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Record Bitumen Seepage in Alberta Continues Unabated

Researchers of an independent  report  on one of the largest ongoing oil releases in Alberta history say the provincial regulator and industry must do more to inform the public about the scale and impact of massive bitumen seepage in the oil sands. For nearly a year now, more than 12,000 barrels of bitumen mixed with water have seeped through several long cracks (some as long as 100 metres) in the forest floor near four wells owned by Canadian Natural Resources Ltd. (CNRL) in the Cold Lake region. To date, the Calgary-based company has spent nearly $40 million in cleanup operations that have involved the removal of 70,000 tonnes of earth. It also pumped 404,378 cubic metres of […]

Posted On : Published By : Tom Whipple
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Total fails to grow output in 2013, sees 2014 decline

France’s Total failed to increase its oil and gas production in 2013 — despite a plan to return to growth for the year — and does not expect output in 2014 to exceed last year’s level due to the loss of a big chunk of production from Abu Dhabi. Total’s output slipped in the fourth quarter to 2.284 million barrels of oil equivalent/day due to the impact of field shut-ins in Libya and disruption to operations in Nigeria. For 2013 as a whole, output averaged 2.299 million boe/d, down from exactly 2.3 million boe/d in 2012, despite Total forecasting production growth for the year in February 2013. Total was impacted particularly in the fourth quarter by the shut-in of fields in eastern Libya due to the blockade of oil export terminals by protesters and rebels. Article continues below… Platts 7th Annual Global Crude Oil […]

Posted On : Published By : Tom Whipple
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UK storms: Met Office issues 'Red Warning' for wind

Winds of up to 100mph are expected to batter west Wales and north-west England, with the Met Office issuing its first "red warning" of the winter. The warning for 13:30 to 21:00 GMT means there is a "risk to life" and people should "avoid dangerous areas" with widespread damage expected. Sixteen severe flood warnings remain for Berkshire, Surrey and Somerset. Meanwhile, David Cameron has repeated his pledge that "money is no object in this relief effort". He also announced money would be available for businesses and homeowners repairing flood-damaged property to build in new defences and said small businesses affected by flooding would get 100% relief from business rates. Waves have battered the coastline in Chiswell in Dorset The Met Office said: "Winds of this strength can cause widespread structural damage, bringing down trees and also leading to […]

Posted On : Published By : Tom Whipple
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UK storms: Met Office issues ‘Red Warning’ for wind

Winds of up to 100mph are expected to batter west Wales and north-west England, with the Met Office issuing its first "red warning" of the winter. The warning for 13:30 to 21:00 GMT means there is a "risk to life" and people should "avoid dangerous areas" with widespread damage expected. Sixteen severe flood warnings remain for Berkshire, Surrey and Somerset. Meanwhile, David Cameron has repeated his pledge that "money is no object in this relief effort". He also announced money would be available for businesses and homeowners repairing flood-damaged property to build in new defences and said small businesses affected by flooding would get 100% relief from business rates. Waves have battered the coastline in Chiswell in Dorset The Met Office said: "Winds of this strength can cause widespread structural damage, bringing down trees and also leading to […]

Posted On : Published By : Tom Whipple
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Total's Profit Dented by High Costs, Falling Refining Margins

Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European peers in the fourth quarter, causing its earnings to slide. The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04 billion, below the expectations of nine analysts polled by The Wall Street Journal. Total’s oil and gas output has been dented by geopolitical disruptions and technological hurdles. Weak refining conditions in Europe—where margins have dropped due to lower consumption and mounting competition from cheaper refiners in the U.S. and Middle-East—are also biting into operating income. During the quarter, the company’s hydrocarbon output fell to 2.28 million barrels of oil equivalent a day, from 2.29 million barrels a day […]

Posted On : Published By : Tom Whipple
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Total’s Profit Dented by High Costs, Falling Refining Margins

Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European peers in the fourth quarter, causing its earnings to slide. The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04 billion, below the expectations of nine analysts polled by The Wall Street Journal. Total’s oil and gas output has been dented by geopolitical disruptions and technological hurdles. Weak refining conditions in Europe—where margins have dropped due to lower consumption and mounting competition from cheaper refiners in the U.S. and Middle-East—are also biting into operating income. During the quarter, the company’s hydrocarbon output fell to 2.28 million barrels of oil equivalent a day, from 2.29 million barrels a day […]

Posted On : Published By : Tom Whipple
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British floods stern warning, environmental group says

Friends of Earth campaigner Guy Shrubsole said the British government needs to take climate issues more seriously given the season’s extreme weather. The Met Office, the British weather reporting agency, said wind gusts of at least 60 mph are expected in southern and southwestern counties accompanied by rain. "The public should be aware of the potential for further flooding in places," it said in its forecast for Wednesday. Shrubsole said in a statement extreme weather is becoming more common as the effects of climate change take hold. He said the government is not focusing on the issue as it should. "If we want to keep the nation’s head above water we must take global warming more seriously," he said in a statement Tuesday. Last month was the wettest January for the country since 1910. The Met Office said last week some of the climate […]

Posted On : Published By : Tom Whipple
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BP's peak oil rejection

For the first time since the industrial revolution the world is moving into an era without a dominant energy source. That’s the assertion of global oil giant BP, which is also offering a reality check on the notion of peak oil. The company’s general manager of global energy markets and US economics, Mark Finley, is adamant that natural gas, coal and oil will all scrap for the top spot over the next two decades. The assertion comes on the back of a January release of BP’s latest 2035 energy market outlook, which highlighted a convergence of the fuels at the top of the energy tree in 20 years’ time. BP’s peak oil rejection Source: BP Energy Market Outlook 2035. “We’ve never seen this before,” Finley explains of the fight for the top spot during a recent speech at Columbia University in New York. “Personally, I think it poses some […]

Posted On : Published By : ASPO-USA
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BP’s peak oil rejection

For the first time since the industrial revolution the world is moving into an era without a dominant energy source. That’s the assertion of global oil giant BP, which is also offering a reality check on the notion of peak oil. The company’s general manager of global energy markets and US economics, Mark Finley, is adamant that natural gas, coal and oil will all scrap for the top spot over the next two decades. The assertion comes on the back of a January release of BP’s latest 2035 energy market outlook, which highlighted a convergence of the fuels at the top of the energy tree in 20 years’ time. BP’s peak oil rejection Source: BP Energy Market Outlook 2035. “We’ve never seen this before,” Finley explains of the fight for the top spot during a recent speech at Columbia University in New York. “Personally, I think it poses some […]

Posted On : Published By : ASPO-USA
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Limits to Growth–At our doorstep, but not recognized

FHow long can economic growth continue in a finite world? This is the question the 1972 book The Limits to Growth by Donella Meadows and others sought to answer. The computer models that the team of researchers produced strongly suggested that the world economy would collapse sometime in the first half of the 21st century. I have been researching what the real situation is with respect to resource limits since 2005. The conclusion I am reaching is that the team of 1972 researchers were indeed correct. In fact, the promised collapse is practically right around the corner, beginning in the next year or two. In fact, many aspects of the collapse appear already to be taking place, such as the 2008-2009 Great Recession and the collapse of the economies of smaller countries such as Greece and […]

Posted On : Published By : Tom Whipple