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Goodrich scores success in Mississippi shale

Goodrich Petroleum Corp. said Monday it was declaring success with its latest hydraulic fracturing campaign in a shale basin in Mississippi. The company said it reached an average production rate of 1,460 barrels of oil equivalent during a test of a well in the Tuscaloosa Marine shale in southwest Mississippi. "The company is temporarily running four rigs as it is in the process of swapping out the oldest rig for a newer, more technologically advanced rig, with plans to go to as many as five rigs by the end of the year pending continued success," a Goodrich statement read. Goodrich made similar claims with the portion of the shale play that sits in Louisiana in April. Goodrich has more than 300,000 net acres spread out over the so-called Tuscaloosa marine shale reserve area, which the Louisiana Department of Natural Resources estimates contains approximately 7 billion barrels of oil. © […]

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Colorado State Increases Atlantic Storm Forecast to 10

Colorado State University increased the number of storms it expects to develop during the Atlantic hurricane season to 10 from nine. The forecast calls for four of those to become hurricanes, one of them a major system, said Phil Klotzbach , lead author of the outlook. In April, his team predicted three hurricanes, with one growing into a major storm. “We raised the number slightly because El Nino isn’t coming on as strong as we thought,” Klotzbach said by telephone today. “We’re still pretty confident it will be a quiet season.” Atlantic hurricanes can disrupt U.S. and Mexican natural gas and oil production and affect refineries and agriculture. An estimated $10.6 trillion of insured coastal property in 18 states from Maine to Texas is vulnerable to storm strikes, according to the Insurance Information Institute in New York. The 30-year average is for the Atlantic to produce 12 storms during […]

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Market dynamics key to US LNG exports to Asia, witnesses say

US exports of LNG to Asia are more likely to be determined by overseas market dynamics than by US government policies, witnesses told a US House Foreign Affairs Committee subcommittee on May 29. The observations came as the US Department of Energy proposed giving priority in its national interest determinations to LNG export proposals that already meet National Environmental Policy act requirements ( OGJ Online, May 29, 2014 ). “I think there’s a prevailing view in the industry that LNG prices in Asia will come down to around $13[/MMbtu} and domestic gas prices will rise to around $6. That would make exports close to a wash for US producers,” Mikkal E. Herberg, research director in the National Bureau of Asian Research’s Energy Security Program, told the committee’s Asia and the Pacific Subcommittee. Jane Nakano, a fellow in the Center for Strategic and International Studies’ Energy and National Security […]

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Separatists Storm Border Post in Eastern Ukraine

Hundreds of separatist fighters attacked a district border control headquarters in the eastern Ukrainian city of Luhansk on Monday in the largest battle against the country’s border protection forces since unrest in the east began. A government spokesman said the action appeared to be aimed at seizing control of the border with Russia to open it to forces and supplies. The attack in Luhansk, Ukraine’s easternmost province, began at 4 a.m. and fighting was still raging at noon. Oleg Slobodyan, a spokesman for the Ukrainian state border service, said about 500 rebels had stormed the district headquarters building in the Mirny neighborhood, using automatic weapons and rocket launchers with snipers posted in nearby apartment buildings. Five rebels were killed and eight wounded, Mr. Slobodyan said, though there was no independent confirmation of that count. Seven border guards were injured, he added. The attack was a deeply […]

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Ukraine, Russia Near Gas-Price Truce

Ukraine and Russia came closer to a truce in their long-running feud over natural-gas prices Monday after agreeing on new proposals to break the deadlock. The two sides agreed during talks in Brussels to consider a new proposed price and draw up a repayment plan for natural-gas debts accrued by Ukraine, the European Union’s Energy Chief Günther Oettinger said. They are due to reconvene by the middle of next week. Russian gas monopoly OAO Gazprom and Ukraine’s state energy firm Naftogaz will now complete the proposals and consult with their shareholders before giving a verdict. If they agree on a deal, it would mark the end of a dispute that spiraled since Ukraine’s former President Viktor Yanukovych, a Russian ally, left office in February. "Real progress has been made. Intensive discussions led to a bilateral meeting between the CEOs of Gazprom and Naftogaz who discussed key commercial issues for […]

