Insight and inspiration in turbulent times.
Peter Davies, the vice chairman and chief economist of BP said: “Wind and solar energies are only in the minds of scientists at the moment. They are not in the market now, but they may be in 50 years.”
Record oil prices are likely to reduce the chances that companies such as Exxon Mobil Corp. or BP Plc will be asked to develop new crude output capacity in Saudi Arabia as the kingdom doesn’t need their capital, Aramco oil company officials and analysts said.
In the last of the Guardian’s series on the UK’s declining oil reserves, oil chiefs explain why Aberdeen has reason to be cheerful…our overall oil reserves may be in permanent decline but there is still plenty of money to be made and no need yet for despondency.
Higher oil prices mean more cash to British-based oil companies and extra tax for the exchequer. But as domestic supplies run dry the future will bring increased import bills for crude, petroleum products and gas, which is also running out.
Royal Dutch/Shell has kicked off auctions for two units worth several billion dollars, to move forward with its plans to sell non-core assets to help fund more upstream oil exploration.
BP has decided to pull out of supplying small British manufacturers with industrial gas as thousands of businesses are being hit with a near-doubling of energy bills.
The report shows the commercial value of oil and gas discovered over the past three years by the 10 largest listed energy groups is running well below the amount they have spent on exploration.
The absorption of Russian state-owned oil company Rosneft by the gas giant Gazprom appears to have run into trouble amid press reports yesterday of furious infighting among top Kremlin officials over the deal.
Oil giant BP has reported buoyant trading in the three months to September, with production up by 11%, on the back of soaring crude prices.
Nigerian rebels fighting for sovereignty of the oil-producing Niger delta told oil companies in the world’s seventh largest exporter to shut production before they begin an “all-out war” on Oct. 1.
Analysts at Deutsche Bank believe that, after 2008, almost half the opportunities for oil companies will be in LNG, GTL and the Venezuelan and Canadian oil sands, with deep water projects making up another quarter of the expected openings. But oil companies diverge on the need to get into such projects.
Shell Canada outlined $4 billion worth of expansions and de-bottlenecking at its Athabasca Oil Sands Project yesterday. The work will eventually bring the project to 500,000 barrels per day in production.
