Norway Peaking, To Invest NOK70B In Oil Business This Yr
“From what we see now we are about to peak on oil,” Oluf Ulseth, Norway’s Deputy Minister of Petroleum and Energy, said of Norway’s 3.2 million barrels a day of crude output.
Oil
Update on an old warning: Beware the coming shortages
Dennis Meadows warned 32 years ago that the world would run short of resources within a century, putting the planet at risk of expanding hunger as well as economic and social disaster. Today, that danger is more imminent, says Mr. Meadows, one of the authors of “The Limits to Growth,” a book published in 1972 and now just updated.
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.
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).
Opec asks US to release emergency oil stocks
The president of the Organization for Petroleum Exporting Countries (Opec) on Wednesday urged the United States to release some of its emergency crude oil stocks.
ConocoPhillips oil & gas production declines
Third-quarter oil output fell 7.6 percent from a year earlier, and natural-gas production slid 5.9 percent, partly because of asset sales, ConocoPhillips said.
Oil production rose from wells in Vietnam and the Timor Sea and declined everywhere else, the company said. Gas output fell everywhere the company did business except Norway and Vietnam.
NZ: Energy report: right direction but hurry up
The Green Party of New Zealand is enthusiastically welcoming the intent and content of the Government’s Sustainable Energy report, but says it still lacks a sense of urgency. A key example is Peak Oil. Some sections acknowledge that global oil production is going to peak in the foreseeable future. Yet it still appears to accept oil price forecasts that many experts think are way too optimistic.
Russia energizes Asian conquest
The Russian government is moving to tighten its grip on the country’s lucrative hydrocarbon and energy sectors, trying to consolidate all of the government’s energy assets under one roof.
