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News from April 2004

Cairn

Cairn thumbnail

Assuming a purely structural trap, the find could hold as much as 400 million barrels of oil in place. Even with a conservative 15 per cent recovery rate, that


Libya Confirms Oil Cargo to U.S.

Libya Confirms Oil Cargo to U.S. thumbnail

President Bush dramatically eased the U.S. trade embargo on Libya on Friday to allow U.S. companies to resume most trade and buy Libyan oil as a reward to Tripoli for giving up weapons of mass destruction.

Yahoo – AP


Satellites Show Earth Has a Fever

Satellites Show Earth Has a Fever thumbnail

A recent study from NASA says that satellites are acting as thermometers in space. Contrary to meteorological ground stations which measure the air temperature around two meters above the ground, satellites can accurately measure the temperature of the Earth’s skin. And this new study, which covers the 18-year period going from 1981 to 1998, shows that the Earth’s temperature is rising 0.43


World Security and the Politics of Oil

World Security and the Politics of Oil thumbnail

NPR’s Tavis Smiley talks to Michael Klare, Professor of Peace and World Security Studies at Hampshire College, and Jerry Taylor, Director of natural resource studies at the Cato Institute, about the politics of petroleum.

NPR


Commodity prices and the very bullish case for oil

Commodity prices and the very bullish case for oil thumbnail

We could see prices of certain commodities double or even treble in a speculative mania. And there is one commodity on which a very bullish long-term fundamental case can be made: crude oil.

Middle East Finance and Economy


The Noose Tightens

The Noose Tightens thumbnail

“…peak oil is one issue that’s long term”

MichNews.com


World Bank: Changing the Energy Funding Status Quo

World Bank: Changing the Energy Funding Status Quo thumbnail

Should our taxpayer money that goes to fund these multilateral lending institutions be subsidizing coal and petroleum projects in Third World countries?

SolarAccess.com


High Fuel Prices May Change Travel Plans

High Fuel Prices May Change Travel Plans thumbnail

…Check the Web sites www.gaspricewatch.com and www.gasbuddy.com for the best places to fill your tank, or take advantage of discount gas at wholesale clubs like BJ’s, Costco and Sam’s Club.

NY Times – AP


Oil and gas lease sales total $3.3 million

Oil and gas lease sales total $3.3 million thumbnail

The state [New Mexico] received more than $3.3 million from the sale of oil and gas leases in April. Lyons said oil and gas lease sales since January have brought in $10 million.

Eyewitness News – AP


Crude Reality: Oil Prices Won’t Plunge

Crude Reality: Oil Prices Won’t Plunge thumbnail

Like every other hydrocarbon producer, OPEC is finding it much more difficult — and costly — to bring additional production to global markets.

TheStreet.com


Quarrels Between N5 Oil Exporter And Its Biggest Importer

Quarrels Between N5 Oil Exporter And Its Biggest Importer thumbnail

Venezuelan President Hugo Chavez has tried again to threaten U.S. government to stop selling oil to the States, if the government doesn’t stop putting their oar in Venezuela’s affairs.

Neftegaz.ru


Oil production in decline

Oil production in decline thumbnail

Peak Oil and its aftermath will profoundly affect most of our lives — and, more severely, those of future generations.

Cincinnati Post


OPEC Moves Against Rising Oil Prices

OPEC Moves Against Rising Oil Prices thumbnail

OPEC has given its members the green light to over-shoot their officially assigned oil production quotas for now, in a bid to check rising prices of the commodity.

http://www.tehrantimes.com/Description.asp?Da=4/21/2004&Cat=9&Num=4


The Arabs are pissed

The Arabs are pissed thumbnail

Funny you gotta go international to find this stuff.

Herald Tribune

Taipei Times


ASPO April Newsletter

ASPO April Newsletter thumbnail

includes info on Saudi Reserves, Shell, China Assessment plus the usual ASPO opinion

PDF from ASPO | forum discussion allready


Cairn Strikes Oil In Rajasthan

Cairn Strikes Oil In Rajasthan thumbnail

new discovery = 400 million barrels of oil

The Financial Express


There Could Be Substantial Amounts Of Oil To Be Found Onshore Southern England

There Could Be Substantial Amounts Of Oil To Be Found Onshore Southern England thumbnail

There was a renewal of interest last year with the success of the Avington 2 well near Winchester in Hampshire. The well, which was operated by Pentex and involved Egdon Resources and Northern, discovered 100 million barrels of oil in place.

