How can the spare capacity remain "tight" when the cornies tell us that the US is producing "vast" new amounts of oil, and we are for all practical purposes just about "energy independent" and that global oil prices are about to crash???
Color me: Confused. It's almost as if the cornies are LYING TO US? Is that possible? Say it isn't so!!
PeakOil is You
Oil In The Ground, Fantasy vs. Reality
Re: World oil supply up but spare capacity tight: EIA
by SilentRunning » Wed 27 Jun 2012, 22:01:47
Send more Cornicopians!
The last ones were delicious!!!
The last ones were delicious!!!
-
SilentRunning - Peat
- Posts: 120
- Joined: Fri 27 Mar 2009, 23:46:50
- Location: Northeastern North America
Re: World oil supply up but spare capacity tight: EIA
by FarQ3 » Thu 28 Jun 2012, 16:45:00
No SR the cornies are not LYING TO US, they are just conditioned to always look at the good and dismiss the bad as unthinkable. Just like the passengers of the RMS TITANIC they were still dancing in the great hall as the ship was listing badly to port, wondering what all the fuss is about as there were good times to be had and the Titanic was 'unsinkable'.
Oils just aint oils ..... unless you believe the IEA
-
FarQ3 - Peat
- Posts: 82
- Joined: Wed 19 Jan 2011, 19:32:35
- Location: Western Australia
Pump Action Spurs Iraqi Oil Production
by Graeme » Sun 19 Aug 2012, 19:31:52
Pump Action Spurs Iraqi Oil Production
$this->bbcode_second_pass_quote('', 'I')raq has reclaimed its place as the second-largest oil producer in the Organization of Petroleum Exporting Countries, overtaking Iran for the first time in 24 years and shifting the balance of power in the group.
After years of conflict and poor security, Iraq has finally begun to rebuild its shattered oil industry. In July, it pumped just over three million barrels a day, an impressive 400,000 barrel-a-day increase since the end of 2011, according to OPEC data.
But the shift in rankings also is because Iran's output has declined. Western sanctions, aimed at pressuring Tehran over its nuclear program, have cut 700,000 barrels a day from the country's production since 2011, according to OPEC data.
Before the first of the sanctions were imposed in January, Iran was producing 3.5 million barrels a day of oil, a level Iraq doesn't expect to reach until next year.
The gap between the two countries is likely to widen further in the coming months as Iraq sees more rewards from contracts signed in 2009 and 2010 with large Western, Russian and Chinese oil companies to develop a dozen neglected oil fields in southern Iraq. These include some of the world's largest, like Rumaila and West Qurna.
The recovery in Iraq's oil output because of these deals was gradual at first, averaging 4.2% annual growth between 2006 and 2010. It kicked into high gear last year, as oil production expanded 12.5%.
This is good news for oil consumers. Extra supplies from Iraq helped global markets cope with the loss of Libyan exports during last year's civil war. It also helps offset the loss of Iranian exports this year.
But so far, Iraq has just been making up for many years of oil-industry neglect. It still has plenty of growth potential.
"Iraq sits on very bountiful oil reserves [estimated at 143 billion barrels], and for decades there was too little investment to develop these," said Samuel Ciszuk, an analyst at the U.K.-based consultancy KBC Energy Economics. "So the capacity to lift production even significantly above today's levels is there."
$this->bbcode_second_pass_quote('', 'I')raq has reclaimed its place as the second-largest oil producer in the Organization of Petroleum Exporting Countries, overtaking Iran for the first time in 24 years and shifting the balance of power in the group.
After years of conflict and poor security, Iraq has finally begun to rebuild its shattered oil industry. In July, it pumped just over three million barrels a day, an impressive 400,000 barrel-a-day increase since the end of 2011, according to OPEC data.
But the shift in rankings also is because Iran's output has declined. Western sanctions, aimed at pressuring Tehran over its nuclear program, have cut 700,000 barrels a day from the country's production since 2011, according to OPEC data.
Before the first of the sanctions were imposed in January, Iran was producing 3.5 million barrels a day of oil, a level Iraq doesn't expect to reach until next year.
The gap between the two countries is likely to widen further in the coming months as Iraq sees more rewards from contracts signed in 2009 and 2010 with large Western, Russian and Chinese oil companies to develop a dozen neglected oil fields in southern Iraq. These include some of the world's largest, like Rumaila and West Qurna.
