On hiatus
The Energy Bulletin Daily is on hiatus while our dauntless co-editor, Tom Whipple, is out for health reasons. Future editions will of course depend on how soon Tom can return to this volunteer effort. Thank you for understanding.
How Much Crude Oil Does Plastic Production Really Consume?
Many social media users had a field day recently when Greta Thunberg tweeted a picture in which the 16-year-old activist was snacking on food in plastic packaging. Activists against the Continue Reading
Occidental Pays Record Rate To Ship Oil As Supertanker Rates Soar
Occidental Petroleum has chartered the Very Large Crude Carrier Maran Andromeda to carry oil to South Korea for a record-setting price of $13.25 million, Reuters sources said on Monday. The Continue Reading
Peak-Oil.org on hiatus indefinitely
Dear readers, Peak-Oil.org is on hiatus indefinitely; our erstwhile editor, Tom Whipple, has been ill but is on the mend. His daily presence is sorely missed and we are hoping Continue Reading
An Underestimated Niche In Oil & Gas
Several hundred offshore oil and gas wells could cease production by 2021 in the face of today’s bearish oil market. As a consequence, so-called decommissioning obligations in the global oil Continue Reading
Astounding volumes of VLCCs being scrapped still not enough to offset incoming deluge of newbuilds
The number of older VLCCs sent for scrap so far this year has been “somewhat astounding”, Clarkson Research states in its latest weekly report. Fellow broker Gibson reports that 15 Continue Reading
Ukraine Halts Repayments on $3.5 Billion It Owes Russia
MOSCOW — The Ukrainian government declared a moratorium Friday on repaying about $3.5 billion in debt to Russia , introducing new strains to an already poisonous relationship. Ukraine ’s cabinet Continue Reading
Mexico’s Pemex oil company to open 5 gas stations in US
Mexico’s state-owned oil company says it will open five gas stations in Houston, Texas, as part of an experiment in expanding its presence in the United States. Petroleos Mexicanos is Continue Reading
First small sign of climate accord on five-year review of carbon cuts
Climate negotiators in Paris are drawing close to resolving one of the sticking points for a breakthrough emissions pact by favoring a five-year review period on promised greenhouse gas cuts, Continue Reading
Kurdistan presidency controversy deepens
KRG President Masoud Barzani gives an interview in Erbil on June 2, 2013. (AZAD LASHKARI/Reuters) Kurdistan’s political crisis over the tenure and powers of President Massud Barzani is deepening, with the head of Parliament vowing to press ahead with new legislation that would reconfigure how the region is governed.Barzani’s final term in office expires midnight Wednesday. Kurdistan’s regional Parliament has scheduled a final reading that day of a draft law that, if passed, would strip Barzani of much of his power and make the president electable by MPs.The legal picture clouded… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .
Hedge funds turn unusually bearish on oil: Kemp
The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. Hedge funds and other money managers have rarely been so bearish about the outlook for oil prices, according to the latest positioning data from the U.S. Commodity Futures Trading Commission. Hedge funds boosted short positions in futures and options linked to the price of U.S. crude to 138 million barrels by July 14, from 84 million four weeks earlier. Over the same period, they cut long positions from 340 million to 292 million barrels. The hedge fund community has an inherent long-bias, but the ratio of long to short positions, at just over 2:1, down from 4:1 a month ago, is among the lowest in the last six years. The number of hedge funds with reported short positions was equal to the number of longs last week, which is highly unusual. […]
The Drilling Productivity Report
New-well oil production per rig barrels/day New-well gas production per rig thousand cubic feet/day Region May 2015 June 2015 change May 2015 June 2015 change Bakken 610 631 21 607 620 13 Eagle Ford 700 720 20 1,754 1,783 29 Haynesville 27 27 – 5,963 6,034 71 Marcellus 37 38 1 8,176 8,222 46 Niobrara 480 497 17 1,865 1,884 19 Permian 270 296 26 501 543 42 Utica 243 253 10 6,386 6,650 264 Rig-weighted average 390 404 14 2,176 2,307 131 The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil and natural gas wells to provide estimated changes in oil and natural gas production for seven key regions. EIA’s approach does not distinguish between oil-directed rigs and gas-directed rigs because once a well is completed it […]
Year in Review: Crude Oil Prices 2014
Background In 2014, Brent front month crude oil futures prices fell from $108 per barrel on January 2 to $57 per barrel on December 31. This report gives an overview of the primary drivers of crude oil price movements in 2014, in particular the substantial price decline that took place during the second half of the year. Factors such as increased global supply of crude oil, lower crude oil supply disruptions, lower economic growth expectations, and currency exchange rate movements are explored in the report. In addition, links are provided to several other published EIA articles with further in-depth discussion of topics related to the oil price decline. After trading in a relatively narrow $10 per barrel range for the first six months of the year and reaching its peak of $115.06 per barrel on June 19, the Brent front month futures price fell sharply and settled at $57.33 […]
North Dakota OKs New Oil Tax Framework, Ends Price Triggers
BISMARCK, N.D. (AP) — With oil prices sinking enough that drillers may soon see a more favorable tax rate, North Dakota lawmakers approved a new framework Friday that cuts the price-triggered exemption in exchange for a lower tax rate. North Dakota’s House voted 66-26 after a contentious debate to shave the state’s oil tax rate from 11.5 percent to 10 percent. Republicans believe the move offers better certainty for the state and industry, while Democrats say it could cost the state billions in future oil tax revenue. "We’re taking a real risk and probably something we can never get back," said Rep. Jerry Kelsh, D-Fullerton. Fargo Rep. Al Carlson, North Dakota’s House majority leader, and other GOP representatives said the new system will provide a stable and predictable tax policy that will help increase production, spur investment and boost the state’s economy. "We need to have what’s fair, what’s […]
Saudi demand optimism lifts oil prices
Riyadh expects steady increase in global demand for oil and supply-side concerns fade in second half of 2015. UPI/A.J. Sisco NEW YORK, April 9 (UPI) — Prospects for a brief slowdown in U.S. oil production and demand expectations from Saudi Arabia gave oil prices a major lift in Thursday trading. Ibrahim al-Muhanna, an adviser to the Saudi Petroleum Ministry, said before the Saudi Economic Association in Riyadh the bear market for crude oil was an unnatural and temporary market phenomenon given growth expectations in a recovering global economy. "I am of the view that the world’s current political, economic or petroleum problems are temporary and their effect on the whole world system is limited," he said in his address. "In most aspects, especially the economic ones including those of energy and oil, the world is on a progressive track where setbacks are temporary and short-lived." At a minimum, he […]
Natural Gas Rebounds on Cold Start to Spring
