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General Fossil Fuels Production News AND discussion

General discussions of the systemic, societal and civilisational effects of depletion.

Re: General Fossil Fuels Production News AND discussion

Unread postby JuanP » Mon 04 Jul 2022, 13:43:54

AdamB wrote:
JuanP wrote:"Russia makes massive oil discovery in the Arctic"

https://www.rt.com/business/558090-russ ... ry-arctic/

"Russian energy major Rosneft has announced the discovery of a huge oil deposit in the Pechora Sea containing an estimated 82 million tons of oil.


USGS field size class 14. Bubbcuss in the greater scheme of oil discovery.


Totally! And that is we got we are reduced to. The fact that something like this even makes the news is nothing short of alarming!
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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Mon 04 Jul 2022, 15:06:10

German Union Head: Entire Industries Could Fall Because Of Gas Bottlenecks

Germany's trade union head sounded the alarm bells on Monday, telling local media that Russian natural gas supply cuts could lead to widespread industrial collapse.

[b]"Entire industries are in danger of collapsing permanently because of the gas bottlenecks: aluminum, glass, the chemical industry," German Federation of Trade Unions head Yasmin Fahimi told reporters.

"Such a collapse would have massive consequences for the entire economy and jobs in Germany," he added, as reported by Business Insider.


The dire warning comes ahead of another planned cut in Russian gas supplies later this month.
Planned maintenance on the Nord Stream 1 pipeline will see cuts in Russian gas supplies to Germany for a period of 11 days.

However, German energy officials have warned that Russia could leverage this planned maintenance to cut gas supplies to Germany fully.

That fear has prompted Germany's top officials to plead with consumers to cut down on usage.

Klaus Müller, the head of the Federal Network Agency, told media over the weekend that the planned Nord Stream 1 maintenance could end up being a longer period of "political maintenance", DW reported.
Earlier in June, Russian state-run Gazprom cut flows to Germany through Nord Stream 1 by 60 percent, blaming the cuts on Western sanctions that made it impossible to import turbines.

Nord Stream 1 sees Russian gas pumped through Ukraine to Germany.

Two weeks ago, Germany's BDI industry association drastically reduced its 2022 economic growth forecast from 3.5% to 1.5%, warning that a cut-off of Russian gas would mean recession, Reuters reported.

On Monday, Germany recorded its first monthly trade deficit (for May) in 30 years on shrinking demand for exports and rising costs of imports amid worsening economic predictions. According to Bloomberg, the first monthly trade deficit amounted to a gap of 1 billion euros.

By Julianne Geiger for Oilprice.com


https://oilprice.com/Latest-Energy-News ... necks.html

This is of great concern for Europe as German balance of trade and economic health is a major stabilizing force in EU economic policy. Germany, to some degree, supports the PIIGS and this will put great pressure on all southern European economies. It is also not a positive for long term economic aid to Ukraine.
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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Mon 04 Jul 2022, 15:14:14

Saudis Unwilling To Upset Putin As Biden Begs For More Crude

By Tsvetana Paraskova - Jul 03, 2022, 6:00 PM CDT

The United States is calling on Saudi Arabia to increase oil production.
Saudi Arabia has maintained its OPEC+ output agreement, refusing to ramp up production.
The Kingdom is still maintaining close ties with Russia despite its continued aggression in Ukraine.


he world’s largest crude oil exporter, Saudi Arabia, continues to keep close ties with Russia while the top oil consumer, the United States, pleads with major producers—including the Kingdom—to boost supply to the market and help ease consumers’ pain at the pump. While the U.S. and its Western allies are sanctioning Moscow and banning oil imports from Russia, U.S. President Joe Biden is also turning to Saudi Arabia to ask it to pump more oil as Americans pay on average $5 a gallon for gasoline.

The Saudis prefer to keep close ties with Russia in oil policy as the OPEC+ pact and the control over a large portion of global oil supply has benefited both OPEC+ leaders—the Kingdom and Russia—over the past half a decade. Saudi Arabia, however, could use a little thaw in Saudi-U.S. relations under President Biden, who is no longer talking about the world’s top crude exporter as a “pariah” state.