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Russia sees some gas debt paid by Ukraine

Payments for gas deliveries in February and March were made by the Ukrainian government, averting a disruption, the Russian Energy Ministry said Monday. The Ukrainian government announced the payment Friday and a spokesman for the Russian Energy Ministry confirmed its receipt in a statement to state news agency RIA Novosti. "The Russian energy ministry confirms it had received $786 million in two payments, intended [to cover deliveries] in February and March," he said . The debt payment follows a round of trilateral talks between Russia, Ukraine and the European Union. EU member states rely on Russia for about a quarter of their gas needs and similar disputes in 2006 and 2009 left European consumers without gas as much of those supplies run through a Soviet-era pipeline network in Ukraine. Alexei Miller , chief executive of Russian energy company Gazprom, said his company would postpone the start […]

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Oil Futures Rise on China Data

Crude-oil futures rose in Asian trading hours Monday helped by stronger manufacturing data from China, even as some analysts remained skeptical about the resilience of the country’s oil demand. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $103.26 a barrel at 0507 GMT, up $0.55 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.41 to $109.82 a barrel. Both oil benchmarks ended last month on a stronger note with Nymex WTI crude gaining around 3% in May, while Brent crude gained around 1.24%. This month, the oil market will be watching the scheduled meeting of the Organization of the Petroleum Exporting Countries and any potential changes to oil-production quotas by the cartel’s members. The gathering begins June 11 in Vienna. Over the weekend, data showed China’s official manufacturing Purchasing Managers’ Index rose to 50.8 in […]

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WTI Oil Rises After China Factory Data Signals Growth

West Texas Intermediate crude rebounded from its lowest close in more than a week after manufacturing expanded at the fastest pace this year in China , the world’s second-biggest oil consumer. Brent’s gains were capped as Libya said one of its ports would reopen. Futures gained as much as 0.6 percent in New York. China’s Purchasing Managers’ Index climbed to 50.8 in May, the National Bureau of Statistics and China Federation of Logistics and Purchasing in Beijing reported yesterday. Manufacturing data from Europe and the U.S. are due today. Libya’s Hariga port is set to reopen after authorities approved salary payments to Petroleum Facilities Guard members who are preventing crude loadings, according to National Oil Corp. “The Chinese manufacturing PMI came out better than expected, indicating the continued improvement of the economy,” Michael Poulsen, an analyst at Global Risk Management Ltd. in Middelfart, Denmark , said by e-mail. WTI […]

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Gas Speculators Least Bullish of ’14 as Prices Retreat

Natural-gas stockpiles are recovering faster than estimated from a winter battering in the U.S., with prices now 30 percent below a peak in February. Hedge funds reduced their bets on a rally for a fifth week and to the lowest level since December, U.S. Commodity Futures Trading Commission data show. Prices dropped 5.7 percent in May as inventory gains surpassed analysts’ estimates for four consecutive weeks. Stockpiles are now 40 percent below the five-year average level, compared with 50 percent in April. “We’ve had a pretty mild May and that’s raised hopes that these big storage injections will continue all summer,” Phil Flynn , a senior market analyst at Price Futures Group in Chicago , said by phone May 30. “There’s growing optimism about the supply picture.” Natural gas fell 4.7 cents, or 1 percent, to $4.505 per million British thermal units on the New York Mercantile Exchange in […]

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Killings in Iraq, at 799, Reach a Monthly High

Violence claimed the lives of 799 Iraqis in May, the highest monthly death toll so far this year, the United Nations said Sunday, underlining the daunting challenges the Iraqi government faces as it struggles to contain a surge in sectarian violence. The figures issued by the United Nations mission to Iraq put last month’s civilian death toll at 603, with 196 members of security forces killed. The mission added that 1,409 Iraqis, including 1,108 civilians, were wounded. The previous month’s death toll stood at 750, making April the second deadliest month of the year. Despite the constant militant attacks that have left a vital oil pipeline idle, Iraq’s crude oil exports increased slightly in May, the Oil Ministry said Sunday. […]

