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%, […]