The Saudis are carefully maneuvering to keep Russia as an ally in the OPEC+ group and possibly improve relations with the United States.

President Biden—desperate to see relief for American drivers ahead of the midterm elections—has made a U-turn on Saudi Arabia and is expected this month to visit the Kingdom, which he said on the campaign trail would be treated as a “pariah” state during his presidency. But U.S. gasoline prices at $5 a gallon and the loss of part of the Russian supply have made President Biden reconsider and meet with Crown Prince Mohammed bin Salman.

Saudi Arabia has publicly reiterated its “warm” ties with Russia on several occasions since Putin invaded Ukraine, and considers keeping Russia in the OPEC+ alliance an important part of its oil policy. With Russia leading a dozen non-OPEC producers in the pact, Saudi Arabia has more sway over global oil markets with the larger OPEC+ group than with OPEC alone.

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have discussed their countries’ cooperation in the OPEC+ oil production pact in a few telephone conversations since February, and have vowed to continue their cooperation.

Last month, Russian Deputy Prime Minister Alexander Novak said that Russia could continue its participation in the OPEC+ agreement even after it officially expires at the end of this year. Novak was speaking after a meeting in St Petersburg with Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, who made a surprise appearance at a Russian economic forum.

During that meeting, the Saudi minister said that Saudi-Russian relations were “as warm as the weather in Riyadh.”

Two weeks before that meeting, Russia’s Foreign Minister Sergey Lavrov visited Riyadh and met with his Saudi counterpart Prince Faisal bin Farhan Al Saud. The two ministers said that the OPEC+ alliance is solid, with the level of cooperation within it strong.

The recent OPEC+ decision to accelerate the production increase and roll back all cuts in August, a month earlier than initially planned, was pushed by Saudi Arabia amid U.S. pressure. But the Kingdom had to check with Russia first before proposing the redistribution of the September increase in July and August, sources with knowledge of the behind-the-scenes diplomacy told Reuters this week.

Both the Saudis and Russia benefit from the OPEC+ deal, so Riyadh wants to keep Russia on board, the sources say.

“The Saudis are enjoying high prices while the Russians need guaranteed support from OPEC+ in the current circumstances,” a source familiar with Russian thinking told Reuters.

“No one is interested in a market collapse,” added the source.

After the production cuts are completely rolled back next month, a more difficult decision for OPEC+ looms: what to do next as Russia is more than 1 million bpd behind target and could lose more supply as the EU embargo on its oil begins at the end of this year.

Neither is OPEC+ as a group anywhere close to reaching its target production, nor has Saudi Arabia much spare capacity left to boost production further, as the U.S. and other major consumers want. Per the OPEC+ deal, the Saudi target (as well as Russia’s) is at 11.004 million bpd for August. The Kingdom has rarely reached this level, and not for a sustained period of time. So, it’s not certain that the Saudis have the ability to pump 11 million bpd or more on a sustainable basis. It’s even less certain that the Kingdom can quickly tap—if it wanted to—into the 12.2 million bpd production capacity it claims it has.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


The Saudis may have the spare capacity but be lying about not having it. Biden can't know what they really have. If I were their king, I would lie and tell the US that I have no spare capacity anymore. It would save oil for future years, keep current prices high, and sounds like I would still help the US if I could. Te King would be dumb not to lie.

But can a lie be disproven? Does the US have the ability to really know how much spare oil they have?
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Re: General Fossil Fuels Production News AND discussion

Unread postby Doly » Mon 04 Jul 2022, 15:16:44

Germany, to some degree, supports the PIIGS and this will put great pressure on all southern European economies.


