China, Iran sign valuable oil & gas contract
China’s oil giant Sinopec Group has signed a $70 billion worth oil and natural gas deal with Iran; China’s biggest energy deal with the No. 2 OPEC producer.
Oil Prospecting Under Kremlin Watch
As the Russian government moves to reassert its sway over
the country’s lucrative energy business, the British oil and gas
giant BP would seem to be an obvious target. The company’s 50-50
Russian venture, called TNK-BP, is posting record profits, and now
pumps one of every five barrels of BP’s worldwide oil supply.
Mexico’s energy problem – Oil, politics a difficult mix
MEXICO CITY — While record-high oil prices have filled the coffers of Pemex, Mexico’s state-owned oil company, experts say the good times mask a looming problem in the country’s energy sector.
The Cantarell oil field in the shallow waters of the Gulf of Mexico, Mexico’s biggest, is running low. Exactly when it will run out, nobody knows.
Fear of new Shell reserves downgrade
ROYAL Dutch/Shell yesterday raised fears that it may have to write down its reserves by more than 1.5 billion barrels — 10 per cent of its total reserves — after the Anglo-Dutch oil company admitted that it was considering its fifth “volume adjustment” this year.
Delta Woes Flown In From Saudi Arabia
While Delta, like other airlines, cut about $600 million in costs between 2001 and 2003, its fuel costs at the same time went up by about $120 million. Given that oil prices have increased by roughly three-quarters in a year, the fuel expense for 2004 will be much worse.
Geosequestration: Burying carbon or burying our heads in the sand?
Climate change will impact every one of us. For this reason, governments all over the world are making moves to mitigate their greenhouse gas emissions. Geosequestration is the new kid on the block in energy technology research. It has become very popular politically, so much so that Australia’s Howard Government, following the lead of the US, is investing heavily in it. But at what cost?
The End is Near
Fossil fuels, so easily set alight! Yes, and as Bush and Kerry are out campaigning, we are presently touching off nearly the very last whiffs and drops and chunks of them. All lights are about to go out.
Swift route to green energy at home
News organisations worldwide have been waking up to the potential of a noiseless, vibration-free, roof-mounted turbine. The device plugs directly into the home grid, it will retail at around £1,500 and promises to repay that in electricity savings to the average household in the first three years of its 20-year guaranteed life.
NZ Government Deluded About Future Oil Supply
New Zealand is not preparing for the petroleum energy decline because, like most governments, it relies on the speculative theoretical forecasts produced by (non-geologist) economists of the International Energy Agency (IEA).
Exxon Mobil production rises slightly, profits boom
Total output rose 1 percent to the equivalent of 3.91 million barrels of oil a day as Chief Executive Officer Lee R. Raymond added production from the $3.4 billion Kizomba A project in deep waters off the coast of Angola. Other projects began producing in the past year in the North Sea and off Equatorial Guinea.
The impact of new projects was almost outweighed by a 14 percent drop in U.S. gas output, asset sales and production- sharing contracts under which the company gets fewer barrels of crude from certain fields as prices rise.
High gas prices may be here to stay
Motorists may groan, but the times of $2-a-gallon gasoline could look like the good old days before the decade is over. The problem is that global demand for oil is rising briskly, and at the same time, production in old oil fields is declining and new fields are increasingly hard to find.
US: Peak Oil Mini Summit at the Green Festival
The Green Festival, a two-day party intended to accelerate the emergence of a new economic paradigm that values life, will be host to an unofficial peak oil mini summit. The official program for Saturday November 6th features Peter Camejo, Richard Heinberg, and Julian Darley speaking about oil depletion and the implications.
