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Tracking the Energy Industry |
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Spiro, Spero
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Tracking the Energy Industry |
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Dum
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Pricing / SupplyOctober 3, 2004
Light
sweet crude passes US$50 in New York trading
AFP: Oil prices rebounded higher on Friday, with prices in New York closing above US$50 a barrel for the first time, as traders fretted about Nigerian oil production amid a threatened rebel uprising... September 29, 2004
Oil
prices push past US$50 mark
AP: Traders bid oil to new highs in after-hours trading on the New York Mercantile Exchange in a reaction to the slow recovery of US oil production that was damaged by Hurricane Ivan and unrest in key producers Saudi Arabia, Iraq and Nigeria... September 28, 2004
OPEC
president says cartel can still raise output
AFP: OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organization's president said yesterday... September 27, 2004
Bush
Set to Open Oil Reserve Spigot
Reuters: With oil near $50 a barrel, the Bush administration is set to allow oil refineries to borrow from the government's emergency petroleum stockpile to make up for supplies disrupted by Hurricane Ivan... one of the loans would be for 100,000 to 200,000 barrels, and the other for 1 million to 2 million barrels... September 27, 2004
Iran:
Gasoline is imported to end worries
IranMania: A huge gasoline consignment weighing 30,000 tons is imported by National Iranian Oil Company (NIOC) in order to avert fuel shortages across the country, Mehr News Agency (MNA) reported... September 27, 2004
Wild
oil ride rewrites trading rules
Reuters: Oil's startling price surge this year has actually driven many traders to the sidelines as wild intra-day swings magnified by powerful speculative funds confound traditional trading strategies, market sources say... September 27, 2004
Qatar:
oil price jump market-manipulated
Khaleej Times: "I do not think there is any kind of oil shortage, there are no long queues at gas stations," said Al Attiy. "Further talks in this regard will take place in Cairo in December when Opec will be having an extra ordinary meeting to discuss the issue..." September 26, 2004
Price
of oil up 73 percent compared with a year ago
AP: The amount of excess oil production available worldwide is about 1 percent of total demand of about 82 million barrels a day, leaving the industry little breathing room in the event of a prolonged supply interruption, according to many analysts... September 24, 2004
Crude
Oil May Rise as U.S. Supplies Near 29-Year Low
Bloomberg: US crude-oil stockpiles fell 9.1 million barrels to 269.5 million in the week ended Sept. 17, the US Energy Department said. Supplies are 5.8 million barrels from being the lowest since September 1975. It was the first time since 1988 that inventories had dropped for eight straight weeks... September 24, 2004
NZ:
Electricity demand reaches record levels
Scoop: National demand growth this year, however, has surged higher again following the conservation campaigns of 2001 and 2003 and is running at 5% year-on-year. Weekly demand peaked at a record 842 GWh during the week ended 31 August... September 23, 2004
Oil's
'fear premium' pegged at $10-$15
CBS Marketwatch: "Around $5 of the estimated $15 premium is due to the weak U.S. dollar," Sieminski said. He then tacked on $2 to $3 for each of several factors: Hurricane Ivan, the situation with Yukos in Russia, the kidnappings and insurgency in Iraq, worries over oil supplies and the threat of terrorists destabilizing Saudi Arabia... September 21, 2004
Bad
finances force Yukos to reduce its oil exports to China
NY Times: It appears to be the first time that Yukos' ability to transport oil has been affected by its tax dispute with the Russian government, which has frozen most of its bank accounts... September 20, 2004
Arguments
erupt over petroleum capacity
AFP: At a seminar in Vienna last week, organised by the Organisation of Petroleum Exporting Countries, the oil world's principal players - producer and consuming countries, oil companies and analysts - discussed the contentious issue at length... September 19, 2004
Supply
fears drive crude oil futures up 3.9 percent
NYT: Even as the deadly weather system sputtered over North Carolina, turning into a tropical storm, traders said they expected supply snags in the aftermath due to import disruptions and damage to a natural gas pipeline... September 9, 2004
Heat
is off the oil market: IEA
AFP: The heat has gone out of the underlying forces in the oil market and only short-term factors are keeping the oil price at about 40 dollars per barrel, the International Energy Agency (IEA) concluded... September 9, 2004
World
oil inventories seen building