Dow Jones Newswires By Timothy Puko Natural gas prices surged to nearly a three-week high after forecasts grew colder, ramping expectations for heating demand coming in the first week of spring. Natural gas for March delivery settled up 13.9 cents, or 5.1%, at $2.855 a million British thermal units on the New York Mercantile Exchange. It is the highest settlement since Feb. 25 and the largest percentage gains in one day since Jan. 14. A high pressure front from Canada is likely to send an unseasonably cold burst of air into the Great Lakes and Northeast, including some of the country’s biggest heating markets, according to WSI in Andover, Mass. Half of U.S. homes use natural gas for heating fuel, and they may need more of it in the last two weeks of March than previously expected. "Everyone was telling you that the weather is getting warmer, warmer, warmer, […]
OPEC Monthly Oil Market Report
The katest OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for February. All data in the OPEC charts below is in thousand barrels per day and the last data point is February 2015 . Total OPEC crude only production was down 137,600 barrels per day in February. Algeria seems to have stabilized their decline. Angola is holding steady. Ecuador has been slowly increasing production at a rate of about 25,000 barrels per day per year. I don’t think they can hold that for another year however. Iran production has been remarkably flat for about two and one half years. It is a question as to how much their production could increase if sanctions were removed. It is remarkable that Iraq has been able to keep production as high as it is with all the ISIS problems they are having. Kuwait was producing flat out in […]
Oil Producers Stress Surviving $50 Oil
Energy investors are focusing on what U.S. independent producers have to say in coming financial sessions about their ability to survive a period of $50 oil after many were geared up for richer crude prices. Photo: Associated Press A year ago, Houston oil and gas company Energy XXI Ltd. was getting ready to take on $1 billion in debt to buy a rival. Its stock climbed toward $24 a share. On Monday, the debt-laden company laid out its strategy for survival after that deal contributed to a $377 million loss for its December quarter. On the list: asset sales, expense cuts and cashing in oil-price contracts it signed before prices tumbled. Shares of the energy producer, which operates in the shallow waters of the Gulf of Mexico, now change hands for less than $4 apiece. “The culture of the company has changed, with more focus on cost savings and […]
Falling oil prices cloud the forecast for Houston economy
4728 Votes Falling oil prices cloud the forecast for Houston economy The recent sharp drop in oil prices is clouding the region’s economic forecast, potentially threatening to curtail employment growth across industries and perhaps even slow down the multifamily real estate segment, a prominent local economist said Thursday. The sudden change in winds caught Bill Gilmer, director of the Institute for Regional Forecasting at the University of Houston, off-guard. Gilmer said during his semi-annual report on the state of the local economy that he had to alter the presentation he’d had ready several weeks ago as the price of crude tumbled into the mid-$70s. “Things have changed in Houston,” Gilmer told a crowd of more than 900 at the Hyatt Regency downtown. “And they changed fast.” Gilmer didn’t declare doom and gloom and he doesn’t see the region losing a substantial number of jobs any time soon. But he […]
Royal Dutch Shell Sells More Nigerian Assets
Royal Dutch Shell PLC said Tuesday it has signed agreements to sell all of the Nigerian oil assets it put up for sale last year, the latest move by the Anglo-Dutch Continue Reading
DOT under fire for oil train rules
WASHINGTON, Sept. 12 (UPI) — The Department of Transportation in July published a 200-page proposal calling for the eventual elimination of older rail cars designated DOT 111 used to ship flammable liquids, "including most Bakken crude oil." The increase in U.S. crude oil production is more than the existing network of pipelines can handle and industry officials say rail is the primary alternative transit method. DOT-111 rail cars carrying crude oil have been involved in a series of disastrous derailments , including the deadly incident in Lac-Megantic, Quebec in 2013. Earthjustice, ForestEthics and the Sierra Club filed a lawsuit against the Department of Transportation for not responding to a petition filed in July calling for a ban on shipping Bakken crude using DOT-111 cars. Matt Krogh, campaign director with ForestEthics, said DOT-111 cars are "tin cans on wheels." "We can’t run the risk of another disaster like Lac-Megantic," Earthjustice […]
