Insight and inspiration in turbulent times.
When I went to work for Mobil Oil in 1966, M. King Hubbert’s prediction that Lower 48 crude oil production would peak in 1970 was controversial. Debate over the timing of the peak in global oil production can be taken as an indicator that it is getting close.
A Peak Oil Nightmare
Russia’s oil output and export growth is likely to slow by almost 40 percent in 2005 as the ruin of top major Yukos, higher taxes and a pipeline bottleneck put the brakes on a five-year boom.
LEAL, Sudan — On this flat and dusty African plain, China’s largest energy company is pumping crude oil, sending it 1,000 miles upcountry through a Chinese-made pipeline to the Red Sea, where tankers wait to ferry it to China’s industrial cities.
Enbridge Inc. may offer an equity stake in a Canadian oil sands pipeline to a Chinese investor, but is concentrating efforts on attracting shippers for the C$2.5 billion ($2 billion) proposal, a spokesman said on Thursday.
Venezuelan President Hugo Chavez arrived in Beijing for an official visit that aims to bolster his country’s oil deals with the Asian giant, state media and officials said.
An oil rich nation, where a minority is accused of benefiting disproportionately from mineral wealth…Clashes between police and the inhabitants of oil-producing areas that result in deaths…A scene from Nigeria? No – Ndolou, in south-western Gabon.
Gazprom, Russia’s state-controlled gas monopoly, could team up with the China National Petroleum Corporation to develop the Yukos oil company’s main production asset, sold to a mystery bidder on Sunday.
Industry demands tax breaks, regulatory changes to hunt for oil at the bottom of the sea….America’s onshore sources are nearly tapped out… Luckily, the United States holds claim to one of the world’s richest oil deposits: the Gulf of Mexico.
The recent peak in oil prices was due to the depletion of the world’s reserves rather than temporary supply problems in a number of countries, Feasta, an Irish-based research organisation claimed at the COP-10 climate conference in Buenos Aires.
“After reaching an absolute post-Soviet peak of 9.49 million b/d in September, Russia’s average daily production has been falling for 2 consecutive months, and November’s drop was the largest single-month decline since January 1999,” said Yulia Woodruff, ESAI’s Russian analyst.
An audio tape said to have been recorded by al-Qaeda leader Osama Bin Laden has called on his supporters to attack Gulf oil supplies.
