Top oil groups fail to recoup exploration costs
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.
Oil
Venezuela plans to ride oil to economic growth
Venezuela aims to ramp up oil production to an average 3.6 million barrels per day in 2005 to generate 5 percent economic growth and build on this year’s oil-driven recovery, according to the government’s draft budget for next year.
Oil hits $US53 for first time
New York’s main crude oil contract has shot to $US53 a barrel for the first time in opening trade as fears rose for heating oil supplies in the United States winter.
Oil price rise hits cattle operator
One of Australia’s largest cattle operators says the dramatic rise in oil prices this year has cost it about $1 million.
Michael Klare on oil wars and the American military
Despite official administration dreams of drastically raising Iraq’s oil output and then using it to float our occupation, we’ve essentially “lost” Iraqi oil — as has the rest of the planet.
North Sea production wilts
North Sea oil production has sunk more than 260,000 barrels per day from last year, aggravating a shortage of high-quality crude that has stoked record prices.
The “Abiotic Oil” Controversy
The abiotic theory holds that oil is from inorganic origin, and that there must be nearly limitless pools of liquid primordial hydrocarbons at great depths on Earth. If the abiotic theory does eventually prove to be partially or wholly scientifically valid (a big “if”), it might have little or no practical consequence in terms of the imminent global oil production peak.
IMF: High Oil Price a Threat for Years
Tight oil supplies could leave the global economy worryingly vulnerable for years to come, a senior International Monetary Fund official said on Thursday.
Shell make “major” oil find in Brunei
When Shell describes a new oil discovery equal to about one day’s global demand as “major” it’s another sure sign that oil exploration is well past its heyday.
The Consequences of Oil Dependency
Oil and gas account for the lion’s share of US energy consumption and are critical to transportation, home heating, and electricity generation. Soon we will have less of these fuels to go around, despite an expanding population and the constant demand for more energy to fuel economic growth.
Richard Heinberg predicts coming resource crunch
Oil depletion figures highly in the approaching crisis, and it’s not something new or theoretical, but something society has been living with for decades, Heinberg said.
ASPO October Newsletter
This month’s newsletter from the Association for the Study of Peak Oil and Gas feautures a country assessment of Turkey and a summary of the month’s most important news stories. Essential reading.