Reuters: The IEA, which advises 26 industrialised nations on energy policy, assessed likely demand for crude oil from the OPEC cartel in the fourth quarter at 28.3 million barrels per day, compared to August production of 29.3 million barrels per day... September 9, 2004
Energy
Bills Soar in Europe as Wholesale Costs Bite
Reuters: Millions of consumers face higher prices this winter as utilities pass on gains in wholesale costs, which have shot to record levels on the back of rampant oil and coal prices, and tightening environmental laws... August 29, 2004
High
oil prices here to stay: IEA
Australian Broadcasting: "What we feel is that the spare capacity in Saudi Arabia has pretty much thinned out to very low levels and this is because, probably just because the investments haven't been put in to maintain spare capacity, which has become fairly costly to do..." - Antoine Halff August 29, 2004
Ceasefire
in Najaf helps to steady global oil prices
AFP: Analyst John Kilduff at Fimat said reports about sabotage in Iraq kept the market on edge about the prospect of increasing supplies from the country... August 27, 2004
Traders
wonder about oil-price bubble
AP: Conversations with brokers revealed that they are stepping back to assess potential supply problems more critically and on an individual basis, rather than lumping them all together, which tends to result in a more emotion-laden analysis... August 27, 2004
OPEC
expects oil prices to fall to $30 per barrel
Jakarta Post: Purnomo said members of OPEC were producing more oil than the official quota in an effort to cool down an overheated market. Currently, the cartel's oil production reaches 30 million bpd, consisting of a quota of 26 million, two million from Iraq, and two million in overproduction... August 27, 2004
Impact
Of Oil Output Fall At Ageing Fields Seen As Acute
Dow Jones: Oil production is now in decline in at least 18 major producing countries including the US, UK and OPEC members Indonesia and Venezuela, and total production from this group is falling by around 1 million barrels a day every year, according to the latest data.... August 27, 2004
BP
restarts Texas City ultraformer - Texas
Reuters: The restart, which began Sunday, of the unit at the 470,000 barrel per day refinery comes after 4-1/2 months of repairs. An ultraformer produces blending components that boost octane in gasoline... August 26, 2004
OPEC
looses its grip on oil prices
AFP: The cartel's surplus capacities, which formerly conferred its role as the giant producer and market power despite the fact that OPEC produces only about 40 percent of the world's supply, have dwindled... August 26, 2004
World
oil price spike hits Chinese market
China Daily: China Wednesday raised the price of refined oil products for the first time in three months to reflect the oil price spike on the international market. The move also spells out relief for domestic refineries that have been suffering losses because of rising crude oil costs... August 25, 2004
Kuwait
Foreign Minister Discusses Oil
AP: "The oil prices have been driven up by speculation. It's been driven by people who are outside the region," Sheik Mohammed said. "Still, they are high and the producers are not responsible for this." August 25, 2004
Iraq
Oil Exports Cut in Half After Attack
AP: Oil exports out of southern Iraq average about 1.85 million barrels a day. The oil official said Wednesday's sabotage cut exports to 900,000 barrels. The country's southern pipelines export 90 percent of Iraq's oil... August 26, 2004
Crude
Oil Little Changed After 3.9% Plunge on Gasoline Supply
Bloomberg: ``The fact that we did not see inventory levels diminish at all is very telling,'' said David Aleman, managing director of Axis Trading Co. in Beverly Hills, California. ``The higher prices have taken some of the demand out of the market''... August 25, 2004
Central
bankers seek to dispel oil price concerns
AFP: ECB president stressed there was no reason to revise the eurozone's growth forecasts due to soaring oil prices. "Everything else being equal elsewhere, the higher price of oil is not good for growth and price increases, but we are not in 1974 nor the beginning of 1980, when we had the big oil shocks," Trichet said... August 25, 2004
US
Coal Prices Increase dramatically
PEi: A resurging U.S. economy combined with double digit economic growth in China, where coal produces electricity to manufacture its growing steel industry, has spurred greater demand for coal. In some instances, coal prices have nearly doubled... August 25, 2004
US
may use oil reserve if half imports lost-Cheney
Reuters: Vice President Dick Cheney's comments during an Iowa campaign appearance on Tuesday marked the first time the administration has given a specific example of the type of emergency that would cause it to use the stockpile... August 25, 2004
British
Gas rise 'is a body blow'
BBC: British Gas customers will be badly hit by the company's price hikes, with thousands put at risk of "fuel poverty," a consumer group has warned... August 24, 2004
UK:
Why are power prices on the rise?
