|
| |
| Output from huge Kashagan field delayed once again |
|
 Eni, Italy's largest oil company, and partners developing the Kashagan oil field in the Caspian Sea may delay production by as much as two years, the fourth postponement at the 7 billion- to 9 billion-barrel Kazakhstan discovery.
The start of commercial output may not occur until 2012 or 2013, said Dinara Shaimardanova, an aide to Energy Minister Sauat Mynbayev, confirming his remarks earlier in the capital, Astana. Eni in January said the field, which was the world's biggest discovery in three decades, was expected to start in 2011.
|
|
|
|
|
|
| Shell's Shale Plans...? (or Why I Am an Oil Shale Skeptic) |
|
| Guest writes: It isn't hard to see why I am an oil shale skeptic. I outlined my reasons in two essays on oil shale. In those essays, I provided some history of oil shale, discussed Shell's unique process, as well as the reasons those "trillions of barrels" remain elusive. But one of Shell's recent moves has raised some eyebrows, as they are in the process of buying up water rights in Colorado to process the shale.
|
|
|
|
|
|
| Russian oil output to fall more - Lukoil tells weekly |
|
| Guest writes:
MOSCOW (Reuters) - Russia's oil output decline is likely to continue as its tax policy prevents oil firms from investing enough in new greenfield production, a magazine quoted the head of Russian oil major LUKOIL as saying on Monday.
Vagit Alekperov, president of LUKOIL, Russia's second-largest oil producer and biggest private oil company, said investment is also not sufficient for maintaining output at mature fields with their hard-to-extract resources.
|
|
|
|
|
|
| Iran looks to tap key oil field with homegrown crews |
|
| AZADEGAN OIL FIELD, Iran (AP) — At this huge oil field in southwest Iran, one building stands out among the pumps and maze of pipelines: On its roof in giant letters, big enough for satellites or pilots to see, are the words: "We can do it."
The slogan, made famous by Iran's revolutionary leader, Ayatollah Ruhollah Khomeini, highlights the country's new drive to tap its oil riches on its own — without Western investment or technological know-how — as Iran faces a threat of tighter U.N. sanctions and American financial pressure over its nuclear ambitions.
|
|
|
|
|
|
| Low supply means it's the end of the road for cheap oil |
|
| OVER the past 10 years, the price of oil has risen from $10 a barrel to more than $120. But are the days of cheap motoring gone for good?
The rocketing prices have underlined a number of important changes in the global oil industry. There has been a major shift in the balance of power, which has repercussions for the future of the industry – and will influence the price of oil for years to come.
|
|
|
|
|
|
|
| Guest writes:
Churchill’s assessment applies to the current oil situation: this is the beginning of the end of OPEC. That much is obvious; the more interesting question is “why?”
OPEC was founded in 1960 to protect the interest of its members, major oil exporting nations. That interest is to stabilize world oil prices at levels that balance their competing objectives to maximize both long term oil demand and the short term oil price. The idea was to keep enough oil off the market during glut periods to elevate the price and insert enough oil onto markets and lower prices during crises to prevent a global recession and to subvert movements toward substitutions for oil.
|
|
|
|
|
|
| Colorado's oil shale lures Shell |
|
| Water at risk as energy company buys land rights for exploration, analysts say
In its quest to remove oil from western Colorado's shale, Royal Dutch Shell has been buying land and water rights in anticipation of what is likely to be a thirsty new industry.
Some officials worry that the demands of the oil-shale industry could drain every drop of the region's remaining water.
|
|
|
|
|
|
|
| BERLIN (AP): Brazilian President Luiz Inacio Lula da Silva believes his nation wants to join Opec to help bring down oil prices, a leading German weekly quoted him as saying Friday. Silva said in the interview published in Der Spiegel news magazine that his nation plans to exploit massive deep-water oil reserves discovered near Rio de Janeiro. “Then Brazil will become a major oil exporter,” Silva said in an advance copy of the interview to be published Saturday. “We want to join Opec and to try to make oil cheaper.”
|
|
|
|
|
|
| Shell losing 30,000 barrels per day after Nigeria oil attacks |
|
| PORT HARCOURT, Nigeria (AFP) - Oil major Royal Dutch Shell said Saturday it was losing the equivalent of 30,000 barrels of crude oil per day because of recent attacks against its installations in Nigeria.
The unrest in Nigeria, Africa's biggest oil producer, helped drive oil prices to a record high above 126 dollars on Friday, analysts said.
|
|
|
|
|
|
| Hints of a Shift at OPEC About a Rise in Oil Output |
|
| As prices jumped to another record, a member of OPEC signaled on Friday for the first time in months that the oil cartel might increase its output to prick the price bubble.
The comments, from Libya’s senior oil official, Shokri Ghanem, suggested a possible shift in OPEC’s position. Since the cartel’s last meeting in March, OPEC has argued that the market was not lacking in oil supplies and blamed speculators for driving up prices.
|
|
|
|
|
|
| Oil stockpile a drop in the bucket |
|
| vox_mundi writes: NEW YORK (CNNMoney.com) -- As part of their plan to tame record oil prices, lawmakers are urging the President to stop putting oil in the nation's Strategic Petroleum Reserve. But some analysts say that won't do much to lower gas prices.
... Currently, about 70,000 barrels a day are pumped into the reserve from oil the government takes in lieu of royalty payments from firms operating in the Gulf.
|
|
|
|
|
|
| Ask AP: Leaded gas and college football poll votes |
|
| The world appears to have an insatiable thirst for oil. Millions of barrels of oil are pumped from the Earth each day, but does anyone know the "replenishment" rate? Is the prospect of depleting all the Earth's oil a legitimate concern, or is new oil being created at a rate which will sustain us "forever"?
|
|
|
|
|
|
| Indonesia Vows to Work with Private Cos to Restore Oil Glory |
|
| Guest writes:
Vowing to reverse Indonesia's gradual decline as an oil exporter, Indonesian petroleum officials Wednesday promised to work with private oil giants to encourage new investment in East Asia's lone member of the Organization of Petroleum Exporting Countries.
"If you have any kind of suggestion, come to my office," Luluk Sumiarso, director general of oil and gas for the Indonesian energy ministry, told a petroleum industry gathering in Houston Wednesday. "We are listening for input from investors for improving our contract terms."
|
|
|
|
|
|
| Russia's oil industry: Trouble in the pipeline |
|
| WHEN the price of oil reached another record on May 6th, of over $122 a barrel, analysts pointed to attacks on pipelines in Nigeria and turmoil in Iraq as the immediate causes. Even small disruptions to supplies from such places can cause the price to jump, since only Saudi Arabia has the capacity to replace the lost production, and it does not seem inclined to do so. But to understand how supplies became so scarce in the first place, one must look at the state of the oil industry in Russia, the world's second-biggest producer.
|
|
|
|
|
|
| OPEC says oil market well supplied; 3 mln bpd spare capacity available if needed |
|
| OPEC announced Thursday that it believes oil markets remain well supplied with crude, despite recent record prices, but that it is willing to pump more crude if necessary to keep pace with demand.
OPEC Secretary General Adbullah al-Badri said in a statement that the 13 member cartel had over 3 million barrels of spare capacity per day if needed
|
|
|
|
|
|
| | |
|
There are currently, 917 guest(s) and 31 member(s) that are online.
You are Anonymous user. You can register for free by clicking here |
|
| |
|
|
|
|
News
Discussions
Resources
Members