The recovery in Iraq's oil output because of these deals was gradual at first, averaging 4.2% annual growth between 2006 and 2010. It kicked into high gear last year, as oil production expanded 12.5%.
This is good news for oil consumers. Extra supplies from Iraq helped global markets cope with the loss of Libyan exports during last year's civil war. It also helps offset the loss of Iranian exports this year.
But so far, Iraq has just been making up for many years of oil-industry neglect. It still has plenty of growth potential.
"Iraq sits on very bountiful oil reserves [estimated at 143 billion barrels], and for decades there was too little investment to develop these," said Samuel Ciszuk, an analyst at the U.K.-based consultancy KBC Energy Economics. "So the capacity to lift production even significantly above today's levels is there."
wsj
Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Fatih Birol's motto: leave oil before it leaves us.
-
Graeme - Fusion
- Posts: 13258
- Joined: Fri 04 Mar 2005, 04:00:00
- Location: New Zealand
Saudi Arabia Oil Output Tops Russia in June, Jodi Data Show
by Graeme » Sun 19 Aug 2012, 19:35:03
Saudi Arabia Oil Output Tops Russia in June, Jodi Data Show
$this->bbcode_second_pass_quote('', 'S')audi Arabia pumped crude at the highest level in more than three decades in June, overtaking Russia as the world’s largest oil producer during the month, according to the Joint Organization Data Initiative.
The desert kingdom’s output rose 3 percent to 10.1 million barrels a day in June from May as it exported the most in a month since November 2005, according to statistics the government submitted to OPEC and posted on JODI’s website today.
Russia pumped 9.9 million barrels a day of crude oil in the same month, according to the initiative known as JODI. The Russian data exclude natural-gas liquids, JODI said.
Saudi Arabia, the largest producer in the 12-member Organization of Petroleum Exporting Countries, put 272 million barrels of crude oil in storage inside the country in June, 2.2 percent less than in May, the data show. The world’s biggest oil exporter shipped 7.84 million barrels a day in June, an increase of 2.3 percent from a month earlier. The data for output and exports include condensates and exclude natural-gas liquids.
JODI calculated a different barrel-per-day figure for Russia using data in metric tons that the country submitted to the Asia-Pacific Economic Cooperation forum, and compared that with information from other sources, it said.
$this->bbcode_second_pass_quote('', 'S')audi Arabia pumped crude at the highest level in more than three decades in June, overtaking Russia as the world’s largest oil producer during the month, according to the Joint Organization Data Initiative.
The desert kingdom’s output rose 3 percent to 10.1 million barrels a day in June from May as it exported the most in a month since November 2005, according to statistics the government submitted to OPEC and posted on JODI’s website today.
Russia pumped 9.9 million barrels a day of crude oil in the same month, according to the initiative known as JODI. The Russian data exclude natural-gas liquids, JODI said.
Saudi Arabia, the largest producer in the 12-member Organization of Petroleum Exporting Countries, put 272 million barrels of crude oil in storage inside the country in June, 2.2 percent less than in May, the data show. The world’s biggest oil exporter shipped 7.84 million barrels a day in June, an increase of 2.3 percent from a month earlier. The data for output and exports include condensates and exclude natural-gas liquids.
JODI calculated a different barrel-per-day figure for Russia using data in metric tons that the country submitted to the Asia-Pacific Economic Cooperation forum, and compared that with information from other sources, it said.
businessweek
Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Fatih Birol's motto: leave oil before it leaves us.
-
Graeme - Fusion
- Posts: 13258
- Joined: Fri 04 Mar 2005, 04:00:00
- Location: New Zealand
2012's Top 5 Oil & Gas Plays
by Graeme » Wed 19 Dec 2012, 19:45:11
2012's Top 5 Oil & Gas Plays
$this->bbcode_second_pass_quote('', '2')012 has been a stellar year for oil and gas. From East Africa to North America, new technology, major new discoveries, an unparalleled appetite for exploration and a metamorphosing perception of risk have changed the playing field.
We're looking at potential rather than existing production, and here are our Top 5 picks for this year:
Turkana County, Kenya
We have to start with Kenya, the biggest success story of the year.