BBC: Centrica, the company that owns British Gas, says depletion of the North Sea and Irish Sea gas reserves is taking its toll with the company having to import more supplies. That, coupled with surging crude oil prices... August 24, 2004
Sweating
barrels: Strategic Petroleum Reserves
Houston Chronicle: With crude oil at near-record prices (although not in constant dollars) and the tab at the pump not that far off historic highs, it must be tempting to go splashing about in the underground reserve that was established almost 30 years ago in reaction to an Arab embargo... August 24, 2004
Rising coal price will not cause natural gas price to rise, according
to Wood Mackenzie
PEi: Breaking with conventional thinking on the effects of coal price on gas price, new research by Wood Mackenzie finds that rising spot Central Appalachian coal (CAPP) prices will not lead to a meaningful increase in demand or price for the already tight natural gas market... August 24, 2004
Fighting
in Iraq triggers higher prices
AP: World oil prices rose yesterday as sporadic clashes between US troops and Shiite militiamen flared in major producer Iraq... August 22, 2004
Crude
oil may rise on supply threats
Bloomberg: Crude oil futures in New York, after passing US$49 a barrel, may rise further next week on increasing concern that shipments will be curtailed just as demand accelerates, a Bloomberg survey of traders and analysts showed... August 20, 2004
Analysts say new crude oil highs emotion-driven
NY Times: Fear, not fact, is powering world oil prices to all-time highs, defying even positive news such as a peace deal in the Iraqi flashpoint city of Najaf, analysts said... August 18, 2004
Oil price increases caused by politics, bad planning
Guardian: The US must shoulder some blame for sky-high oil prices. The world's biggest user has made no effort to wean itself off cheap gasoline and its foreign policy has made matters worse. Other factors are... August 18, 2004
Higher
oil prices may be the norm
Guardian: CSFB said oil could spike at US$50 to US$60 a barrel within the next year, while Deutsche Bank said that this year is poised to be the sixth successive year in which analysts have underestimated the strength of crude oil prices... August 15, 2004
Oil
gushes to new highs as demand strains producers
AFP: New York's benchmark light sweet crude for delivery in September leapt US$1.08 to a record high settlement of US$46.58 a barrel. It spiked at an all-time high of US$46.65... August 15, 2004
Oil
companies may be dragging their feet
AFP: Raw figures for the for the top 10 companies compiled by oil industry consultant Wood Mackenzie show a drop from US$45.9 billion in 1998 to US$36 billion in 1999. The total did not return to 1998 levels until 2001, before accelerating last year to US$57.6 billion.... August 15, 2004
Iraqi
fears of sabotage shut crucial oil pipeline
AFP: Crude exports from Basra's two main offshore terminals, the only outlet for Iraqi oil, have been slashed in half, costing the government at least US$30 million a day in lost revenue... August 13, 2004
High
oil prices to hit stocks hard
Guardian: Investment bank Goldman Sachs on Wednesday warned of the potentially damaging effect for stock market investors of high oil prices, dubbing the process "the revenge of the old economy..." August 12, 2004
IEA says oil demand stronger than believed Reuters: the revisions to world
demand estimates since 2002, mainly in non-OECD countries, have pushed
the forecast for this year up by 750,000 barrels per day (bpd) to 82.2
million bpd, the agency said in its monthly Oil Market Report...
August 11, 2004
Bloomberg: The group currently holds
about 500,000 barrels a day of "effective" spare capacity, most
of which lies in Saudi Arabia, the IEA said. OPEC will add a further 370,000
barrels a day to its capacity by the end of the year...
August 11, 2004
Reuters: US oil prices hit a fresh
record yesterday, just short of US$45 a barrel, as violence in Iraq
disrupted output and exports from that country's southern fields, compounding
fears that tight global supplies may be inadequate to meet demand...
