President Vladimir V. Putin of Russia held inconclusive talks late Tuesday with the president of Ukraine, extending a reluctant hand to a new leadership vilified in Russia’s state-run news media Continue Reading
Active Citizens , Active Citizens , Civil Society , Climate Change , Editors’ Choice , Energy , Environment , Europe , Featured , Headlines , Natural Resources , Projects , TerraViva United Nations Anti-coal human chain crossing the Niesse river which separates Poland and Germany, August 2014. Credit: Courtesy of Greenpeace Poland GRABICE, Poland / PROSCHIM, Germany, Aug 26 2014 (IPS) – “People have gathered here to tell their politicians that the way in which we used energy and our environment in the 19th and 20th centuries is now over,” says Radek Gawlik, one of Poland’s most experienced environmental activists. “The time for burning coal has passed and the sooner we understand this, the better it is for us.” Gawlik was one of over 7,500 people who joined an 8-kilometre-long human chain at the weekend linking the German village of Kerkwitz with the Polish village of Grabice to oppose […]
By Mikael Holter Aug 26, 2014 Norway, western Europe’s biggest oil producer, will probably cut its long-term forecast for crude production as companies reduce spending to counter rising costs and improve shareholder returns. As investments in Norway’s oil industry fall after a peak this year, production beyond 2015 will be lower than expected, according to Bente Nyland, head of the Norwegian Petroleum Directorate. The estimate cuts are expected to be reflected in the NPD’s annual prognosis scheduled to be published in January. “There might be a certain decrease,” she said in an interview in Stavanger today. “It’s capital discipline, it’s costs.” Norway is struggling to sustain oil production that’s more than halved since a peak in 2000 as producers including Statoil ASA (STL) scale back spending plans. The NPD in its latest prognosis in January predicted oil production would rise this year and remain stable through 2018. Still, the […]
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The Norwegian government could pull in $84 billion in taxes from the natural reserves yet to be developed in its territory, analysis from finds. Energy consulting group Wood Mackenzie said Tuesday it believes there are 10 billion barrels of oil equivalent discovered, but yet to be developed, in Norway. About 60 percent of that could be developed commercially, resulting in $84 billion in taxes and $22 billion in profits for the companies involved. Norway has more oil reserves than any other European country and is one of the largest suppliers of natural gas to the region. Wood Mackenzie analyst James Webb said "strict capital discipline" in Norway, however, means some large discoveries might not be developed. "Despite the obvious obstacles for development, the pipeline for future projects in Norway is strong," he said in a statement Tuesday. The National Petroleum Directorate, a government regulator, said preliminary production figures for […]
International delegates are gathered for an annual energy conference in Stavenger, Norway. The theme for the ONS conference , organizers said, is change. Maria van der Hoeven, executive director of the International Energy Agency, said the glut of natural gas from North American shale is changing the dynamics of a global energy sector where demand centers are pivoting toward Asian economies. Van der Hoeven said time will tell how much of an impact exports in the form of liquefied natural gas will have on the global marketplace. For the European market, more LNG from North America is not the panacea "talked up by some" in Washington, she said. "As I’m sure many of you in this room already know, a few tens of [billion cubic feet] of LNG will not make much difference, given that OECD-Europe production continues to fall by similar quantities," she said during her Monday address. […]
LONDON (Reuters) – Britain’s oil industry is facing the threat of a cascade of North Sea rig closures, unless ageing platforms can urgently source more gas to help squeeze out the remaining barrels. The potential threat to oil revenues looms as Scotland prepares to vote in September’s independence referendum — a debate in which oil production forecasts have become a political football. The affected Northern North Sea (NNS) is a very mature part of the basin where producers are trapped in a vicious circleukbu of falling output, rising costs to patch up ageing platforms, and dwindling power supplies. To lift more oil from these depleted reservoirs, producers need to inject vast quantities of water — a power intensive process that requires a reliable source of energy, known as fuel gas. Some platforms are not able to generate enough of their own fuel so have to try and import the […]
By Eric Yep Crude-oil futures traded in a narrow price range in Asia Tuesday with some support from international tensions but ample supply still dominates market sentiment. On the New York Mercantile Exchange light, sweet crude futures for delivery in October traded at $93.63 a barrel at 0527 GMT–up $0.28 in the Globex electronic session. October Brent crude on London’s ICE Futures exchange rose $0.13 to $102.78 a barrel. The presidents of Ukraine and Russia will meet in Minsk, Belarus later Tuesday. Tensions are high as a second convoy of vehicles carrying what Russia describes as humanitarian aid tries to enter Ukraine while Kiev accuses Moscow of moving tanks across the border. U.S. and its European allies have condemned escalating violence in Libya after Islamist militias took control of an international airport in Tripoli. Meanwhile, the U.S. is preparing to send surveillance aircraft into Syria to gather intelligence on […]
West Texas Intermediate traded near the lowest price in seven months before supply data that may signal the strength of fuel demand in the U.S, the world’s biggest oil consumer. Brent was steady in London . Futures were little changed in New York after falling 0.3 percent yesterday. Crude inventories probably shrank by 1.8 million barrels to 360.7 million last week, a Bloomberg News survey shows before an Energy Information Administration report tomorrow. Stockpiles have risen to the highest level for this time of the year since 1990 amid increased U.S. production. Libya ’s output dropped because of power outages at some fields, according to state-run National Oil Corp. “The U.S. supply side could potentially just keep prices from escalating, barring any geopolitical twists,” David Lennox , a resource analyst at Fat Prophets in Sydney, said by phone today. “Fresh production in the U.S. has probably been the key […]
Every year in August there is a week-long event — “The Oil & Gas Conference.” It draws an international audience and by most accounts EnerCom is the best on the schedule. This year 118 companies made presentations. If I could only hear one presentation, and attend one breakout session, I’d choose Netherlands-based Core Labs — hands down. “The maximum yearly oil production of the planet is taking place now!” That from CEO Dave Demshur. Core Labs has 70 offices in 50 countries. Their business is analyzing drilling results for all major, and hundreds of smaller companies in the global energy finding industry. Core Labs (CLB $150) has a unique view of the world few others could envision. As a byproduct of their normal business activities, CLB accumulates data about the current status of all major oil and gas basins on the planet. World instability has prompted them to withdraw […]
New York jet fuel differentials skyrocketed more than 10 cents Monday amid high demand at the end of summer and inventories 12% off year-ago levels. Traders said 25,000 barrels traded for delivery into Buckeye Pipeline, which takes jet fuel the final leg into most regional airports, at NYMEX September ULSD futures plus 22 cents/gal, compared with plus 11.50 cents/gal Friday. Sources said Vitol bought from Valero, but at least two other companies also have been bidding up all morning, with few offers. "It might go even higher. It’s nuts," one jet trader said. New York barges and Colonial Pipeline barrels were said to be 1 cent below Buckeye barrels, rising from plus 10.75 cents/gal on Friday. Benchmark New York barges were flat to the NYMEX going into August. US jet fuel stocks reached 1996 lows in early August before rebounding 891,000 barrels to 35.56 million barrels as of August […]