I don't see it quite that way. It's true that when German economy goes bad, the PIIGS economy goes much worse, but that's mostly because Germany throw their weight and their paranoia about inflation around when their economy goes bad. So the euro is pretty much permanently settled to benefit the German economy the most, and in bad economic times that means screwing badly with the economy of the PIIGS. It's true that the economy of the PIIGS is weaker than Germany's, but if they didn't have to operate with the same euro as Germany, they would have less trouble dealing with bad economic times.
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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Mon 04 Jul 2022, 15:24:24

Oil major TotalEnergies to provide fuel discount at French highway stations through summer
PUBLISHED THU, JUN 30 20224:36 AM EDTUPDATED FRI, JUL 1 20222:35 AM EDT

Under pressure from the French government to do more to help households amid a cost-of-living crisis, TotalEnergies said it would offer a 0.12 euros per liter ($0.13) discount on fuel from July 1 to August 31.

It comes on top of the existing government discount of 0.18 euros per liter, taking the total discount at TotalEnergies service stations to 0.30 euros per liter.

The company said this is the equivalent of a saving of 15 euros for a 50-liter tank.


French President Emmanuel Macron’s government has put pressure on TotalEnergies to help households with rising energy bills at a time when soaring inflation drives up the price of everything from food to fuel.

In a trend consistent among oil and gas giants following Russia’s invasion of Ukraine, TotalEnergies reported a sharp upswing in quarterly profits thanks to surging commodity prices. It has fueled calls for policymakers in Europe to intervene to tax their surplus cash.

Shares of Paris-listed TotalEnergies fell 1% during morning deals in London. The firm’s stock price has climbed over 14% year-to-date.



Shortages and gas lines to come soon from messing with the price mechanism?

https://www.cnbc.com/2022/06/30/oil-maj ... tions.html
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Re: General Fossil Fuels Production News AND discussion

Unread postby JuanP » Mon 04 Jul 2022, 15:46:49

Doly wrote:It's true that the economy of the PIIGS is weaker than Germany's, but if they didn't have to operate with the same euro as Germany, they would have less trouble dealing with bad economic times.


Nobody forced those nations to switch currencies. The people there couldn't wait to do it. I know because I have a lot of European friends, clients, and relatives, and all of them wanted the Euro. I always thought it was a bad idea in the long run, but they did benefit from it in the short run.
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Re: General Fossil Fuels Production News AND discussion

Unread postby Outcast_Searcher » Mon 04 Jul 2022, 16:22:58

C8 wrote:
Saudis Unwilling To Upset Putin As Biden Begs For More Crude


The Saudis may have the spare capacity but be lying about not having it. Biden can't know what they really have. If I were their king, I would lie and tell the US that I have no spare capacity anymore. It would save oil for future years, keep current prices high, and sounds like I would still help the US if I could. Te King would be dumb not to lie.

Agreed. Since I was a teen (50 years), it was obvious to me that OPEC, including the Saudis, and the Western wealthy economies each had their own self-interest, and would mostly hew to that, while sometimes pretending to be "friends", re to the extent of their long term economic self interest.

Over time, it's painfully obvious that total global crude oil demand will decline a LOT from here as the world transitions from ICE to BEV over the next few decades or so (varying speeds for different locales, depending on circumstances like infrastructure, wealth per capita, etc).

So though there will be a LOT of (likely) increasing demand globally for things like petrochemicals, the days of very high crude oil prices which OPEC can easily manipulate significantly are likely numbered. So if I were SA and more largely OPEC+, I'd be looking to try to keep prices relatively high for the long term. Once people get used to it, they'll complain less, resign themselves to it, and pay up. But of course they can't push TOO hard, because if prices are REALLY high, people get mad, more aware, etc. and will transfer to EV's, and especially cheap and quickly available HEV's far more rapidly, which is bad for crude prices over time.

And yeah, politicians lie all the time to protect their self interest, so if some minor lies will help KSA, et. al. with their goals to keep oil prices fairly high over time, I'd expect them to tell those to big customers like the EU and the US.

Like is always the case with economics, the forces of supply vs. demand creates a necessary balancing act.

I just roll my eyes whenever a POTUS cries about oil prices and asks OPEC, et. al. for help. If the west were SERIOUS about being energy independent and/or having low crude prices, they'd MAKE THAT HAPPEN over time by intelligent and persistent POLICY, pursuing what works, even if it's expensive and inconvenient in the short term.