EIA: Tight Oil Stabilizes Brent Crude Prices
Rigzone Staff 8/29/2014 URL: http://www.rigzone.com/news/oil_gas/a/134780/EIA_Tight_Oil_Stabilizes_Brent_Crude_Prices World events that threatened global oil production and distribution are scarcely having an effect on oil prices in the United States. The current period of stability, which contrasts with historic spikes that occurred during periods of strife in other regions, is due largely to the shale revolution, according to the Energy Information Administration (EIA) in a recent report. The price of Brent crude oil has been noteworthy for having fluctuated within a narrow range of $5/barrel (bbl) for 13 consecutive months. This was during a period of significant turmoil in Libya and Iraq. The lack of movement during that time is in sharp contrast with Brent crude oil prices for the period between early 2008 and the middle of 2013, when prices hit a high of $125/bbl in March 2012, and a low of $95/bbl just three months later, the EIA report said. Historically, commodity […]
Oil Trades Sideways Ahead of U.S. Stocks Data
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 […]
Moscow fights back after sanctions; battle rages near Ukraine crash site
Russia fought back on Wednesday over new U.S. and EU sanctions imposed over Ukraine even as G7 leaders warned of further steps, while Ukraine’s government accused pro-Russian rebels of placing land mines near the site of a crashed Malaysian airliner to prevent a proper investigation. Russia announced a ban on most fruit and vegetable imports from Poland and said it could extend it to the entire European Union, a move Warsaw called Kremlin retaliation for new Western sanctions over Ukraine imposed on Russia on Tuesday. Moscow called the new EU and U.S. sanctions "destructive and short-sighted" and said they would lead to higher energy prices in Europe and damage cooperation with the United States on international affairs. The confrontation between Russia and the West entered a new phase this week, with the United States and European Union taking by far the strongest international steps yet against […]
Peak Whiskey: supplies are running low
Bourbon lovers, you’d better stock up. A day of reckoning is quickly approaching, warns Buffalo Trace, one of the oldest distilleries in the country. A whiskey shortage may soon be upon us. While bourbon producers have seen this problem coming for more than a year, its impacts are just now beginning to hit the market and will likely only worsen. Here’s Buffalo Trace with more on the problem: Despite the increase in distillation over the past few years, bourbon demand still outpaces supply. The overall bourbon category is experiencing 5% growth, but premium brands are up nearly 20% from last year. Bourbon must be matured in new oak barrels and Buffalo Trace ages many of its barrels for eight to ten years, and some over two decades. That’s a long time to wait for a bottle of bourbon. Not to mention, with the amount of bourbon lost to evaporation over time, barrels are half empty after ten years. […]
Analysts See 34 Billion-Cubic-Foot Addition to U.S. Natural-Gas Inventories
Analysts and traders expect government data scheduled for release Thursday to show natural-gas inventories grew last week by a smaller amount than average for this time of year. The U.S. Energy Information Administration is expected to report that storage levels rose by 34 billion cubic feet of gas during the week ended April 11, according to the average forecast of 18 analysts and traders surveyed by The Wall Street Journal. The EIA is scheduled to release its storage data for the week on Thursday at 10:30 a.m. EDT. For the April 11 week, the median estimate is for an addition of 34 bcf. Estimates range from an increase of 22 bcf to an increase of 44 bcf. The estimate for April 11 is higher than the 25 bcf added to storage for the same week last year, and slightly lower than the 37-bcf five-year average injection […]
Venezuela issues ID cards to curtail food hoarding
