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Insight and inspiration in turbulent times.
Oil prices eased yesterday as top world exporter Saudi Arabia slashed prices for its crude sales to the United States and Europe, however their excess production is heavier grade oil and not to refiners’ liking.
Annell Bay, Royal Dutch-Shell’s exploration director for the Americas, won’t speculate about the issue of global oil peak, but expresses his desire to see ‘anywhere currently off-limits’ opened up for exploration.
Even though oil prices have risen 30 percent in the last year, the United States’ gusto for gasoline has not been shaken.
The world’s oil giants may shy away from open book-keeping, but when national governments take the lead they have little choice but to fall into line.
Western oil companies are running out of likely places to look, and significant finds are growing rarer. With the most accessible areas either already picked clean or kept off limits for political reasons, exploration teams are having to push into harsher, more remote and less promising territory, where the costs and risks are high.
“The odd thing about oil prices in the last 20 years was how unbelievably low they were, as opposed to how odd it is that oil prices are at the level they are today.”
Dr Muhanna gives five reasons for higher oil prices excluding oil depletion.
Consumers may be up in arms, but a host of law firms are reaping the benefits of the UK’s dwindling gas supplies as preparations hot up for the country’s first liquefied natural gas (LNG) import terminals.
The Bush Administration’s struggle to keep secret the workings of Cheney’s Energy Task Force has been ongoing since early in the President’s tenure. What has been released reveals plans to occupy the Middle East which predate 9/11.
U.S. leaders, and the mainstream media, refuse to acknowledge that we are headed for an inevitable oil crisis with extreme consequences sure to impact every aspect of our lives.
An extra 3 million barrels per day (bpd) of production capacity worldwide is needed to avoid another year of blistering oil prices, International Energy Agency (IEA) executive director Claude Mandil warned on Sunday.
When the question of oil and gas depletion is raised the flat earth fraternity often can’t help themselves laughing whilst pointing out “but we’ve never produced more than we are today, the world is awash in oil and gas”. A sobering lesson is to be learnt by looking at the current depletion rates in New Zealand’s Maui natural gas field.