CLEARLY the west mostly doesn't do that. Western Europe does a little by having a good public transport network generally, and having high enough crude oil product taxes to encourage conservation, having small or no cars, etc. The US -- basically, NOT AT ALL -- except the whining when oil prices spike significantly and that affects politics vs. the party in power.

Same as it's been since I started paying attention in the early 70's with the first big oil price spike and OPEC oil embargo.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Thu 07 Jul 2022, 17:11:41

Oil Markets On Edge Over Potential Libyan Civil War
By Julianne Geiger - Jul 07, 2022, 11:00 AM CDT

Protests have erupted across Libya over armed militia presence, soaring inflation and power outages.
Key oilfields and ports have been closed since April due to the ongoing political crisis.
The already-battered oil market could face further supply disruptions if Libya descends into civil war.


As protests continue to rock Libya, with demonstrators setting fire to the House of Representatives in the eastern city of Tobruk and Libyans in the capital Tripoli demanding action against armed militias, soaring inflation, and power outages— global oil markets are on edge over the specter of another civil war.

Since mid-April this year, key oilfields and ports have been closed due to protests stemming from a political crisis that has rival factions scrambling to secure control over oil facilities and oil revenues.

Prior to this, Libya was producing around 1.2 million crude oil barrels a day. Today, the country is producing about 85% less, though exact figures are difficult to come by, with the Oil Ministry and the National Oil Company (NOC) not cooperating with data.

Libya’s Tripoli-based Central Bank says the country has officially lost $3.5 billion in the first half of this year due to oilfield closures as deadly protests erupt to challenge the political stalemate.

The first six months of 2022 saw Libya collect 37.3 billion dinars from oil sales. That amount reflects a 100 million dinars less in oil sales compared to the first five months of last year.

Negotiations between rival factions, east and west, have been ongoing in both Cairo and Geneva, with no agreement in sight over a framework that would make it possible to hold free and fair elections.

“There are many reasons why protesters have decided to take to the streets in anger. But they can be summarised simply by the failure of the politicians to reach a political accord and their preference instead to wrestle with each other over power at the expense of ordinary citizens,” Libyan academic and writer Ahmed Mayouf told Al Jazeera.

A key issue is control of oil production and revenues.

The stalemate has most recently prompted the United Nations and US officials to suggest that Libya’s oil revenues be managed by third-party caretakers to ensure equitable distribution and end the impasse.


UN Advisory on Libya, Stephanie Williams, last week called for a temporary mechanism to manage oil revenues, saying that with this, the power rivalry could last indefinitely. Such a move would essentially mean appointing a foreign trustee to oversee Libya’s oil wealth.

US Ambassador to Libya Richard Norland has likewise suggested a trusteeship for Libya’s oil revenues.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Obama (Mr. Nobel Peace Prize winner) had NATO overthrow the Libyan govt. b/c Gadhafi threatened to go off the US dollar (now you can see why Russia doesn't trust NATO to be defensive). The resulting chaos and civil war has led to mass death and migration.

What to watch for now? A vast fleet of boats full of refugees heading to an economically struggling Europe. How will Europe react? Will this lead to the rise of the political right?
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Re: General Fossil Fuels Production News AND discussion

Unread postby JuanP » Fri 08 Jul 2022, 13:57:39

"Russia expands trade routes with China and India"
https://www.rt.com/business/558584-russ ... ina-india/

"Beijing and New Delhi have opposed the Western sanctions on Moscow, and say they will continue normal economic and trade cooperation with Russia. The volume of trade picked up significantly this year, with the two nations ramping up imports of discounted Russian energy. Customs data shows that China spent around $19 billion on Russian oil, gas, and coal in the three months to the end of May, almost double the amount a year earlier. India shelled out $5.1 billion in the same period, more than five times the value of a year ago."