OilBarrel


Bouteflika sworn in for second term

Bouteflika sworn in for second term thumbnail

“It is vital that our country disengage progressively from dependence on hydrocarbons and start to prepare the ‘after-oil’ economy in the context of accelerated globalization,” he said.

CNN


When the last oil well runs dry

When the last oil well runs dry thumbnail

Matthew Simmons:
I think basically that peaking of oil will never be accurately predicted until after the fact. But the event will occur, and my analysis is… that peaking is at hand, not years away.

BBC


Shell Lowers Oil Estimates As CFO Resigns

Shell Lowers Oil Estimates As CFO Resigns thumbnail

The chief financial officer of the Royal Dutch/Shell Group of Cos. stepped down Monday as the company further reduced its estimates of its proven oil and gas reserves.

Yahoo – AP


Rise in Crude Oil Prices Could Hurt Japan

Rise in Crude Oil Prices Could Hurt Japan thumbnail

Resource-poor Japan is heavily dependent on oil, which accounts for about 52 percent of its primary energy consumption. More than 80 percent of the country’s oil comes from the Middle East

Yahoo – AP


Saudis Pledged Oil Price Cut Before U.S. Vote

Saudis Pledged Oil Price Cut Before U.S. Vote thumbnail

Saudi Arabia’s ambassador to the United States, Prince Bandar bin
Sultan, promised President Bush the Saudis would cut oil prices before
November to ensure the U.S. economy is strong on election day, journalist
Bob Woodward said in a television interview on Sunday

Reuters – Yahoo


Energy Outlook May Drive Takeover Wave

Energy Outlook May Drive Takeover Wave thumbnail

Acquisitions are also becoming more attractive as the cost of finding and developing oil and gas climbs, making growth through the drill bit more difficult.

Reuters – Yahoo


Crude prices stir interest in shale oil

Crude prices stir interest in shale oil thumbnail

“The oil sands are large enough to produce a significant amount of crude for export to the United States for several years to come,” Anderson explained, adding that the current production rate of more than 1 million barrels per day could increase to 5 million bpd by 2030.

Middle East North Africa Financial Network


Energy Wars

Energy Wars thumbnail

We remain very positive on the oil and gas sector and view corrections as buying opportunities. Dwindling global supplies of conventional oil, slow development and acceptance of alternative forms of energy, high costs needed to tap into unconventional sources and instability on the geopolitical front that will ensure that energy wars remain at the forefront well into the 21st century. Stocks in the sector should continue to be a major part of portfolios. “Crude Ken’s” picks are listed below.

SafeHaven


SEC to Allow Oil Firms to Use New Ways to Assess Reserves

SEC to Allow Oil Firms to Use New Ways to Assess Reserves thumbnail

Oil companies will be allowed to use other means of confirming
deepwater reserves in the Gulf of Mexico, according to Roger Schwall, an
official at the US Securities and Exchange Commission’s corporate finance
division.

RigZone


Cars: One Third of World Oil Consumption and Other Effects

Cars: One Third of World Oil Consumption and Other Effects thumbnail

10 years ago gasoline for cars made up 10 percent of China


Plan War and the Hubbert Oil Curve

Plan War and the Hubbert Oil Curve thumbnail

Richard Heinberg:
“It


The Case for a War Tax

The Case for a War Tax thumbnail

one of the simplest and best things any Administration could do right now would be to add a buck per gallon to the federal gas tax, which is currently just 18.4


Shell scandal points to exaggerated estimates of oil reserves

Shell scandal points to exaggerated estimates of oil reserves thumbnail

Colin Campbell on Royal Dutch/Shell

international security expert Michael T. Klare, professor of peace and security at Hampshire College, Massachusetts: “We are entering an era of resource war.”

Daily Star


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