Battling food shortages, the government is rolling out a new ID system that is either a grocery loyalty card with extra muscle or the most dramatic step yet toward rationing in Venezuela, depending on who is describing it. President Nicolas Maduro’s administration says the cards to track families’ purchases will foil people who stock up on groceries at subsidized prices and then illegally resell them for several times the amount. Critics say it’s another sign the oil-rich Venezuelan economy is headed toward Cuba-style dysfunction. Registration begins at more than 100 government-run supermarkets across the country Tuesday, and working-class shoppers who sometimes endure hours-long lines at government-run stores to buy groceries at steeply reduced prices are welcoming the plan. "The rich people have things all hoarded away, and they pull the strings," said Juan Rodriguez, who waited two hours to enter the government-run Abastos Bicentenario supermarket […]
BP’s Gulf Redemption May Take Decade to Bestow Barrels
BP ’s bids for its first new U.S. offshore leases in two years may not add any barrels of production until the middle of the next decade. The owner of the deep-water Macondo well that spewed millions of barrels of crude into the Gulf of Mexico during a 2010 blowout was the highest bidder on 24 blocks offered for lease by the Interior Department, Tommy Beaudreau, director of the Bureau of Ocean Energy Management , said in a conference call yesterday. The tracts are part of an area twice the size of Maine that attracted more than $1 billion in bids from oil and natural gas producers. It was only last week that BP received the U.S. Environmental Protection Agency’s blessing to resume competing for federal drilling rights after the London-based company was barred from winning new leases in 2012 because of safety concerns. Although BP has regained credibility with […]
Psychological Trigger Points For Crude Oil Demand Destruction
<img src="http://s7.addthis.com/static/btn/sm-share-en.gif" width="83" height="16" alt="Bookmark and Share" style="border:0"/> <img src="http://2.bp.blogspot.com/-hlL_Ax0fcZg/Uyh9250OnmI/AAAAAAAACCI/q2_QhL5AOjI/s1600/WhatWePay_p2.png" title="Psychological Trigger Points For Crude Oil Demand Destruction" alt="Psychological Trigger Points For Crude Oil Demand Destruction thumbnail" align="right" border="0" style="padding: 0px; margin: 5px 0px 10px 15px; width: 226px; height: 170px;"/> I’ve talked about demand destruction before in this blog. Demand destruction occurs when the marginal benefit of using more crude oil exceeds the marginal cost for people. Essentially, when oil prices go too high, people use less oil. On a personal level, this means that people may drive fewer miles by staying closer to home on the weekends, they might postpone a long-distance vacation, or they might start taking the bus or work from home instead of commuting by car. wrote a nice article on this phenomenon last year where they stated “in the rich world oil demand has already peaked: it has fallen since 2005.” While demand destruction […]
EU Puts Brakes on Russia Natural Gas Pipelines
The European Union has slammed the brakes on two big Russian pipeline projects to supply more natural gas to Europe, as part of its efforts to turn up the heat on Moscow over its incursion into Crimea. The move will deal a blow to Russia’s ambitions of increasing its gas exports and bypassing Ukraine as a transit country. It comes as the 28-country bloc is weighing other options to reduce its dependence on Russian natural gas, which accounts for over a third of EU supplies. Six EU countries, including Bulgaria and Lithuania, depend exclusively on Russia for natural gas. The European Commission, the EU’s executive arm, said this week that it would freeze high-level talks on South Stream, a pipeline that aims to carry up to 15% of Europe’s annual gas demand via the Black Sea. It is due to be completed by 2018. The commission warned last year […]
LCA study finds carbon intensity of corn ethanol decreasing, gasoline rising; ethanol estimated 43-60% lower than oil by 2022
The carbon intensity (CI) of corn ethanol—i.e., the greenhouse gas emissions produced via the production of a volume of the fuel—is declining, while the average CI of gasoline produced from petroleum sources is gradually increasing, according to a recent report prepared by Life Cycle Associates, LLC for the Renewable Fuels Association (RFA). Life Cycle Associates has completed numerous life cycle analysis studies, including those […]
WBI Energy starts open season for pipeline to move Bakken gas output