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Army must do more to protect pipeline, says Iraq deputy PM

Iraq’s army must do more to protect a northern oil pipeline and should pay as much attention to it as it does to fighting militants, Iraq’s top energy official told AFP Sunday. The rare criticism of the security forces comes with the pipeline, which connects the northern province of Kirkuk to the Turkish Mediterranean port of Ceyhan, having been disabled for three months as a result of militant attacks as the army grapples with a year-long nationwide surge in violence. "I have pointed out repeatedly that this — protection of the export pipeline — should be a national priority, no less than confronting the terrorists in Fallujah or elsewhere," Hussein al-Shahristani, deputy prime minister responsible for energy affairs, said in an interview. He was referring to battles between security forces and anti-government fighters who have held sway over Fallujah, a […]

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Rogue Libyan general's troops clash with militias

Libyan security officials say heavy fighting has broken out in the eastern city of Benghazi between forces loyal to a rogue general and Islamic militias. The officials say gunbattles started early Monday when a group of militants attacked Benghazi’s security headquarters where some of Gen. Khalifa Hifter’s forces are based. The officials are also saying that helicopter gunships flown by pilots loyal to the general have been bombing the base of the February 17 militia, as well as positions of another militia, the militant Ansar al-Shariah group, on the city’s western outskirts. The officials spoke on condition of anonymity because they were not authorized to brief the media. The Benghazi-based Hifter is leading a military campaign against Islamists dominating Libya’s political scene. He has vowed to crush them.

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Rogue Libyan general’s troops clash with militias

Libyan security officials say heavy fighting has broken out in the eastern city of Benghazi between forces loyal to a rogue general and Islamic militias. The officials say gunbattles started early Monday when a group of militants attacked Benghazi’s security headquarters where some of Gen. Khalifa Hifter’s forces are based. The officials are also saying that helicopter gunships flown by pilots loyal to the general have been bombing the base of the February 17 militia, as well as positions of another militia, the militant Ansar al-Shariah group, on the city’s western outskirts. The officials spoke on condition of anonymity because they were not authorized to brief the media. The Benghazi-based Hifter is leading a military campaign against Islamists dominating Libya’s political scene. He has vowed to crush them.

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Heavy fighting reported in Libya's Benghazi

Heavy fighting is ongoing in the eastern Libyan city of Benghazi, apparently between the armed group Ansar al-Shariah and irregular forces loyal to Khalifa Haftar, a former army general. Witnesses said on Monday that gunfire, which began the day before, could be heard across the city, particularly coming from a special forces army base in a western suburb of Benghazi. News agencies reported that at least seven people have died and about a dozen have been wounded in the fighting. Haftar is campaigning  to rid Libya of fighters that he says the government has failed to control. Suleiman El Dressi, a Benghazi resident in the area of the clashes, told Al Jazeera that two people had been killed as a result of explosions there. "Residents are at home and they are very scared, waiting for the clashes to be over," he said. "Central government cannot control anything happening here, […]

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Heavy fighting reported in Libya’s Benghazi

Heavy fighting is ongoing in the eastern Libyan city of Benghazi, apparently between the armed group Ansar al-Shariah and irregular forces loyal to Khalifa Haftar, a former army general. Witnesses said on Monday that gunfire, which began the day before, could be heard across the city, particularly coming from a special forces army base in a western suburb of Benghazi. News agencies reported that at least seven people have died and about a dozen have been wounded in the fighting. Haftar is campaigning  to rid Libya of fighters that he says the government has failed to control. Suleiman El Dressi, a Benghazi resident in the area of the clashes, told Al Jazeera that two people had been killed as a result of explosions there. "Residents are at home and they are very scared, waiting for the clashes to be over," he said. "Central government cannot control anything happening here, […]

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South Sudan receives $3.5 bil from oil sales over June 2013-May 2014: oil minister

