Insight and inspiration in turbulent times.
As global oil demand increases and oil wells deplete, will oil producers’ much trumpeted new fields be able to cope? A report by the Oil Depletion Analysis Centre (ODAC) has taken the hard data supplied by oil producers and come up with some worrying conclusions.
Russian oil major Lukoil will export its first trial batch of oil to China in November-December, the company’s vice president Leonid Fedun said at a presentation of the company’s bonds on Thursday.
In Russia’s main oil-producing region in western Siberia, proven reserves represent just 18% to 24% of all oil in the ground, in contrast to about 45% in Western oil-producing regions such as Alaska and the North Sea. But as Russian oil companies adopt technologies, such as horizontal wells and computerized reservoir management systems, the estimated recovery rates are being revised upwards.
Sir Mark Thatcher has been charged with involvement in a coup plot in oil rich Equatorial Guinea prosecutors confirmed today.
My book tells a story of oil from its birth hundreds of millions of years ago through to its maturation into deep underground, as well as the modern tale of crudes abrupt exhumation, the battle to control its riches and its effect on the environment out of which it came
Plans for major reforms in Iraq’s oil sector have been postponed as the interim government focus on its daily problems, the Middle East Economic Survey reported on Tuesday.
Saboteurs attacked an oil pipeline and an oil well near northern Kirkuk on Wednesday, oil officials said.
Saudi Arabia is looking for new friends and finding them – in Asia. The oil-rich kingdom feels spurned and disliked by its traditional close allies in the West; ties have never been quite as warm since Sept. 11, 2001.
The world’s oil supply is headed toward a crisis state that could flare as early as next year, fueled by steaming demand and declining production, a longtime sector investor and analyst said on Wednesday.
Analysts, economists and industry spokespersons seem very reluctant to talk about depletion or production decline. Chris Skrebowski of ODAC has analyzed the 2004 BP Statistical review of World Energy and has noted that there were 32 countries that were able to increase production in 2003, vs. 18 countries which have been in decline for 3 years or more.
Once again, neither Democrats nor Republicans honestly addressed three of the major issues that threaten the very survival of our way of life.
A controversial plan to allow oil drilling in Alaska’s Arctic National Wildlife Refuge is likely to move forward now that there will be enough votes in the Senate to push the measure ahead.
