Insight and inspiration in turbulent times.
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).
Total output rose 1 percent to the equivalent of 3.91 million barrels of oil a day as Chief Executive Officer Lee R. Raymond added production from the $3.4 billion Kizomba A project in deep waters off the coast of Angola. Other projects began producing in the past year in the North Sea and off Equatorial Guinea.
The impact of new projects was almost outweighed by a 14 percent drop in U.S. gas output, asset sales and production- sharing contracts under which the company gets fewer barrels of crude from certain fields as prices rise.
Motorists may groan, but the times of $2-a-gallon gasoline could look like the good old days before the decade is over. The problem is that global demand for oil is rising briskly, and at the same time, production in old oil fields is declining and new fields are increasingly hard to find.
Talks and presentations delivered at a session of the Society of Petroleum Engineers (SPE) on dwindling oil supplies.
The former head of Saudi Arabian Oil Co’s oil exploration Wednesday sharply criticized U.S. government oil supply projections. “The whole industry laughs at it,” said Sadad Al-Husseini.
HO CHI MINH CITY – News of the discovery of a new offshore oilfield in northern Vietnam may be drawing toasts at home, but it threatens to add fuel to a longtime controversy with China over a territorial dispute in the South China Sea.
New Zealand has time to prepare for a future energy crisis due to escalating oil prices, Energy Minister Pete Hodgson said today. But the Government has accepted forecasts that many experts believed were too optimistic. Green co-leader Jeanette was particularly concerned about a concept known as “peak oil”.
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.
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.
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.
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.
Channel 4 News has been told by a top Saudi oil industry insider that the American government’s forecast for future oil supplies are a “dangerous over-estimate”. Sadad Al Husseini has just retired as vice-president of the Saudi oil company Aramco.