August 11, 2004
Market stunned as Cairn Energy hits more oil in India The Scotsman: Gammell has said in the past that he believes recovery rates of up to 25 per cent could be possible across the entire Mangala complex. That would push the total reserves in the field to 400 million barrels - equivalent to four months combined production from the entire North Sea.... August 11, 2004
Oil
is power
Guardian: Without question, rising oil prices add to the problems facing policymakers. The difficulty they have is that the initial impact is inflationary, pushing up prices and costs, while the second-round effects are deflationary, affecting consumer incomes and corporate cash flow... August 10, 2004
ASPO: Great oil party is coming to an end MidEast Online: The association maintains that the peak after which oil production begins to decline is much closer than is commonly thought, standing somewhere between 2008 and 2010 for oil and 2013 for gas... August 9, 2004
Oil demand will soon outstrip supply: Dr Ali Samsam Bakhtiari, Nat. Iranian Oil Australian Broadcasting: "The supplies side is limited. We are reaching the limits of the planet very soon. We can't produce much more oil than we are producing today. I am talking about two to three years from now..." August 9, 2004
Contract boosts Talisman's Indonesian sales CBC News: Talisman's share of the sale is about 810 billion cubic feet over the life of the contract. The gas will be sold for $1.91 US a thousand cubic feet. Gas was trading for $5.69 a thousand cubic feet in New York on Monday... August 9, 2004
Husky says White Rose field a go CBC News: The well, called White Rose B 07 2, can produce between 25,000 and 35,000 barrels a day (b/d), based on pressure measurements and flow rate information, Husky said Monday... August 8, 2004
Iran
refuses to lower LNG price for India
India Express: Iran has refused to lower the price of liquefied natural gas it plans to sell India arguing that it was offering the most competitive price at $ 2.22 per million British thermal unit(mBtu)... August 8, 2004
Oil
prices reach all-time highs, then settle down
AFP: A Moscow court ruled that Russian justice ministry bailiffs had no right to freeze the assets of Yuganskneftegaz, Yukos's largest oil producing subsidiary, accounting for around 60 percent of its output... August 7, 2004
Oil
prices show no sign of dropping
Reuters: Oil prices hit fresh records yesterday, climbing close to US$45 after a fire at a big US refinery and a renewed threat to Russian oil major underlined the strain on world supplies... August 6, 2004
Oil
futures rebound on OPEC chief's assurances
AP: Traders said they had misgivings about the announcement, which contradicted a statement on Tuesday by OPEC President Purnomo Yusgiantoro saying the group couldn't pump any more oil in the immediate future... August 5, 2004
We'll be looking at $50 oil, and likely
by next winter
Economides / Oligney: Expect oil to flirt with $50, creeping up to that level next winter, once OPEC's impotence becomes apparent. There should be no illusions after the past few years. The oil cartel has been rendered virtually powerless to affect oil prices in a big way... August 4, 2004
OPEC
warning as oil hits new peak
CNN: "OPEC can do nothing," Algerian Oil Minister Chakib Khelil told reporters in Algiers. Analysts warn any disruption to supply could send prices surging again... August 4, 2004
Crude
oil prices surge to new high of US$44/barrel
Reuters: "The oil price is very high, it's crazy. There is no additional supply," OPEC President Purnomo Yusgiantoro said in Jakarta... August 2004
Simmons
hopes he's wrong
Petroleum News: But if he's right in his belief that Saudi Arabia's giant oil fields might already have peaked and could start into rapid decline in as few as three years, somebody better have a "Plan B" ready or there's no way, he says, to avoid a world energy cataclysm... July 25, 2004
Oil
prices rise on terrorism fears
AFP: New York's benchmark contract, light sweet crude for delivery in September, climbed BrentUS$0. 31 to US$41.67 a barrel. Brent North Sea for September advanced US$0.26 to US$38.27... July 22, 2004
Crude
oil futures follow natural gas higher
FT: September Nymex WTI gained $1.07 to an intra-day high of $41.65 a barrel shortly after the weekly inventory showed a small build in natural gas storage as US industry and consumers switch on more air-conditioning units to combat the summer heat... July 17, 2004
A
Closer Look: An insider speaks out
Belfast VS: Simmons, who regards natural gas as the world's single best source of energy, classifies the U.S. natural gas supply as in "serious shape" with declining production throughout the country... July 11, 2004
Oil
prices slip after OPEC soothes market
AFP: World oil prices slipped Friday, dragging New York crude just below US$40 a barrel, as OPEC ministers soothed a nervous market by renewing a vow to boost output... July 10, 2004
No
pleasant surprises in the new oil order
AsiaOnline: ...The kingdom's actions may in fact constitute an implicit fait accompli, an acceptance of their inability to increase production substantially beyond current levels, bringing the days of peak oil production ominously closer... July 9, 2004