WBI Energy Transmission on Thursday launched an open season for the sale of long-term firm natural gas capacity on the planned Dakota Pipeline, which will connect Bakken Shale production to the Emerson hub in northwestern Minnesota. In a notice to customers posted on its website, WBI said it expects the pipeline to enter service on November 1, 2017. The open season is scheduled to end on May 30. The interconnecting pipelines at Emerson may include Viking Gas Transmission, Great Lakes Gas Transmission and TransCanada Pipelines, WBI said. The primary markets served by those pipelines include those in eastern North Dakota, Minnesota, Wisconsin, Michigan and Canada. Article continues below… Request a free trial of: Gas Daily Gas Daily Gas Daily offers the most detailed coverage of natural gas prices at interstate and intrastate pipeline and pooling points in major U.S. markets. Gas Daily keeps you […]
Pa. Asks State Supreme Court To Reconsider Decision On Oil, Gas Law
The state of Pennsylvania on Thursday asked the state Supreme Court to reconsider its December decision that struck down parts of an oil and gas law. The Pennsylvania Supreme Court voted 4-2 in mid-December saying key provisions in Act 13, a 2012 law that governs oil and gas drilling, is unconstitutional. In a state known for its shale gas bounty, the decision broadened the rights of local governments to restrict the controversial fracking process within their city limits, dealing a blow to oil and gas interests. The state is asking the Supreme Court to remand the case to a Pennsylvania court for further evidence, exhibit and testimony gathering. The state Department of Environmental Protection is also asking the court to reconsider its decision, saying its duty to protect public parks […]
Thailand's Oil Fund administrator says LPG, diesel subsidies should be scrapped
Thailand’s retail subsidies for diesel and LPG are coming under increased pressure and should be scrapped, the director of the country’s Energy Fund Administration Institute said last week. The subsidies as they currently stand are a "time bomb if you keep them going," said Chainoi Puenkosum, who heads EFAI, an "independent public organization" under the Energy Ministry that manages the receipts and payments of the country’s Oil Fund, from which the subsidies are paid. Subsidies are costing the country Baht 165 million/day ($5 million/day) at current levels, according to the EFAI. The subsidies keep diesel pump prices under Baht 30/liter, well below international prices, and LPG at staggered rates that are as low as one-third of international prices. The price of LPG for cooking is fixed at Baht 19/kg and accounts for 32% of consumption, and at Baht 21/kg for automobiles that consume 24% […]
Thailand’s Oil Fund administrator says LPG, diesel subsidies should be scrapped
Thailand’s retail subsidies for diesel and LPG are coming under increased pressure and should be scrapped, the director of the country’s Energy Fund Administration Institute said last week. The subsidies as they currently stand are a "time bomb if you keep them going," said Chainoi Puenkosum, who heads EFAI, an "independent public organization" under the Energy Ministry that manages the receipts and payments of the country’s Oil Fund, from which the subsidies are paid. Subsidies are costing the country Baht 165 million/day ($5 million/day) at current levels, according to the EFAI. The subsidies keep diesel pump prices under Baht 30/liter, well below international prices, and LPG at staggered rates that are as low as one-third of international prices. The price of LPG for cooking is fixed at Baht 19/kg and accounts for 32% of consumption, and at Baht 21/kg for automobiles that consume 24% […]
Natural Gas Perks Up as Cold Weather Looks Set to Continue
Natural gas futures strengthened Tuesday as updated weather forecasts raised expectations that demand for gas-powered heating could remain strong through the end of the month. Prices slumped earlier Tuesday as forecasts shifted to project mild temperatures in the next six to 10 days, which could reduce demand for the heating fuel. About half of U.S. households use natural gas as their primary heating source, according to the Energy Information Administration. But a midday forecast update from the National Weather Service showed colder projections for the Midwest next week. More than one-fourth of total winter heating demand for natural gas comes from the Midwest, said Teri Viswanath, senior natural gas strategist for BNP Paribas. "The Midwest is very, very important," […]
