Insight and inspiration in turbulent times.
Tom Bawden 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.
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.
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?
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.
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.
“I think it is not helpful for the world to believe that we are running out of oil.” LORD BROWNE, BP chief executive
Despite RBI Governor Dr Y.V. Reddy putting on a brave front on Tuesday saying that the Indian economy is resilient enough to absorb the oil shock, it is now clear that the ogre of petro inflation will adversely impact India’s growth prospects.
Iran’s Ambassador to Beijing Fereydoun Verdinejad said here Wednesday that Iran and China enjoy great potentials to boost long-term cooperation in various oil, gas and petrochemistry fields.
Some traders are handicapping the possibility of the U.S. tapping the Strategic Oil Supply. With one week to go before the election, and with long-term problems now being fully catalogued, the scenario becomes possible. The United State’s supply of oil is in tatters due to underwater mudslides caused by Hurricane Ivan.
The old homestead – and not just the kind with seven baths – is increasingly filled with multiple refrigerators, plasma TV sets, and lap pools. The result is that this year’s energy woes, more than ever, are hitting the American middle class and upper middle class as well as the poor.
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).
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.