Saudi may pump less oil this month
MENFA: An industry report indicated that Saudi Arabia, the world's largest oil exporter, may pump 8.75 million barrels of oil a day this month, 3.8 percent less than planned, because of rising US oil stockpiles, Gulf Times newspaper reported... July 8, 2004
Total
resumes production in Nigeria
AP: Energy giant Total S.A.'s subsidiary said it was pumping oil and gas again Thursday, ending a six-day shutdown over fears that a threatened oil union strike could bring violence... July 8, 2004
Big
deepwater world oil reserves to be found
Reuters: Oil consultants Wood Mackenzie and Fugro Robertson said new finds could swell deepwater reserves by 114 billion barrels from 50 billion now... July 8, 2004
Nine
reasons the peak now looks more imminent
Richard Heinberg: Since the publication of The Party's Over we've seen: 1) Sharply declining discovery figures for 2002 and 2003 2) Increasingly pessimistic assessments from ASPO... July 8, 2004
Skids
are greased for oil crisis
Plain Dealer: What Hubbert got right is the human tendency to believe that everything will muddle along approximately as it is, and to assume that short-term fixes will repair all problems, even oil-supply problems... July 5, 2004
China's
proven oil reserves at 6.5 billion tons
AFP: Energy-hungry China had proven oil reserves - crude oil classified as practical to extract - totalling 6.5 billion tons at the end of 2003, the Ministry of Land and Resources said Monday... July 5, 2004
Car-crazy
Asia will keep a gas fill-up at $40
Mercury News: WORLD DEMAND IS OUTPACING DISCOVERIES... Oil analysts point to the surge in demand from China and the rest of Asia as the largest single factor behind the recent rise in world oil prices. China alone accounts for nearly half the growth in world demand for oil this year... July 4, 2004
Iran Number-Two Position For World Oil Reserves
Tehran Times: Minister of Oil Bijan Namdar Zanganeh said here on Saturday that a new gas field discovered in the southwestern Khuzestan province holds 251 billion cubic meters of gas. Zanganeh told reporters that 176 billion cubic meters of gas could be recovered from this new field... July 4, 2004
Crude
prices fall; pipeline in Iraq `cut'
AFP: Oil prices slipped on Friday as traders locked away profits from a two-day surge, but the market still worried about tight US inventories and a financial crisis at Russian energy giant Yukos... July 2, 2004
Natural-gas
power plant cleaner than coal, but costlier
Denver Post: Calpine Corp.'s $300 million plant in Weld County runs on natural gas - a fuel admired for its cleanliness but reviled for its fast-rising cost... July 1, 2004
Output
levels adequate: Saudis
Reuters: Top world oil exporter Saudi Arabia, which has boosted supply to cool prices, believes the market has now fallen to a fair value and sees no reason to change its production level, Saudi Oil Minister Ali al-Naimi said yesterday... June 30, 2004
Al-Naimi sees kingdom's continued role as key supplier of last resort
OGJ: Saudi Arabia is intent on reaffirming its role as the world's linchpin oil supplier for as long as that hydrocarbon can be economically produced. And the kingdom sees that day extending decades beyond that claimed by advocates of the view that the world faces an imminent peak and steep decline in oil production... June 24, 2004
Oil
prices retreat; Oslo intervenes in Norwegian strike
AFP: Oil prices retreated Friday as the Norwegian government stepped in to resolve a strike that has hit output from the world's third-largest exporter... June 25, 2004
The
Crude Awakening
FinancialSense: One of the biggest bottlenecks - one that can't be overcome quickly or easily - in the industry, is the lack of refining capacity in Canada and the United States... June 24, 2004
Oil
exploration of Great Barrier Reef pushed by Australia
Reuters: Australia has increased tax concessions to encourage oil exploration in the far reaches of the Great Barrier Reef, angering environmentalists who warn an oil spill could destroy the world's largest living reef system... June 23, 2004
U.S.
crude supplies near 2-year high
MarketWatch: Earlier, the Energy Department reported a 2.5 million-barrel climb in crude inventories for the week ended June 18. Total stocks stand at 305.4 million, or 7.8 percent above the year-ago level, the data showed... June 23, 2004
SEC
leans to voluntary code on oil reserves
FT: US regulators have for now ruled out changing their controversial rules on oil industry reserves amid fall-out from the Shell scandal and would prefer companies voluntarily to reveal more details... June 21, 2004
Peak
Oil Revisited - The Bill Collector Calls
FTW: For almost the entire year between the Paris and Berlin conferences the icons of the mainstream press - the ones known and employed to mold public and business perception - had been acknowledging Peak Oil's reality... CNN, the BBC, the New York Times, the Economist... June 21, 2004
Oil
Prices Are Spiking: Has Supply Hit Its Peak?