The future of oil supply
Were they crying “Wolf”? Concerns about “peak oil” have recurred repeatedly since the resource was first developed, but they reached an unprecedented height in 2007 just prior to the global economic recession. Since then public concern has diminished, partly as a result of shale oil production in the United States. Yet, despite these developments and globally rising reserves, oil prices have almost doubled since 2010 and have tripled in a decade. The ‘peak oil’ debate has not gone away – oil remains critically important, adequate substitutes have yet to be found and concerns about depletion persist. This volume presents the best scientific evidence on why a decline in oil supply may, or may not, be in sight. It considers the production and resources of conventional oil and the potential for developing alternative liquid fuels from tar sands, shales, biomass, coal and gas. It describes how economies might react and […]
Analysis finds air-quality justification for CNG vehicle conversion in developing cities, despite negative climate impact
An analysis by a team in Bangladesh found large air quality and associated health benefits accruing to the residents of Dhaka (the capital of Bangladesh) as a result of the Continue Reading
Somaliland to Sign Accord With Fourth Company on Oil Exploration
Somaliland expects to sign an agreement with a fourth international energy company this week to begin exploring for oil in the semi-autonomous region, Energy Minister Hussein Abdi Dualeh said. An accord with the Middle East-based company, which Dualeh declined to identify, has been completed, he said in a phone interview on Nov. 21 from Somaliland. The other three companies already operating in the country are London-based Genel Energy Plc (GENL) , RAK Gas LLC, owned by the government of Ras al-Khaimah in the United Arab Emirates, and Oslo-based DNO International ASA. (DNO) “All talks are concluded” with the fourth company, Dualeh said. “It’s just a matter of inking the deal, which hopefully is going to be this month.” Somaliland, situated on the tip of the Horn of Africa , declared independence from Somalia in 1991, though no country has officially recognized it as a sovereign state. Somaliland and the […]
Pipeline – Week of 11 November 2013
Question:
MOL reports successful testing of oil area in Kurdish north of Iraq
BUDAPEST, Hungary, Nov. 1 (UPI) — Hungarian oil company MOL said successful testing of an oil reserve area in the Kurdish north of Iraq confirms it as a commercial prospect, MOL said preliminary testing from the Akri-Bijeel reserve area confirmed “long-term production sustainability.” A recent well test produced 3,192 barrels of “light density oil.” “This declaration is another milestone in the fruitful relationship with the Kurdistan Regional Government, which covers not only the lucrative cooperation in the oil and gas industry, but also a wider area in supporting the development of local communities,” Alexander Dodds, MOL’s executive vice president for upstream operations, said in a statement Friday. The semiautonomous Kurdish government is at odds with the federal government over who controls what aspects of the energy sector. Oil from the Kurdish north typically flows north to Turkish export terminals. French energy company Total and U.S. counterpart Marathon said Wednesday […]
Peak Oil May Keep Catastrophic Climate Change in Check
Enviroment Even as governments worldwide have largely failed to limit emissions of global warming gases, the decline of fossil fuel production may reduce those emissions significantly, experts said yesterday during a panel discussion at the Geological Society of America meeting. Conventional production of oil has been on a plateau since 2005, said James Murray, a professor of oceanography at the University of Washington, who chaired the panel. As production of conventional oil, which is far easier to get out of the ground, decreases, companies have turned to unconventional sources, such as those in deep water , tar sands or tight oil reserves, which have to be released by hydraulic fracturing. But those techniques tend to lead to production peaks that tail off quickly, Murray said. The panelists said these trends belie the high-end emission scenario from the Intergovernmental Panel on Climate Change (IPCC). That scenario, known as RCP 8.5, […]
Picojoule: Who Killed The Electric Gas Tank?