South Sudan has received over $3.5 billion from the sale of crude oil between June 2013 and May 2014, the country’s oil minister Stephen Dhieu Dau said in a statement made available to Platts in the capital Juba on Sunday. "As from June 2013 to May 2014, South Sudan sold a total of 35.5 million barrels (97,260 b/d) from both Nile and Dar Blends," Dau said in the statement released on Friday but distributed to journalists later. Of the total sales, South Sudan paid Sudan $857 million for both tariffs and Transitional Financial Arrangements, or TFA, Dau said. South Sudan’s crude oil passes through the two cross-border pipelines in Sudan to facilities near Port Sudan on the Red Sea for export. Dau said the net amount realized by South Sudan — determined after all payments were made to Sudan, and $788 million made for payments or settlement of loans […]

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Egypt opens tender to import fuel in July-Sept 2014 -official

* Government hoping to avoid summer blackouts * Tender to supplement energy products donated by SaudiArabia * Raising energy prices could cause unrest CAIRO, May 31 (Reuters) – Egypt has launched a tender toimport hundreds of thousands of tonnes of petroleum products inthe third quarter of 2014, an energy official said on Saturday,as the country tries to stave off a summer energy crisis. Egypt’s government wants to avoid major power blackoutsduring the months of increased consumption in the summer, whenoutages are worsened by a dilapidated grid and a wastefulsubsidies system. The tender comes in addition to supplies from Saudi Arabia,which will deliver energy products to Egypt in July and Augustas part of an aid package announced after the Egyptian armyoverthrew Egypt’s first freely elected president, the IslamistMohamed Mursi. An official from the Egyptian General Petroleum Corp (EGPC)told Reuters that Egypt launched a tender on Thursday to import90,000 tonnes of […]

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China’s Solar Panel Production Comes at a Dirty Cost

Although China may be cheaper than Europe at producing solar panels, it comes at a higher cost to the environment, a new study says. Weaker environmental standards and more highly polluting sources of energy used by Chinese manufacturers are the reasons for the discrepancy, according to research by Northwestern University and the United States Department of Energy’s Argonne National Laboratory. Researchers from the Illinois-based institutions looked at the carbon footprint and energy usage of making solar panels. Their analysis tallied the costs at every step of production, including mining raw materials, transportation and the factory’s power supply. The environmental cost of Chinese-made solar panels is about twice that of those made in Europe, said Fengqi You, a corresponding author of the paper, which will be published in next month’s issue of the journal Solar Energy. “While it might be an economically attractive option to move solar panel manufacturing from […]

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Tusk Taps Tough-Talking Miner to Wean Poland From Russia Energy

Polish Premier Donald Tusk’s drive to break the ex-communist nation’s links to Russia ’s energy chain by modernizing the domestic coal industry is giving Miroslaw Taras sleepless nights. Tusk tapped Taras, a 59-year-old ex-miner whose leadership of publicly-traded Lubelski Wegiel Bogdanka SA made it profitable before he left in 2012, to do the same for state-owned rival, Kompania Weglowa SA. Kompania, Europe’s largest coalminer, is buried in debt and teeters on bankruptcy at a time when the dispute between Russia and Ukraine risks disrupting the 89 billion cubic meters of gas shipped annually from OAO Gazprom (GAZP) through Ukraine, or 55 percent of its total exports to Europe. Tusk is betting Taras’s ability to fix Kompania and streamline its bloated workforce without slashing jobs will cushion energy shocks from the east. “I feel damn responsible for all these people and each one individually,” Taras said in an interview on […]

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EPA seeks to cut power plant carbon by 30 percent

The Environmental Protection Agency on Monday will roll out a plan to cut carbon dioxide emissions from power plants by 30 percent by 2030, setting the first national limits on the chief gas linked to global warming. The rule, which is expected to be final next year, is a centerpiece of President Barack Obama’s plans to reduce the pollution linked to global warming, a step that the administration hopes will get other countries to act when negotiations on a new international treaty resume next year. Despite concluding in 2009 that greenhouse gases endanger human health and welfare, a finding that triggered their regulation under the 1970 Clean Air Act, it has taken years for the administration to take on the nation’s fleet of power plants. In December 2010, the Obama administration announced a "modest pace" for setting greenhouse gas standards for power plants, setting a May […]