In March, the UK's Tullow Oil and Canada's Africa Oil Corp. discovered 100 meters of oil in the Ngamia-1 well. The euphoria was in part because this discovery was made on the very first try in the very first well. Stocks shot up to record highs as a result.
The euphoria has not abated. In late November, the same duo made another find of 30 meters of oil in the nearby Twiga-1 well.
September also saw Kenya strike 52 meters of natural gas in its first-ever offshore find in the Mbawa-1 well, off the coast of Malindi. U.S.-based Apache Corp. owns 50 percent of the well in a consortium with a handful of other companies. They're still digging, hoping that going deeper will reveal the oil.
The bigger picture, however, is that only the surface has been scratched in terms of exploration. The East Africa Rift is believed to hold over 70 billion barrels of untapped crude oil, while offshore Kenya, Tanzania and Mozambique have a joint estimated 250 trillion cubic feet of natural gas. There may be offshore oil, too. The oil discoveries in Kenya so far have been confined to one massive basin, and there are six more.
In addition to the size of the prize here, Kenya is favorable for other reasons as well: It offers relative political stability in the midst of a rather restless Africa; it offers attractive fiscal terms; it offers easy access to export markets; and it has an appetite for infrastructure that is hard to beat.
While 2013 may see some changes in the regulatory environment that could be less favorable, as for 2012, Kenya remains THE number one East African play in terms of potential. Next year will give us a better idea of commercial viability.
Bakken, N.D.
The Bakken shale play has placed North Dakota ahead of Alaska, making it the number two oil producer in the U.S. for 2012, after Texas. Because of Bakken, the U.S. has increased oil production this year to a level it hasn't seen in almost a decade and a half. In one month alone this year, North Dakota issued 370 drilling permits.
Stretching from Eastern Montana to Western North Dakota and across parts of Saskatchewan and Manitoba in the Williston Basin, the Bakken shale play could yield some 4.3 billion barrels of oil, according to the U.S. Geological Survey. That's the modest estimate. Continental Resources -- one of the major Bakken players -- estimates as much as 400 billion barrels.
The clincher is that much of the vast Bakken Petroleum System has not even been tapped. So far, drilling has primarily targeted the Middle Bakken and the upper Three Forks Zones. The Three Forks Zones have not been fully tapped, and the Upper Bakken Shale hasn't really been tapped at all.
Eagle Ford, South Texas
$this->bbcode_second_pass_quote('', '2')012 has been a stellar year for oil and gas. From East Africa to North America, new technology, major new discoveries, an unparalleled appetite for exploration and a metamorphosing perception of risk have changed the playing field.
We're looking at potential rather than existing production, and here are our Top 5 picks for this year:
Turkana County, Kenya
We have to start with Kenya, the biggest success story of the year.
In March, the UK's Tullow Oil and Canada's Africa Oil Corp. discovered 100 meters of oil in the Ngamia-1 well. The euphoria was in part because this discovery was made on the very first try in the very first well. Stocks shot up to record highs as a result.
The euphoria has not abated. In late November, the same duo made another find of 30 meters of oil in the nearby Twiga-1 well.
September also saw Kenya strike 52 meters of natural gas in its first-ever offshore find in the Mbawa-1 well, off the coast of Malindi. U.S.-based Apache Corp. owns 50 percent of the well in a consortium with a handful of other companies. They're still digging, hoping that going deeper will reveal the oil.
The bigger picture, however, is that only the surface has been scratched in terms of exploration. The East Africa Rift is believed to hold over 70 billion barrels of untapped crude oil, while offshore Kenya, Tanzania and Mozambique have a joint estimated 250 trillion cubic feet of natural gas. There may be offshore oil, too. The oil discoveries in Kenya so far have been confined to one massive basin, and there are six more.
In addition to the size of the prize here, Kenya is favorable for other reasons as well: It offers relative political stability in the midst of a rather restless Africa; it offers attractive fiscal terms; it offers easy access to export markets; and it has an appetite for infrastructure that is hard to beat.
While 2013 may see some changes in the regulatory environment that could be less favorable, as for 2012, Kenya remains THE number one East African play in terms of potential. Next year will give us a better idea of commercial viability.
Bakken, N.D.
