[Chuckmak]

$this->bbcode_second_pass_quote('basil_hayden', 'Y')ou send us petroleum.

We send you little pieces of paper with Dead Presidents on them.

K?

[Newsseeker]

$this->bbcode_second_pass_quote('basil_hayden', 'Y')ou send us petroleum.

We send you little pieces of paper with Dead Presidents on them.

K?

[ukrneftegas]

Yes, I am really from Ukraine. But why do you treat my question to be unserious ???

I have a good proposal of oil products http://euroinvest.com.ua/ (See English version)

And my question concerned the form of international contract to be forwarded the buyer. I have only samples of local ones.

[basil_hayden]

I'm not sure how much more simply we can word the contract than what I typed above.

Ta Ta, spammer.

[davep]

$this->bbcode_second_pass_quote('', 'R')ussia stepped up the pressure on British-listed energy and mining companies yesterday with an influential Moscow regulator alleging that some of them were "cheating" investors by exaggerating their reserves.

Oleg Mitvol, deputy head of the environmental watchdog Rosprirodnadzor, called on the London Stock Exchange and other authorities in the UK to stamp out the alleged abuses.

His call comes at a time when the Kremlin has been taking back Russian assets from UK companies such as Shell and BP which it believes were obtained on the cheap when times were bad in Moscow.


UK oil firms cheating investors, says Russia


· Miners also accused of exaggerating reserves
· Fears of renewed Kremlin attack on resources sector

Terry Macalister
Monday August 27, 2007
The Guardian

Russia stepped up the pressure on British-listed energy and mining companies yesterday with an influential Moscow regulator alleging that some of them were "cheating" investors by exaggerating their reserves.

Oleg Mitvol, deputy head of the environmental watchdog Rosprirodnadzor, called on the London Stock Exchange and other authorities in the UK to stamp out the alleged abuses.

His call comes at a time when the Kremlin has been taking back Russian assets from UK companies such as Shell and BP which it believes were obtained on the cheap when times were bad in Moscow.

"I think they [investors] are already duped or cheated. I don't think we have to wait for a big crisis to occur in order to see this problem," Mr Mitvol said.

"When a proprietor-licensee has data which can be different from the state data, this is firstly abnormal and secondly a fraud. I can add that soon there will be results of our work with one company announcement which will significantly reduce reserves," he said.
...

[Fishman]

So one country is calling another on the carpet about their numbers. Will we see more of this confrontation? Up until recently the general rules was live and let live, don't ask questions. Is this the beginning of Russian attempt at European control? Not sure we can help you this time Europe, remember we're broke and "evil".

[SoothSayer]

$this->bbcode_second_pass_quote('Fishman', 'S')o one country is calling another on the carpet about their numbers. Will we see more of this confrontation? Up until recently the general rules was live and let live, don't ask questions. Is this the beginning of Russian attempt at European control? Not sure we can help you this time Europe, remember we're broke and "evil".

[Ferretlover]

Ordinarily, I would assume that someone wanting to know the actual numbers of reserves would just be for a financial reason.
But, lately, I have begin to wonder, with the recent decisions and announcements made by Putin, why he wants to know how much oil the UK has...
Wouldn't the actual numbers of oil reserves, etc., held by any also be considered a national security issue?

[Twilight]

$this->bbcode_second_pass_quote('Ferretlover', 'O')rdinarily, I would assume that someone wanting to know the actual numbers of reserves would just be for a financial reason.

But, lately, I have begin to wonder, with the recent decisions and announcements made by Putin, why he wants to know how much oil the UK has...

[Ferretlover]

I see. So it's a balancing act between finances And security.

Thanks, Twilight..

[Fredrik]

http://www.alertnet.org/thenews/newsdesk/N05235733.htm

It gives you an uneasy feeling when you think about all the places where actual oil reserves could be only a small fraction of what even PO experts like Simmons, Campbell and ASPO estimate...

This bit of news makes me hope that at least the allegedly huge Russian coal reserves really are there, to enable at least small or medium-scale CtL production to keep us above utter collapse for awhile. With global oil consumption in rapid decline, CO2 emissions will be pretty irrelevant for everybody by then.