More at link.
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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Fri 08 Jul 2022, 18:44:58

US College Students Are Shunning Oil-Industry Degrees for ESG Future
College students see energy transition marginalizing industry
Number of new oil grads seen plunging 83% from 5 years ago


ByDiana Li
July 6, 2022 at 2:30 PM EDT

Scott Lindberg’s dream of becoming a petroleum engineer was fueled by childhood drives through Texas oil country with his energy-consultant father, passing pumpjacks and pipeline hubs that kept the world’s biggest economy humming.

But after recently graduating with honors from the University of Texas at Austin with a petroleum-engineering degree, Lindberg is turning his back on the oil industry and plans to attend law school instead. His disenchantment is rooted in concern that fossil fuels may not have much of a future given increasing pressure from politicians, activists and investors to pivot toward more climate-friendly energy sources.


https://www.bloomberg.com/news/articles ... f=LKs265dO
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Re: General Fossil Fuels Production News AND discussion

Unread postby Doly » Sat 09 Jul 2022, 15:19:24

But of course they can't push TOO hard, because if prices are REALLY high, people get mad, more aware, etc. and will transfer to EV's, and especially cheap and quickly available HEV's far more rapidly, which is bad for crude prices over time.


Where are those cheap and quickly available HEV's that you talk about? I haven't seen them.

If the west were SERIOUS about being energy independent and/or having low crude prices, they'd MAKE THAT HAPPEN over time by intelligent and persistent POLICY, pursuing what works, even if it's expensive and inconvenient in the short term.


Good point. It never crossed my mind until recently that the West isn't actually serious about continuing to exist, but you are right that it seems to be the case.
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Re: General Fossil Fuels Production News AND discussion

Unread postby JuanP » Sat 09 Jul 2022, 16:37:12

Doly wrote:Good point. It never crossed my mind until recently that the West isn't actually serious about continuing to exist, but you are right that it seems to be the case.


Not just the West! This is a global human problem! As far as I am concerned this has always been the case. It is an inevitable consequence of our human nature. Most have ALWAYS prioritized short term "benefits" over long term costs. I don't believe this "problem" has a solution, which means it is not actually a problem, but rather a predicament.
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Re: General Fossil Fuels Production News AND discussion

Unread postby jato0072 » Sun 10 Jul 2022, 11:27:24

Explosion Rocks Oklahoma Natural Gas Plant

A natural gas gathering and processing facility near Medford, Oklahoma, exploded Saturday afternoon and could disrupt the flow of hydrocarbons to energy export hubs on the Texas Gulf Coast.

Oneok, Inc., a leading midstream service provider and the operator of a major natural gas liquids (NGL) systems, experienced an explosion at its NGL fractionation facility in Medford, about 85 miles south of Wichita, Kansas.


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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Tue 12 Jul 2022, 14:02:48

Soaring Prices Have Led To An Uptick In Oil Theft In Colombia
By Matthew Smith - Jul 11, 2022, 3:00 PM CDT

A notable increase in lawlessness, corruption and violence, fueled by record cocaine production and heightened poverty, has marred the four-year term of outgoing Colombian President Ivan Duque. Not only have massacres, violent crime, poverty and cocaine production surged during Duque’s term but the incidence of petroleum theft in Colombia is spiraling higher. Washington’s habitual ramping-up of efforts to combat cocaine trafficking, which has long been a key source of income for Latin America’s criminal syndicates, is forcing the region’s illegal armed groups to find less risky revenue-generating illicit activities. That coupled with soaring oil prices and growing demand for gasoline is driving a sharp increase in oil theft across Latin America which is further incentivized by poverty across the region spiraling upward since the COVID-19 pandemic.

Mexico has long been a hotspot for petroleum theft, with criminal syndicates associated with powerful drug trafficking cartels targeting state-controlled Pemex’s petroleum pipelines to steal crude oil and derivative products. By the end of 2018, when President Andrés Manuel López Obrador took office, it is estimated that (Spanish) 80,000 barrels or more of petroleum and derivative products were being stolen in Mexico. After a major crackdown, commenced in the wake of a series of deadly explosions related to fuel theft, which had fallen to five thousand barrels per day. The incidence of hydrocarbon theft from Pemex pipelines plunged by a notable 41.5% between 2019 and the end of 2021, although there has been a sharp resurgence in the illicit activity since 2020. Data shows that for the first quarter of 2022 there was a 30% year-over-year increase in illegal taps of Pemex pipelines in 13 states such as Jalisco, Sonora, and Durango, which have long been petroleum theft trouble spots.

