" />
Building a world of
resilient communities.

MAIN LIST

 

ODAC Newsletter - Feb 4

Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil.

Nervousness about the mounting political turmoil in Egypt kept Brent blend above $100/barrel this week. There is concern not only about oil deliveries through the Suez Canal and the Sumed pipeline, but also the wider context. Similar protests have forced Jordan's King Abduallah to replace his government and President Ali Abdullah Saleh of Yemen to say he will not stand for re-election in 2013. As the demonstrations gather momentum it looks as if major political changes are afoot across the region, with unpredictable impacts on the geopolitics of oil and gas supply.

The rising price of Brent has stretched the persistent differential with WTI to more than $10 per barrel, as high stocks at Cushing, Oklahoma, depress the US benchmark. The tanks there are brimming because of the sluggish US economy, and increasing supply of crude from the Canadian tar sands. A debate about whether the government should approve the proposed Keystone pipeline, to bring in yet more oil from Canada, is hotting up and adding to the political polarisation around energy policy.

The ups and downs of big oil were evident again this week as the supermajors announced their 2010 results. Royal Dutch Shell reported profits almost doubled to $18.6bn as a result of the surging oil price, but BP's woes continued as it posted its first loss in 19 years because of the costs of the Deepwater Horizon disaster. BP faces more trouble in Russia as TNK-BP won an injunction holding up its new Arctic drilling partnership with Rosneft, and the company continues to provide a case study in the risks oil companies are forced to take as access to resources becomes more difficult.

BP also was under pressure at home this week, cautioned by the UK Health & Safety Executive for not carrying out sufficient safety checks on North Sea rigs. So too was Statoil , which announced that 50 wells at its Gullfaks field will be shut in for another two years following a major emergency last year. The company has been roundly criticised by Norway's Petroleum Safety Authority, and admitted it "could have been clearer" in its dealings with the watchdog.

Against this backdrop European leaders gather today for the first EU energy summit. Energy Commissioner Guenther Oettinger will use the meeting to call for greater co-ordination of member states' energy policies to provide a more predictable market for investment. The announcement this week of a feasibility study for an electricity interconnector between Scotland and Norway should provide encouragement. A report from WWF and Ecofys released to coincide with the meeting claims that with the right policies and incentives renewables could meet 95% of energy demand by 2050.

View our Reports and Resources page

Oil

Egyptian Riots Add Pressure on OPEC With $100 Oil

Back to top

Let's get real: cheap oil is never coming back

Back to top

Shell makes nearly £1.6m profits every hour

Back to top

BP says it may have to pay to settle dispute with Russian partners as it resumes dividend, posts $4.9bn loss

Back to top

TNK-BP billionaires 'not interested in compensation to end BP battle'

Back to top

BP cautioned over lack of safety checks on North Sea oil rigs

Back to top

Statoil curbs output over safety fears

Back to top

Investors warn over deep water drilling risks

Back to top

In an Oil Price Gap, the Scent of Tar Sands

Back to top

OPEC output hits two-year high in Jan, says survey

Back to top

US embassy cables: Is Saudi boom reaching its limits?

Back to top

Cnooc Pays $570 Million for Stake in Chesapeake Energy U.S. Shale Project

Back to top

Gas

Gas Drilling Technique Is Labeled Violation

Back to top

Renewables

World Energy Can Be 95% Renewable by 2050, WWF Report Says

Back to top

U.K. Wind Energy Jobs Surge 91 Percent, Study Says

Back to top

Utilities to investigate Scotland-Norway energy cable

Back to top

EU wind power construction slows, coal gains -EWEA

Back to top

Biofuels

Draft EPA report: Biofuels threaten habitat, water quality

Back to top

UK

UK greenhouse gas emissions fall

Back to top

Oil spike may force rate rise, Bank deputy warns

Back to top

Climate

Senators vow to strip Obama climate power

Back to top

EU spot carbon market re-opens, buyers shun it

Back to top

US states take initiative on cap-and-trade

Back to top

Europe

'Reducing CO2 Emissions Early Can Save Money in the Longer Term'

Back to top

EU exec wants green energy subsidies aligned, raised

Back to top

EU leaders to coordinate energy policies

Back to top

Transport

Biofuels: Off into the wild, green yonder

Back to top

Bus services at risk because of spending cuts

Back to top

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.


New Russia Sanctions: Washington, Delusional About US Energy Capacity, Lashes Out

The effect of the sanctions will be to speed the Russian decline, forcing up …

Shales vs. solar: An investment perspective

But perhaps the real proof of a new energy paradigm shift lies in the fact …

Peak Oil Review - July 28

A weekly review including Oil and the Global Economy, The Middle East & …

The Changing Face of World Oil Markets

My conclusion is that hundred-dollar oil is here to stay.

IEA Oil Market Forecast: Optimistic Assumptions And An Economy Unable To Grow Out Of Its Problems

The International Energy Authority does does its best to paint a rosy …

Energy Crunch: Global debate heats up

News that last month was the world’s hottest June on record provided …

Divest! - Then What?

Divestment is one of the great campaigns of our times.But the question then …