Fortune: In 1956 a grouchy, iconoclastic Shell Oil geologist named M. King Hubbert forecast that U.S. oil production would peak by the early 1970s. The general reaction to his prediction was disbelief and ridicule, until, that is, the early 1970s, when he turned out to be right... June 21, 2004
Oil-workers'
strike slashes Norway's output 10 percent
Bloomberg: A Norwegian oil-workers' strike that's cutting daily output from the world's third-largest oil exporter by more than 300,000 barrels entered its third day yesterday with little chance of a resolution, the nation's oil industry association said... June 20, 2004
Oil
prices rise again on security fears
AFP: New York's main oil contract rose Friday as nerves tightened over bloody insurgent attacks in Iraq and the beheading of a kidnapped American worker in Saudi Arabia... June 20, 2004
Would
More Drilling in America Make a Difference?
NY Times: The United States sits atop just 3 percent of the world's proven oil reserves, but burns one quarter of global production. Sixty percent of what it uses daily is imported... June 18, 2004
Some
Issues in Forecasting Natural Gas Prices
Lukens: when market uncertainty is a concern for the producers, the production allocation is such that the current price will be higher and future prices will be lower. We also found that major price variations in the last thirteen years have been caused by weather conditions and therefore cannot be cyclical... June 15, 2004
Asian
growth straining oil supplies, experts caution
AFP: Asia must speed up its economic liberalization to woo energy investment and ensure sufficient and affordable long-term supplies in a turbulent world market, oil experts said at a key regional conference here yesterday... June 13, 2004
Oil
prices fall as Nigerian general strike suspended
Reuters: Oil prices eased yesterday as Nigerian unions called off a general strike without disruption to supplies from Africa's biggest oil exporter... June 6, 2004
After
the Oil Runs Out
Washington Post: For every 10 barrels of conventional oil consumed, only four new barrels are discovered... June 6, 2004
Oil
prices lose nearly 10 percent since recent high
Reuters: Oil prices dropped nearly 10 percent from recent record highs on Friday as rising stockpiles in the US and the promise of more OPEC barrels soothed worries of a summer supply crunch... June
4, 2004
OPEC agrees to boost production by 2 million bpd Reuters: OPEC yesterday agreed to raise output by 2 million barrels a day (bpd), or 8 percent, in a bid to ease oil prices from US$40 a barrel, Qatari Oil Minister Abdullah al-Attiyah said... June 3, 2004
Oil prices hit fresh record highs Reuters & AFP: Fears that militant attacks will destabilize Saudi Arabia drove crude prices to record highs yesterday in their biggest jump in more than a year, shoving Asian stock markets lower... June 2, 2004
Oil rises further on terror fears
AP: World oil prices rose in Asian trading yesterday on fears of possible supply disruption following the weekend's terrorist attacks in oil kingpin Saudi Arabia, dealers said... May 31, 2004
Phantom
reserves
Globe and Mail: No one is looking for those missing barrels -- because they likely never existed, according to the securities officials who have rewritten the rule book for the half-art, half-science of estimating reserves of oil and natural gas deep underground... May 31, 2004
China
becoming major coal exporter
AFP: Since it improved the quality of coke coming from its coal mines, China is now in a dominant market position, leaving European steel makers in a predicament... May 26, 2004
OPEC decision eases oil prices Reuters: Oil traders doubted whether the rise in production would be enough to tame soaring crude prices ahead of the peak driving season in the US... May 24, 2004
OPEC delays decision on proposal to boost production
Bloomberg: At a meeting in Amsterdam yesterday, the organization's members delayed a decision until their official meeting in Beirut on June 3. Venezuela opposes raising the output ceiling and Iran, OPEC's second-largest producer after Saudi Arabia, expressed concern that prices might drop later in the year... May 23, 2004
Stepped-up
Saudi
Arabian
production
eases
oil
prices
AP: The Saudi oil ministry said the country has pledged to increase its production to calm jittery energy markets and normalize gasoline prices... May 17, 2004
Oil
price out of OPEC's
reach
AFP: Despite an expected production increase later this week, OPEC may not be able to pump enough oil to bring down prices that have been skyrocketing due to instability in the Middle East and increased world demand...