The Bakken shale play has placed North Dakota ahead of Alaska, making it the number two oil producer in the U.S. for 2012, after Texas. Because of Bakken, the U.S. has increased oil production this year to a level it hasn't seen in almost a decade and a half. In one month alone this year, North Dakota issued 370 drilling permits.
Stretching from Eastern Montana to Western North Dakota and across parts of Saskatchewan and Manitoba in the Williston Basin, the Bakken shale play could yield some 4.3 billion barrels of oil, according to the U.S. Geological Survey. That's the modest estimate. Continental Resources -- one of the major Bakken players -- estimates as much as 400 billion barrels.
The clincher is that much of the vast Bakken Petroleum System has not even been tapped. So far, drilling has primarily targeted the Middle Bakken and the upper Three Forks Zones. The Three Forks Zones have not been fully tapped, and the Upper Bakken Shale hasn't really been tapped at all.
Eagle Ford, South Texas
huffingtonpost
Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Fatih Birol's motto: leave oil before it leaves us.
-
Graeme - Fusion
- Posts: 13258
- Joined: Fri 04 Mar 2005, 04:00:00
- Location: New Zealand
-
Plantagenet - Expert
- Posts: 26765
- Joined: Mon 09 Apr 2007, 03:00:00
- Location: Alaska (its much bigger than Texas).
Re: 2012's Top 5 Oil & Gas Plays
by Graeme » Wed 19 Dec 2012, 20:27:34
Obama: Climate change among top three priorities for second term
$this->bbcode_second_pass_quote('', 'P')resident Obama has identified climate change as one of his top three priorities in his second term after coming under fire from environmentalists for giving the issue short shrift during the campaign.
The president, in an interview for TIME's Person of the Year award, said the economy, immigration, climate change and energy would be at the top of his agenda for the next four years.
The interview took place before the fatal shootings at Sandy Hook Elementary School in Newtown, Connecticut, an incident that had pushed gun control to a top spot on Obama's agenda.
Obama said his daughters have influenced his thinking about the need to tackle climate change.
“[O]n an issue like climate change, for example, I think for this country and the world to ask some very tough questions about what are we leaving behind, that weighs on you. And not to mention the fact I think that generation is much more environmentally aware than previous generations,” he told TIME.
The comments continued a trend of Obama vowing to focus on climate without laying out details of his agenda.
Against the backdrop of Hurricane Sandy, Obama said in his first post-election press conference in November that climate change would be a focus in his second term.
In that press conference, Obama touted executive actions designed to curb emissions, such as finalizing new vehicle fuel efficiency standards and rolling out the first-ever air pollution limits for new coal-fired power plants.
Congressional Democrats have amplified calls in recent weeks to tackle climate change through legislation. They have said Sandy, a months-long drought and wildfires that ravaged the West this past summer urge action on the issue.
$this->bbcode_second_pass_quote('', 'P')resident Obama has identified climate change as one of his top three priorities in his second term after coming under fire from environmentalists for giving the issue short shrift during the campaign.
The president, in an interview for TIME's Person of the Year award, said the economy, immigration, climate change and energy would be at the top of his agenda for the next four years.
The interview took place before the fatal shootings at Sandy Hook Elementary School in Newtown, Connecticut, an incident that had pushed gun control to a top spot on Obama's agenda.
Obama said his daughters have influenced his thinking about the need to tackle climate change.
“[O]n an issue like climate change, for example, I think for this country and the world to ask some very tough questions about what are we leaving behind, that weighs on you. And not to mention the fact I think that generation is much more environmentally aware than previous generations,” he told TIME.
The comments continued a trend of Obama vowing to focus on climate without laying out details of his agenda.
Against the backdrop of Hurricane Sandy, Obama said in his first post-election press conference in November that climate change would be a focus in his second term.
In that press conference, Obama touted executive actions designed to curb emissions, such as finalizing new vehicle fuel efficiency standards and rolling out the first-ever air pollution limits for new coal-fired power plants.
Congressional Democrats have amplified calls in recent weeks to tackle climate change through legislation. They have said Sandy, a months-long drought and wildfires that ravaged the West this past summer urge action on the issue.
thehill
Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Fatih Birol's motto: leave oil before it leaves us.
-
Graeme - Fusion
- Posts: 13258
- Joined: Fri 04 Mar 2005, 04:00:00
- Location: New Zealand