[Bas]

xcuse me but the very first line of the article says:

$this->bbcode_second_pass_quote('', 'S')everal foreign oil and mining companies operating in Russia have been overstating reserves by as much as 800 percent

[Fredrik]

$this->bbcode_second_pass_quote('Bas', 'x')cuse me but the very first line of the article says:

$this->bbcode_second_pass_quote('', 'S')everal foreign oil and mining companies operating in Russia have been overstating reserves by as much as 800 percent

[billp]

$this->bbcode_second_pass_quote('', 'T')his bit of news makes me hope that at least the allegedly huge Russian coal reserves really are there

[Twilight]

Thanks, some very interesting observations in there.

[billp]

$this->bbcode_second_pass_quote('', 'P')owder River Basin in Wyoming

[bob9000]

Hi, first time poster, loooooong time lurker. I remember when the first 'Another Record' thread started with the shocking news that WTI was now up to $45.90! Shock horror. Anyway...I have a question, and have searched extensively as to the answer, and have come up with nothing. So here goes...

No one's talking about Russian production. In about 2004, when I first came across the whole notion of Peak Oil, there was a general consensus that Russian oil production was riiight on the verge of peaking and was shortly to crash dramatically. Now, fast forward three years later, and the doomsayers were right about Mexico, right about Norway, right about Iran etc etc...and yet Russia just keeps right on pumping along merrily. Now I know damn well that exports are down, about 9.5% for the year if I remember rightly, yet actual production keeps inching on up ever so slightly, month after month.

Now Saudi Arabia's production has been totally and utterly scrutinized by many many wonderful and dedicated people, both here and at The Oil Drum. Its been fantastic, and much appreciated. The few snippets of data have given us so much information, and from that we glean that SA has probably peaked, and will now decline, albeit rather slowly as new projects come online to help prop things up.

Russia on the other hand, never seems to be mentioned much. Yet it produces more than SA, seems to have far less reserves, even if you don't believe SA's spurious revision, and has a truly brutal HL curve ahead of it.

So my question is, what's the status of Russia, and her individual fields? As I write this, WTI is over $81 a barrel. It seems to me that if Russia crashes now, the effect would be far greater than if SA did. And yet I can't seem to find a thing about it. Am I just stupid? Or is this a question that possibly needs more discussion?

Cheers

[aldente]

The answers to your questions will be evaluated and answered by the omni mighty PO Round Table as they fall.

[Oilbird]

The figures I have found are as follows:

SAUDI: reserves 262.7 billion bbl; produces 9.475 mbopd (% change year-on-year 0%; exports 7.92 mbopd; rank (exports) 1.

RUSSIA: reserves 74.4 billion bbl; produces 9.40 mbopd (% change year-on-year +2.73%); exports 7.0 mbopd; rank not given but, by comparison with Saudi, presumably 2 or very close.

These figures are available on the web at http://www.indexmundi.com (as they are for most countries.). I'm not claiming accuracy for either country, especially not for the Saudi reserves. No doubt you, and others, will do the math. The interesting figure, I feel, is the 0% production increase for the year, for Saudi. This despite a perceived shortage in the marketplace.

[peasea]

the officail figures are available as you state over the net. but if you're like me you'll note the jump in SA reserves in the , what 80's ? . this lead me to suspect that they have about half what is claimed , espcially when their reserves haven't dropped in all the years of production.

Can Russia out do SA , short term Putin needs the money but even with pre OPEC reserves SA has more . I their shoes I'd let Russia pump ahead for when they decline then
I'd get more for my oil!

P.

$this->bbcode_second_pass_quote('Oilbird', 'T')he figures I have found are as follows:

SAUDI: reserves 262.7 billion bbl; produces 9.475 mbopd (% change year-on-year 0%; exports 7.92 mbopd; rank (exports) 1.

RUSSIA: reserves 74.4 billion bbl; produces 9.40 mbopd (% change year-on-year +2.73%); exports 7.0 mbopd; rank not given but, by comparison with Saudi, presumably 2 or very close.

These figures are available on the web at http://www.indexmundi.com (as they are for most countries.). I'm not claiming accuracy for either country, especially not for the Saudi reserves. No doubt you, and others, will do the math. The interesting figure, I feel, is the 0% production increase for the year, for Saudi. This despite a perceived shortage in the marketplace.