Insight and inspiration in turbulent times.
State-run Indian Oil Corporation has entered into a $3 billion deal with Iran to develop a gas block in the enormous South Pars field, to build an LNG liquefaction plant and to sell the resulting product. This is the IOC’s largest non-Indian investment to date, and one of the largest single investments in South Pars.
Energy companies are facing tougher negotiations over fiscal terms, as oil-producing countries capitalize on the tight market to push for a better returns.
Mineral exploration, like a kind of cosmic Easter egg hunt, becomes increasingly difficult the longer the hunt proceeds. Today, most of the world’s oil explorers are finding that the best chocolate eggs are long gone. The only goodies remaining are a few stray jellybeans and some candy wrappers.
A TOP aide to Iran’s supreme leader today declared Tehran did not fear being taken to the UN security council over its nuclear program and warned any resulting oil embargo would see world prices top $US100 a barrel.
Oil prices eased further below $50 a barrel on Tuesday, extending a week-long bout of profit-taking that has cut more than $5 from record-high crude ahead of the U.S. presidential election.
The end of cheap oil may mean more than just higher gas prices for Americans. It may mean the end of the oil age as we know it. That is according to the so-called peak oil movement, which says that by 2008 humans will have extracted half of the earth’s oil.
India is beginning to institutionalise oil diplomacy. In order to counter the towering presence of China National Petroleum Corporation and Japan National Petroleum Corporation, it has decided to use the expertise of the ministry of external affairs.
The Arctic “is now experiencing some of the most rapid and severe climate change on Earth,” according to an eight-nation study on global warming co-sponsored by the United States which is due to be officially released a week after Tuesday’s elections.
Saboteurs have mounted the biggest attacks yet on Iraq’s oil infrastructure, blowing up three pipelines in the north and hitting exports via Turkey, oil officials said Tuesday.
November newsletter from the Association for the Study of Peak Oil & Gas is essential reading. Includes an update on Saudi reserves, an analysis of US petrodollars, a country assessment of Denmark and much more.
Since Zhang Huazhu, director of China Atomic Energy Authority, announced that the Chinese Government has formulated policies to expedite the development of nuclear power generation in early September, numerous heavyweights including Canadian Minister of Natural Resources John Efford, French President Jacques Chirac, Russian President Putin and US Nuclear Regulatory Commission Chairman Nils Diaz have come to China.
Nigeria’s main trade union body is planning a second general strike over fuel price rises, and has warned it will target oil exports.