It is not only Mexico that is a hotspot for this illicit activity, hydrocarbon theft is soaring in conflict-torn Colombia. That can be attributed to a series of events, among them Colombia’s proximity to Venezuela, a near-failed state suffering from chronic fuel shortages, and soaring cocaine production. Venezuela’s dilapidated refinery infrastructure, which operates intermittently, means the OPEC member, which ironically possesses the world’s largest oil reserves totaling 303.6 billion barrels, is suffering acute gasoline and diesel shortages. The shortages are magnified by Caracas pushing to export as much of PDVSA’s crude oil production as possible to gain urgently needed hard currency to prevent the collapse of a bankrupt state. Venezuela’s persistent fuel shortages are further amplified by the strict sanctions introduced by the Trump Administration in 2019 which cut the authoritarian Maduro regime off from international energy and financial markets. That caused crucial condensate imports to plunge because the U.S. until those sanctions were implemented, was the primary source of naphtha for the near-failed state.

Condensate is a crucial diluent that must be mixed with the bitumen like extra-heavy crude oil extracted from the Orinoco Belt so that it flows allowing it to be processed and exported. This was a major blow for Venezuela because the Orinoco is responsible for around 41% of the country’s oil production. That forced Venezuela’s national oil company PDVSA to use scarce light oil production as a diluent, further magnifying fuel shortages because Venezuela’s refineries are only configured to process light crude oil grades. Those circumstances make it highly lucrative for illegal armed groups to tap Colombian oil pipelines then stealing petroleum which is then processed in rudimentary clandestine jungle refineries into a low-grade greenish gasoline called pategrillo. That primitive gasoline is smuggled into Venezuela (Spanish) via clandestine jungle paths crisscrossing the border, known as trochas, where it is sold at a substantial premium. Demand for pategrillo in Venezuela remains firm because of ongoing chronic fuel shortages. This is a reversal of a long-established trend that began with Chavez’s presidency where cheap Venezuelan gasoline was smuggled into Colombia for use in the manufacturing of cocaine.

Record coca cropping and cocaine production in Colombia is driving ever greater demand for cheap gasoline in the Andean country. According to the UN Office On Drugs And Crime Colombia’s 2020 (Spanish) fresh coca leaf yield rose 10% year over year to a record 6.4 metric tons and potential cocaine output grew 8% to a new high of 1,228 metric tons. Gasoline is a key chemical which is used in large volumes to process coca leaves. It is estimated that it takes 75 gallons of gasoline to produce one kilogram of cocaine. For that reason alone, soaring oil prices and hence skyrocketing gasoline prices are key drivers of the ever-growing volume of illegal taps being placed on Colombia’s petroleum pipelines. Data from CENIT, a subsidiary of state-controlled Ecopetrol responsible for Colombia’s oil pipelines, shows that petroleum theft during 2021 (Spanish) was at least a fifth higher than a year earlier and over 80% higher than in 2016. It is estimated that during 2021 alone 3,299 barrels of crude oil daily were stolen compared to an average of 2,744 a year earlier and 1,806 barrels per day during 2019.

Related: Iron Prices Dip As Demand From China Slows

The main target for Colombian criminal bands is the 480-mile long 210,000 barrel per day Caño Limón-Coveñas pipeline which connects the Caño Limón oilfield in the department of Arauca to the Caribbean port city of Coveñas. The pipeline, a long-time target for bombings by leftist guerillas, runs through remote lawless parts of northern Colombia near the Venezuelan border, making it an ideal target for illegal valves. While there is a range of illegal armed groups tapping the pipeline, it is Colombia’s last remaining leftist guerilla group the National Liberation Army (ELN – Spanish initials) which has emerged as a chief culprit. In December 2021 Colombian authorities destroyed two clandestine ELN refineries in the department of Norte de Santander which borders Venezuela and is a hotspot for illicit activity. According to Reuters the covert facilities generated illicit earnings of $7,500 per month from producing pategrillo for the leftist guerillas who have shunned peace talks with Colombia’s national government since 2018.

