Australia warns on Timor Sea project
Australia today warned that a $6.7 billion natural gas project in the Timor Sea could be scrapped after East Timor rejected its latest proposal.
Fossil Fuels
Oil price will drop, says BP
“I think it is not helpful for the world to believe that we are running out of oil.” LORD BROWNE, BP chief executive
India: Oil crisis looming large
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, China to boost energy cooperation
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.
US Oil Supply: So Muddy And Deep
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.
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.
Dwindling Supply vs. Abundant Oil: A Timely Debate
Talks and presentations delivered at a session of the Society of Petroleum Engineers (SPE) on dwindling oil supplies.
EIA projections are not realistic
The former head of Saudi Arabian Oil Co’s oil exploration Wednesday sharply criticized U.S. government oil supply projections. “The whole industry laughs at it,” said Sadad Al-Husseini.
Vietnam oil find fuels China’s worries
HO CHI MINH CITY – News of the discovery of a new offshore oilfield in northern Vietnam may be drawing toasts at home, but it threatens to add fuel to a longtime controversy with China over a territorial dispute in the South China Sea.
NZ has time to prepare for future oil crisis: Energy Minister
New Zealand has time to prepare for a future energy crisis due to escalating oil prices, Energy Minister Pete Hodgson said today. But the Government has accepted forecasts that many experts believed were too optimistic. Green co-leader Jeanette was particularly concerned about a concept known as “peak oil”.