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EPA to Seek 30% Cut in Emissions at Power Plants

EPA Administrator Gina McCarthy will announce the proposal on Monday. Getty Images WASHINGTON—The Environmental Protection Agency will propose mandating power plants cut U.S. carbon-dioxide emissions 30% by 2030 from levels of 25 years earlier, according to people briefed on the rule, an ambitious target that marks the first-ever attempt at limiting such pollution. The rule-making proposal, to be unveiled Monday, sets in motion the main piece of President Barack Obama ‘s climate-change agenda and is designed to give states and power companies flexibility in reaching the target. But it also will face political resistance and become fodder in midterm congressional races, particularly in energy-producing states, and is destined to trigger lawsuits from states and industry that oppose it. The rule would affect hundreds of fossil-fuel power plants—hitting the nation’s roughly 600 coal-fired plants the hardest. The carbon framework seeks to strike a balance between what environmentalists want—an ambitious overall […]

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Trying to Reclaim Leadership on Climate Change

At the end of his first year in office, President Obama flew to Copenhagen and made a big promise: that the United States would cut its greenhouse gas emissions substantially by 2020 — a bold and risky pledge that hinged on a balky Congress to make it possible. His efforts became bogged down within months, and Mr. Obama’s pledge to the rest of the world soon looked like a pipe dream. On Monday, Mr. Obama is planning to bypass Congress and take one of the biggest steps any American president has ever taken on climate change, proposing new rules to cut emissions at power plants. Yet, by itself, the president’s plan will barely nudge the global emissions that scientists say are threatening the welfare of future generations. “Is it enough to stop climate change? No,” said Ted Nordhaus, chairman of the Breakthrough Institute, an environmental think tank in Oakland, […]

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Gazprom postpones Ukraine gas ultimatum

Gazprom, Russia’s state-owned natural gas producer, has pushed back its ultimatum to Ukraine on imposing pre-payment for natural gas deliveries after the country paid $786m in arrears, according to the company’s chief executive Alexei Miller. The company had said previously that it would from Tuesday deliver only gas that had already been paid for, raising the prospect of supplies to Ukraine being cut off immediately and disruptions in onward gas flows to Europe. "Ukraine has paid the first instalment for gas supplies. Today $786m entered Gazprom’s account," Miller was quoted as saying in a company statement on Monday. "We welcome Ukraine starting to pay back its debt and postpone the pre-payment regime until June 9. "The introduction of the pre-payment regime will depend on the full repayment of the debt for gas supplied up to April 1 in the amount of $2.237bn, part of which was paid today, and on the progress in payments […]

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Pipeline Talks Pause Until Russia Respects International Law, EU Says — Report

Talks between Russia and the European Union about the South Stream gas pipeline are on hold because of the Ukraine crisis, European Commissioner Guenther Oettinger said, according to a newspaper report on Sunday. "We will continue the talks when the Russian partners stick to international law again," the energy commissioner told Germany’s Frankfurter Allgemeine Sonntagszeitung. Talks about the pipeline, which is supposed to bring Russian natural gas to the EU once it has been constructed, are faltering because the Ukraine crisis eclipses everything, Mr. Oettinger said, according to the newspaper. He added that Russia would also have to be willing to cooperate on the basis of EU energy law as an additional precondition for continuing talks about the pipeline, according to FAS. Write to Friedrich Geiger at [email protected]

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Russia to Postpone Prepayment System For Ukraine Gas Supplies

Russia will postpone switching to a system of prepayment for natural gas supplies to Ukraine after receiving a partial repayment from Kiev, Gazprom Chief Executive Officer Alexei Miller said Monday. The decision comes after talks on Friday between the Russian and Ukrainian energy ministers who indicated that a compromise could be reached in the near term. Earlier this year Russia had said it would demand prepayment from Ukraine for future gas supplies starting from June unless Kiev begins to pay off a portion of its debt. Mr. Miller said Monday that the company received $786 million, the amount Ukraine owed for gas supplies in February and March this year and the company will now postpone the deadline for switching to the prepayment scheme for one week until June 9. Ukraine has to redeem its […]