Norte de Santander encompasses the lawless Catatumbo territory, through which the Caño Limón-Coveñas pipeline and Catatumbo river flow, which is Colombia’s second most prolific coca cropping region and a flashpoint for violence. It is here where many of the illegal valves plaguing the pipeline are placed, not only allowing the theft of petroleum theft but also causing considerable environmental damage. Crude oil spills from the taps into the surrounding terrain and water bodies that flow into the Catatumbo River which eventually empties into Venezuela’s Lake Maracaibo adding to the environmental catastrophe enveloping South America’s largest lake.

Skyrocketing oil prices, Venezuela’s chronic fuel shortages and surging cocaine production, because of the vast quantities of gasoline required to process coca leaves, will propel oil theft ever higher in Colombia. The Colombian government’s crackdown on cocaine trafficking is also adding momentum because it forces illegal armed groups operating in the Andean country to find other income-generating illicit activities with less severe penalties. These developments are weighing heavily on Colombia’s oil industry, which since senator Gustavo Petro won the June 2022 presidential election run-off, is facing an especially uncertain future. The president-elect has promised to end contracting for hydrocarbon exploration and ban hydraulic fracturing in Colombia, which includes ending the Kale and Platero fracking projects in the Middle Magdalena Valley Basin. As a result, there is considerable uncertainty hanging over Colombia’s oil industry which is deterring much-needed foreign energy investment.

By Matthew Smith for Oilprice.com


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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Tue 12 Jul 2022, 14:06:01

Europe’s Insatiable Thirst For LNG Is Causing Blackouts In Developing Countries
By Irina Slav - Jul 11, 2022, 6:00 PM CDT

Driven by fears that Russia may cut supply to Europe, the EU imported more LNG from the U.S. than pipeline gas from Russia for the first time ever.
This insatiable thirst for natural gas has driven prices so high that developing nations can no longer afford the vital commodity.
While Europe’s LNG imports have soared by 49% since the start of the year, Pakistan’s imports have fallen by 15% and the country is now suffering blackouts.


https://oilprice.com/Energy/Energy-Gene ... tries.html

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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Tue 12 Jul 2022, 14:08:17

Iran Moves To Expand Supergiant Oilfield Amid Global Crude Crisis
By Simon Watkins - Jul 11, 2022, 5:00 PM CDT

Iran is one of the only countries on earth with the potential to add significant oil supply to a global oil market that is desperately tight.
In its latest attempt to leverage its significant oil reserves in order to restart JCPOA negotiations, Iran has announced a huge expansion of its Azadegan field.
The location of the Azadegan field, which borders Iraq, is also significant as it is impossible for the U.S. to determine the origin of the crude that is extracted from this field.

https://oilprice.com/Energy/Crude-Oil/I ... risis.html
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Re: General Fossil Fuels Production News AND discussion

Unread postby AdamB » Wed 13 Jul 2022, 20:17:33

JuanP wrote:
AdamB wrote:USGS field size class 14. Bubbcuss in the greater scheme of oil discovery.


Totally! And that is we got we are reduced to. The fact that something like this even makes the news is nothing short of alarming!


What we are reduced to...in the current cycle of resource development. Perhaps you heard about the most recent one, you know, the one that repeaked the US of A in both oil and gas and made us the world's largest producer of both?

I can name at least 3 others.....of even larger long term consequence than what the most recent has accomplished...can you? :)

You get extra points if you can name a 4th (I left out the smallest one as a test). And even MORE points if you can name one that is semi-exotic and as of yet most no one talks about because it is that speculative. And irrelevant really, because the first 4 are quite large enough to each do a better job than drill baby drill.
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Re: General Fossil Fuels Production News AND discussion

Unread postby C8 » Thu 14 Jul 2022, 12:51:25

“We Have No Choice”: Coal Use Rising Globally

Global coal use is only increasing as the energy crisis in Europe persists and China significantly ramps up coal production and use to boost its economy.

