Industry

Oil industry – July 22

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Galileo challenges satellite navigation firms (a more accurate look at oil reserves?)
ConocoPhillips chief urges govt-industry cooperation
Shell president urges more drilling
Petroleos de Venezuela may make shoes, build ships, grow beans

Facing the Hard Truths about Energy – the NPC report, commented

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Extensive commentary on the National Petroleum Council’s report on energy supply. The report is a mixed bag in absolute terms but a real step forward in political terms. We should definitely use it in the public debate, with regular use of the phrase “Even the industry now acknowledges that…

A report on the American Petroleum Institute conference call and review of the NPC report

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Since the National Petroleum Council (NPC) is an industry group and has always provided optimistic forecasts in the past, it shouldn’t be a surprise that its report doesn’t go all the way to peak oil indications. But it definitely starts talking about peak oil, recommending many of the actions that one would expect based on peak oil indications.

Exaggerated oil recovery

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A closer look at the National Petroleum Council (NPC) report: the case of the “missing” graph. Enhanced oil recovery (EOR) been used in the United States for three decades. By its own admission, the NPC’s previous estimates for EOR production didn’t pan out. Are you willing to take the chance that the NPC is right this time?

“Hard Truths” about global energy detailed in new NPC study

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“Over the next 25 years, the United States and the world face hard truths about the global energy future,” that will require “all economic, environmentally responsible energy sources to assure adequate, reliable supply,” the NPC advises in a 422-page report delivered today to the Secretary of Energy. (Full report and summary now online.)

The National Petroleum Council report

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in summary, the NPC report is saying that production will increase by around 25% over the next twenty five years, but this increase is entirely reliant on finding large amounts of new oil, mainly in the Middle East. Unfortunately, it is rather unlikely that the existing claims of oil reserves in the Middle East are true, and even less likely that massive amounts more oil can be found there. Even if it could, the Middle East is the least politically stable region of the world, and relying ever more heavily on it for critical inputs to our economy is likely to be fairly painful at regular intervals.