Chavez victory leaves questions
Trouble still lurks in the country’s massive oil sector, with industry experts warning that Venezuela needs long-overdue investment in aging oil fields.
Oil
Shell hit by $1.5bn oil pollution claim from Nigerian Senate
Shell, the beleaguered oil giant, has been asked by Nigeria’s Senate to pay $1.5bn (£830m) compensation to communities affected by oil pollution in the country.
Colombia’s hopes for great oil field find likely dashed
With the nation’s proven oil reserves continuing to fall, investment and exploration sagging and sabotage from a 40-year old civil war enduring, the Colombian government and its oil company, Ecopetrol, have been desperate to ballyhoo any find, small though it may be.
Global Climate Change & Peak Oil – Part III
The possibility of runaway global warming is not as distant a threat as we may wish. It is a threat which worries some of the greatest minds living among us today.
Philippines pushes to cut oil consumption
Reeling from record oil prices, the Philippines yesterday launched a countrywide campaign to limit energy consumption that includes halting government car purchases and switching off air conditioning for an hour in government offices.
OPEC exploration declining despite rising prices
Some of the world’s biggest oil-producing countries have reduced their investment in new capacity despite record oil prices. The Organisation of Petroleum Exporting Countries this week revealed its members drilled 6.5 per cent fewer wells in 2003, suggesting the global supply crunch and high oil prices could last longer than expected, analysts said. The numbers appear to contradict statements by Opec members that they are actively building extra capacity.
Motley crude
Oil prices are at record highs, production may well have peaked, yet demand continues to soar. So why aren`t the oil companies panicking?
The San Francisco Chronicle, in 1971, carried a small item: “The Texas Railroad Commission announced a 100% allowable for next month.” It was a very cryptic report and, knowing newspapers, it was probably simply used as a filler.
The era of cheap oil is history, geologist warns
Kenneth S. Deffeyes, a Princeton University geologist, has a suggestion for Thanksgiving 2005: “Give thanks for a century of cheap and plentiful oil.”
NZ: Peak Oil 101. For the benefit of Dr Cullen.
Hon Dr MICHAEL CULLEN of the New Zealand parlaiment: I have to confess that, for once, the member has floored me; I do not understand what is meant by the term “peak oil”.
Shell Settles with SEC, UK for $151 Mln
Royal Dutch/Shell Group agreed on Tuesday to finalized settlements with U.S. and UK regulators which will cost the oil giant $150.7 million over its mis-statement of proven oil reserves.
Doomsday nearer than you think
Nadine didn’t flinch when she acknowledged the inevitability of an oil shortage, which was remarkable because it would probably result in the end of civilization as we know it.
NZ: Road report ignores reality of ‘peak oil’, say Greens
Green Party co-leader Jeanette Fitzsimons is questioning the wisdom of building billions of dollars worth of new roads around the country, saying the rising price of oil will eventually leave them empty.