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Marathon Oil Sells Norwegian Operations for $2.1 Billion

Marathon Oil Corp . is selling its Norwegian business for more than $2 billion in cash to Det Norske Oljeselskap AS A as part of a drive by the Houston-based energy company to sell its North Sea oil-and-gas operations to focus on the U.S. "The sale of our Norway assets advances one of our key 2014 priorities and further demonstrates our commitment to rigorous portfolio management to simplify and concentrate our business," Marathon Chief Executive Lee M. Tillman said Monday. In December the company said it would increase in capital spending to boost output while also lifting shareholder returns with a $2.5 billion buyback program. Marathon said the Norwegian deal was worth $2.7 billion but that after adjustments for debt, net working capital and interest the net proceeds would be $2.1 billion. Since 2011 Marathon Oil has sold $6.2 billion worth of assets in a bid to improve growth […]

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What climate activists should learn from the Monterey Shale downgrade

There is an important hidden lesson for climate activists in the vast downgrade of recoverable oil resources now thought to be available from California’s Monterey Shale. Almost all climate activists have rejected any talk that the world’s oil, natural gas and even coal supplies are nearing plateaus and possibly peaks in their production. That’s because they fear that such talk will make the public and policymakers believe that climate change will be less of a problem as a result or no problem at all. Any yet, for obvious reasons climate activists rejoiced when the Monterey downgrade was announced. But this only served to highlight the fact that climate activists have lost control of the public narrative on energy and can only steal it back by including constraints on fossil fuel supply as part of their story. In fact, climate activists have been content to accept fossil fuel industry claims–the […]

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Has Technological Progress Made Peak Oil Theory Irrelevant?

In 1956, Marion King Hubbert, a prominent geologist for what is now Royal Dutch Shell (NYSE: RDS-A  ) , made a bold prediction. Based on an extensive analysis of reserves and production data, he concluded that U.S. crude oil production would peak at some point in the late 1960s or early 1970s, after which it would begin an inexorable decline. For decades, his dire prediction looked startlingly accurate. In 1970, U.S. oil production reached 9.6 million barrels a day — a level that hasn’t been equaled since — and then began to decline. It fell steadily from 1970 to 1976, and then rose modestly until 1985, after which it once again slipped into a steady decline that lasted for more than two decades. Hubbert’s prediction laid the path for what has since become known as peak oil theory, a highly influential theory that argues that global oil production is […]

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Peak Oil: Is This Approach The Only Option?

The roster of Fellows at the Post Carbon Institute hardly strikes any reasonable person as a collection of bug-eyed extremists out to strike fear into the hearts of mere mortals everywhere. Disagree if one must with the conclusions they draw, but this think tank has shared with the public a variety of thoroughly-research, fact-based reports on energy, fossil fuel supplies, climate, and related issues. “Extremists” is not the first thought that comes to mind when reading the great body of work the Institute has created over the years. Unless of course you are one of the advocates of fact-free nonsense as policy still out there in full force peddling their views by stirring up their readership with less than admirable efforts to steer policy debates away from reality and into the rabbit hole of denial. Anything or anyone contradicting their narrow and self-serving interests is met with whatever arsenal […]

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We will see if Opec will ‘move over’

Demand for Opec oil is expected to be 29.76 mbd in 2014 as compared to 30.21 mbd in 2013 For almost two years now, the oil market has witnessed a relative stability rarely seen before. The price of the Opec reference basket of 12 crude oils moved in a narrow range of between $104 (Dh381.68) and $109 a barrel. The oil price is kept within this range as production in the US soared to a level not seen for 28 years, while this is countered by increasing oil demand and by outages of production from other regions, especially in Libya. More importantly, and especially since February, tension between Russia and the West as a result of the Ukraine crises has given further support to prices in anticipation of a worsening situation, though oil and gas exports from Russia have hardly been affected so far. The estimates reported by both […]

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