tagged w/ Oil Companies
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Recent claims have been made that our oil shortage is 'a myth' (see lecoke's article), but I'm sure I'm not the only one who can see that this completely avoids the real issue.
One particular analyst correctly criticises the method by which oil companies have been calculating their total reserves (they add up single estimated values rather than the more accurate way of combining probabilities). This may be good news for the big oil execs, but we should really be seeing through it.
Yes, we may well be underestimating what is left in the ground, not to mention the increasingly sophisticated ways which are being developed to image previously undetectable oilfields. However, the time of large discoveries on the the scale of the 1960's UK 'Forties' field (in which production now appears to be slowing), is by all accounts, over. We understandably found all the large, easy oilfields first, and, whichever way you look at it, more people, more demand, and undeniably less oil will soon equal no oil.
While the current spike in oil prices is is due in part to the complicated global economic situation, the effect of even the small fall in production we are experiencing now would be nothing compared to when a significant number of major wells run dry (check the link: it's not happy reading).
With even conservative estimates indicating that oil production will peak by 2010, now is really the time for the world to open it's eyes or, much more likely, to pay the price.
Any ideas?!
Recent claims have been made that our oil shortage is 'a myth' (see... more
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rwylie
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added this
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3 years ago
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Once again, the most profitable company in America gets a gentle slap on the wrist for their catastrophic oil spill in Alaska. Pitiful.
The worst? The Supreme Court was divided on its decision, 5-3, with Justice Samuel Alito taking no part in the case because he owns Exxon stock.Once again, the most profitable company in America gets a gentle slap on the wrist for... more
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The Iraqi Oil Ministry added six more oil companies to a list of 35 permitted to bid for future oil and gas deals, the ministry spokesman said Sunday.
Assem Jihad didn't provide the company names but said they are state-owned firms from Turkey, Vietnam, Pakistan, Thailand, Angola and Algeria. He added that the ministry is planning to issue another invitation for companies to submit their qualification documentation to compete for the development of smaller oil and gas fields.
Baghdad is about to sign Technical Support Agreements, TSAs, with international oil firms to boost its current 2.5 million barrels per day output by 600,000 barrels.
The New York Times reported Thursday that Shell, BP and Exxon Mobil and Total were the four major companies close to signing deals, along with Chevron and some smaller companies.
Iraq sits on an estimated 115 billion barrels and it also has an estimated 112 trillion cubic feet of natural gas reserves, according to the ministry — making it one of the most oil rich countries in the world.The Iraqi Oil Ministry added six more oil companies to a list of 35 permitted to bid... more
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Senate Republicans blocked a proposal Tuesday to tax the profits of the largest oil companies, despite America's anger over $4 a gallon gasoline.
The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge.
"Americans are furious about what's going on," declared Sen. Byron Dorgan, D-N.D., and want Congress to do something about oil company profits and "an orgy of speculation" on oil markets.
But Republicans argued the Democratic proposal focusing on new oil industry taxes is not the answer to the country's energy problems.
The Democrats failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster and bring the energy package up for consideration.
Senate Republicans blocked a proposal Tuesday to tax the profits of the largest oil... more
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rebot
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added this
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3 years ago
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With gas prices approaching a record $5 a gallon, Crystal Fambrini talks to a consumer watchdog and meets several LA drivers who are just plain fed up.With gas prices approaching a record $5 a gallon, Crystal Fambrini talks to a consumer... more
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In April 2004 8 Blackwater " commandos " were involved in the defence of Camp Golf/ Al-Andalus Base in An Najaf after an escalation in violence from protests and demonstrations. Muqtada Al Sadr broadcasted this message to the protestors "There is no use for demonstrations, as your enemy loves to terrify and suppress opinions, and despises peoples. I ask you not to resort to demonstrations because they have become a losing card and we should seek other ways. Terrorize your enemy, as we cannot remain silent over its violations."
On April 4th the demonstrations turned violent and the Mahdi Army was on the scene (it seems supporting the demonstrators), and the battle of An Najaf commenced.
This event is not in question, but eight Blackwater commandos have been praised for the defence of the compounds in the event, with the notable videos Blackwater in Najaf1/Blackwater in Najaf2.
'Now, however, we need to revise that account, according to the new book "Wiser in Battle" by Lt. Gen. Ricardo Sanchez, former commander of Coalition Forces in Iraq.'
Lt. Gen. Sanchez's reviews the reports he'd received, firstly from the major in Camp Golf saying the Spanish had abandoned their post and that they were close to being over-run. 'The situation sounded so dangerous that Sanchez immediately ordered close air support. But when the fighters flew over the area, they could see no enemy activity.'
With the conflicting reports Lt. Gen. Sanchez decides to go himself to see what’s happening, continuing to receive reports on his way there. He goes on to conclude that the Spanish had acted competently and defended their compound, and that the Private Contractors in the area were delivering confusing reports and complicating the situation. However I seriously recommend you read the account at the bottom of the article linked for yourself.In April 2004 8 Blackwater " commandos " were involved in the defence of... more
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When will oil companies realize that they push an non renewable energy source, and endorsing fuel efficient cars would be good for them? Who likes to think about the future, Right?When will oil companies realize that they push an non renewable energy source, and... more
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Parallel to Nigerian President Umaru Yar'Adua gesture of good faith by offering to tackle the problems in the delta (suggesting reforms to the economy and petroleum sector), a Chevron Corp. oil vessel was highjacked off the coast of Port Harcourt on tuesday night. Eleven men were captured, two of which were foreign (Ukrainian and Portuguese) along with the vessel, however no group has claimed the action. MEND (Movement for Emancipation of the Niger Delta) has claimed it had nothing to do with the incident. Hopefully this incident wont effect President Yar'Adua's attempt to sympathise with the Niger delta's problems.Parallel to Nigerian President Umaru Yar'Adua gesture of good faith by offering... more
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A renewable energy company is suing an oil giant for £25m over its experimental offshore wind turbine project in the Moray Firth.A renewable energy company is suing an oil giant for £25m over its experimental... more
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