A few months from now, or perhaps 5-10 years from now, we will know whether or not EEStor can make good on its promise to sell a electrical storage device capable of propelling a reasonably-sized automobile down a freeway for a couple hundred miles before needing a recharge. There are some indications that they are making progress and that this could happen, but there are many reasons to remain skeptical. In this post, I will wade into these waters — and then get out quickly. Will EEStor revolutionize motor transportation and more? Will it even work? The human quest for energy is an interesting topic. Mostly by burning things, we have transformed our relationship with the planet and each other. It has been said that we are addicted to oil, but it is more the case that we are addicted to what harnessed energy can do. As it is […]
Much of Syria blacked out by rebel attack on gas pipeline: government
BEIRUT (Reuters) – Much of Syria, including the capital Damascus, was hit by a power cut late on Wednesday after rebels attacked a gas pipeline, state media said. "A terrorist attack on a gas pipeline that feeds a power station in the south has led to a power outage in the provinces and work to repair it is in progress," Electricity Minister Emad Khamis told state news agency SANA. A resident in the center of Damascus who asked to remain anonymous said "the whole city just went dark" and she could see the glow of a fire near the international airport and hear heavy machinegun fire. The Syrian Observatory for Human Rights, a UK-based group that reports on abuses and battlefield developments using sources on both sides of Syria’s civil war, said the explosion was caused by rebel artillery that hit a gas pipeline near the airport. The Observatory […]
The global economy sinks under its debts as the real cost of energy rises
The global economy sinks under its debts as the real cost of energy rises ALTHOUGH the economy is improving, this is turning out to be “a recovery, but not as we know it”. Britain may be getting better off, but people keep getting poorer, as the costs of essentials continue to grow much more rapidly than incomes. Yet far from being a uniquely British problem, this is a worldwide phenomenon. When you consider the “richer economy, poorer people” conundrum, it might occur to you that there are in fact two parallel economies, not one. This is precisely the point made in my new book Life After Growth. On the one hand, we have the “real” economy of energy, resources, labour, goods and services. On the other, there is the “financial” economy of money and debt. Money, of course, has no intrinsic worth, so any value that money possesses derives […]
Gulf Crude Strengthens as China Economy Boosts Foreign Demand
Heavy Louisiana Sweet crude strengthened the most in more than three weeks as China ’s growth accelerated for the first time in three quarters, indicating stronger demand for waterborne oils. Heavy Louisiana Sweet’s premium to West Texas Intermediate rose $1.30 to a premium of $2.10 a barrel at 4:03 p.m., according to data compiled by Bloomberg. It would be the largest gain since Sept. 25. Gulf crudes including Heavy Louisiana Sweet compete with foreign oils priced against European benchmark Brent for space in U.S. refineries. Brent’s premium over WTI rose as high as $9.04 a barrel today, the highest intraday level since Oct. 14. Gross domestic product in China, the world’s largest oil-importing nation, rose 7.8 percent in the July-September period from a year earlier, the National Bureau of Statistics said today in Beijing. It’s the first time growth has accelerated in three quarters. The growth indicated higher demand […]
Volvo Car Group testing lightweight structural energy storage material applied in trunk lid and plenum cover
« Ford expands use of near-dry machining to six plants worldwide | Main | IARC: Outdoor air pollution carcinogenic to humans » Print this post Volvo Car Group testing lightweight structural energy storage material applied in trunk lid and plenum cover 35027_1_5-1 A composite blend of carbon fibers and polymer resin is being developed that can store and charge more energy faster than conventional batteries can. Volvo Cars is the only car manufacturer participating in the EU-funded project, which started in early 2010. Click to enlarge. Volvo Car Group—the only automaker participating in a 3.5-year EU-funded project developing a prototype material which can store and discharge electrical energy and which is also strong and lightweight enough to be used for car parts ( earlier post )—has created two components for the testing and further development of the technology. These are a trunk lid and a plenum cover, tested within […]
Oil Futures Climb as Chinese Data Lifts Expectations for Crude Demand
Oil futures are higher Friday after China announced that its economy grew 7.8% in the third quarter from a year earlier, supporting prices which had fallen to a three-and-a-half month low overnight on the New York Mercantile Exchange. That China’s third-quarter gross-domestic-product growth met expectations suggests “the worst may be over for now” after two consecutive quarters of deceleration, said Singapore’s United Overseas Bank U11.SG -0.10% United Overseas Bank Ltd. Singapore: SGX $ 20.78 -0.02 -0.10% Oct. 18, 2013 3:16 pm Volume : 857,000 P/E Ratio 11.24 Market Cap $33.00 Billion Dividend Yield 1.92% Rev. per Employee N/A 10/18/13 Oil Boosted by China Growth Da… 10/17/13 China’s Yuan Marches to Record… 10/16/13 U.S. Dollar Set to Rally But B… More quote details and news » U11.SG in Your Value Your Change Short position in a research note. China’s first- and second-quarter GDP figures came in at 7.7% and 7.5%, […]