the top half of the cake) in place. As I showed in an earlier illustration (above), since it was easier to mine from free faces then the solid, […]

Peak Oil – A Logical Necessity

Excerpts from the film A Crude Awakening highlighting the fact of local peak oil and the likelihood that global peak is either close or already here.

Peak oil postponed

So there is plenty of oil and gas after all. Prices will bumble along gently until well into the next decade. We are becoming more efficient in our use of energy, with 3pc extra savings annually. That is a faster pace than the rising real cost of fuel. Mankind will not run out of fuel […]

Stop Vilifying Oil

Candor does require that we admit, much as we might wish otherwise, there are no known technologies that can move us off petroleum for the next 20, or even 30 years. While we may be able to find green sources of energy to power our homes and factories in the future, nuclear, solar or wind, […]

Oil and gas production in Russia to fall after 2011 – LUKoil head

Oil and gas production in Russia will start declining gradually after 2011 if the government does not change laws to stimulate geological exploration, LUKoil head Vagit Alekperov said on Wednesday. “The production will reach its peak in 2010-2011, and then it will face a gradual slowdown caused by a total absence of incentives in that […]

Iraq’s Oil in Kurdistan still under dispute

Now when U.S. combat troops are slated for withdrawal there is still no federal oil law. The result is that Kurdistan has gone ahead and passed its own oil law and some oil companies have contracts with the Kurds that are not approved by the central government. Baghdad and the Kurdish Regional Government(KRG) constantly argue […]

Iran oil exports top 844mn barrels

Iran exported well over 844 million barrels of oil in the one year to March 21, 2010, averaging around 2.3 million barrels a day. The exports included around 259 million barrels of light crude and more than 473 million barrels of heavy crude oil, reported IRIB. The remaining 112 million were other types of crude. […]

A Look Back at a Decade of Change in Russian Oil

The last 10 years have been witness to nothing short of a revolution in the post-Soviet oil and gas industry. When the millennium dawned in 2000, private Russian companies held the best reserves. Today, those reserves are the property of the state. Once an oligarch, Mikhail Khordokovsky languishes in exile in an East Siberian prison. […]

China picking up lots of oil in Iraq

From among the most outspoken of critics of the 2003 U.S.-led invasion to topple Saddam Hussein, China has emerged as one of the biggest economic beneficiaries of the war, snagging five lucrative deals. While Western firms were largely subdued in their interest in Iraq’s recent oil auctions, China snapped up three contracts, shrugging off the […]

Saudi oil capacity ‘comfortable’ to 2020

Saudi Arabia was unlikely to need to boost its crude production capacity beyond 12.5 million barrels per day (bpd) until 2020, the Kingdom’s oil minister said in remarks published on Thursday. “We are very comfortable now and I believe we will be comfortable until 2020… that is just my gut feeling,” Ali Al-Naimi said in […]

Russia becomes leading oil producer

Russia overtook Saudi Arabia to become the world’s leading oil producer in 2009, while global oil consumption fell the most since 1982, BP has said. According to the oil giant’s latest Statistical Review of World Energy, Russia increased oil production by 1.5% in 2009, claiming a 12.9% market share. Production in Saudi Arabia fell 10.6%, […]

The Oil Supply Picture, Post-Spill

Energy experts, for the most part, say it is too early to say. Much depends on how long a moratorium on new deepwater drilling will last. Last month President Obama extended an earlier moratorium, and the long-term future of deepwater drilling in the United States may depend on the findings of a new bipartisan commission […]

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