The EU has gotten the go-ahead from Brussels to increase coal use over the next 10 years in the energy transition away from Russia. The European Commission has stated that 5% more coal than before would be used, but the short-term use will likely be higher in the immediate transition.

“We have no choice but to look for [fossil fuel] alternatives in the short run,” said EU Commission Vice-President Frans Timmermans who is in charge of the EU Green Deal.

While Europe remains committed to its net-zero emissions goals for 2050 by increasing nuclear power reliance and ramping up renewable energy, it has been an unexpected blow to the European energy grids and their previous reliance on Russian natural gas and oil.

At the same time, China has doubled down on its use of low-cost coal to help boost its economy and tide the storm of rolling power shortages and blackouts, to the detriment of its air quality and likely crop yield. Because the coal that is being utilized by China to help prop up its energy grid is low-cost, it is low quality and burns faster, meaning that power generators require more and more as output demand increases.

China generally derives 60% of its power from coal each year but this year Beijing has capped coal prices and called for higher coal production than has been seen in the world’s second-largest economy. The price cap has had adverse effects from its intention of keeping it affordable for power generators. Coal miners are taking advantage of the price cap to churn out greater quantities instead of focusing on quality.

"The structural problem is not obvious right now, because coal consumption is weak. But once demand from utilities picks up in summer alongside the economic resumption from COVID lockdown, we could see coal use jumping at a faster than usual pace," a coal trader in China told Reuters.


https://www.nasdaq.com/articles/we-have ... g-globally

Here and I thought old King Coal was supposed to be dead and buried? The bastard is hard to kill after all.

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Re: General Fossil Fuels Production News AND discussion

Unread postby JuanP » Thu 14 Jul 2022, 13:59:10

AdamB wrote:
JuanP wrote:
AdamB wrote:USGS field size class 14. Bubbcuss in the greater scheme of oil discovery.


Totally! And that is we got we are reduced to. The fact that something like this even makes the news is nothing short of alarming!


What we are reduced to...in the current cycle of resource development. Perhaps you heard about the most recent one, you know, the one that repeaked the US of A in both oil and gas and made us the world's largest producer of both?

I can name at least 3 others.....of even larger long term consequence than what the most recent has accomplished...can you? :)

You get extra points if you can name a 4th (I left out the smallest one as a test). And even MORE points if you can name one that is semi-exotic and as of yet most no one talks about because it is that speculative. And irrelevant really, because the first 4 are quite large enough to each do a better job than drill baby drill.


Hell, no! :lol: Such things don't interest me at all. Everybody here knows I am NOT a fossil fuels specialist of any kind. I am into the big picture of what is going on with humanity and the environment, not the little details, which are totally irrelevant to me. I am completely aware of the fact that the size of this field is smaller than other recent finds. But I would consider remembering the names of such fields a complete waste of my time and energy. To each their own!

My main interests are overpopulation, unsustainable use of resources, pollution consequences, and environmental changes. This is a hobby for me! No amount of money could make me work on or specialize in anything fossil fuels related. I deeply dislike fossil fuels and internal combustion engines, among many other things. But I don't care what other people do. We are all different, fortunately! Thank heavens for people like you that allow people like me to focus on other, to me more interesting, things! I would find studying or working on the fossil fuels industry EXTREMELY boring.

You are focusing on one tree; I am interested in the forest. Fossil fuels are a very tiny part of my forest.
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Re: General Fossil Fuels Production News AND discussion

Unread postby Doly » Thu 14 Jul 2022, 14:45:51

Most have ALWAYS prioritized short term "benefits" over long term costs.


In the Middle Ages people built cathedrals over the span of a century. Some 19th century projects were deliberately designed to last for about that long. So, not always.

It definitely doesn't help when the whole financial system is built on credit, and the nature of credit is pretty inflexible payments. It does a lot to keep time horizons short.
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