May 15, 2004
A
crude oil shock would
bring a rude awakening
NY Times: So far, the current world oil crunch doesn't look at all like the crises of 1973 or 1979. That's why it's so scary...
May 14,2004
OPEC
seeking to avoid 1973
repeat
AP: OPEC is concerned that soaring oil prices could slow global growth, but believes current 13-year highs are largely out of its control, the group's president, Purnomo Yusgiantoro, said yesterday...
May 12, 2004
China
to raise electric rates
AFP: China said yesterday that it plans to allow the country's two power grid firms to raise electricity prices for the second time this year to help fund billions of yuan to upgrade the networks... May 11, 2004
Chinese
Petroleum mulls month's end oil
price hike
Taipei Times: The state-run Chinese Petroleum Corp (Taiwan) said yesterday that it does not rule out the possibility of hiking oil prices at the end of the month if world oil prices keep on surging, an official said yesterday...
May 10, 2004 Oil
refiners seeing profits
rise
Globe and Mail: (Canada) An unprecedented flood of hundreds of consumer complaints in the past two weeks about the soaring cost of gasoline has sparked a Competition Bureau probe into whether the oil industry is conspiring to fix pump prices...
May 10, 2004 As
oil supply evaporates, gas
storage expands
Guardian: Humbly Grove used to be one of Britain's biggest onshore oilfields. It is about to become one of the country's largest gas storage facilities...
May 10, 2004 Oil
Drops $1 on Saudi Calls for Supply
Reuters: World oil prices fell from their 13-year peaks of $40 a barrel on Monday as leading world exporter Saudi Arabia said OPEC should raise supply to stop high prices hurting world economic growth...
May 9, 2004 Gasoline
prices expected to rise
AP: With the peak summer driving season just around the corner, the price of oil climbed to US$40 a barrel on Friday and analysts said US motorists should brace for more expensive gasoline in the days ahead... May 6, 2004
OPEC's
shocking oil reserve boondoggle
Canadian Energy Viewpoint: Campbell is also far from sanguine about the current state of world oil reserves. He provides significant evidence that oil reserves are being grossly overstated by OPEC... May 5, 2004
Oil
prices soar to 13-year high amid concern over
supply
Reuters: World oil prices forged to their highest level for 13 years on Tuesday as Middle East violence stoked concern over supply security with US fuel inventories already running low... April 27, 2004
Oil
prices rise on fears of attacks on Iraqi
resources
Reuters: Oil prices rose yesterday after the foiled weekend attempts to bomb Iraq's key Basra crude export terminal revived fears of more attacks on the country's oil infrastructure... April 25, 2004 Oil
prices slip as traders cash in
Reuters: US crude futures in New York settled down US$0.25 to US$36.46 a barrel while in London, Brent crude fell US$0.30 to US$33.09 a barrel... April 5, 2004 US
oil companies say SEC asking reserves questions
Reuters: The three biggest U.S. oil companies have confirmed the Securities and Exchange Commission is asking questions about their reserves as the industry faces closer scrutiny after Royal Dutch/Shell Group slashed its reserves estimates...
April 4, 2004 Fears
of a supply crunch heighten, confusing traders
Reuters: Oil prices ended mixed on Friday as the market continued to digest news that Washington was considering requests to temporarily waive rules requiring cleaner-burning gasoline that have contributed to fears of a supply crunch... March 30, 2004 Oil
price will bow to human nature
Times Online: If there is hope for an easing in the rising oil market, it lies in the damage higher energy costs wreak. A $10-per-barrel rise in the price of oil is estimated by analysts to trim economic growth by one quarter of a percentage point, thereby reducing demand for crude... March 29, 2004
Gas
shortage strains South America
Pravda: Lack of investment in Argentina threatens a shortage in Uruguay and Chile, while multinational lenders are supporting a controversial project in southern Peru... March 26, 2004
Bush
rejects tapping US oil reserves
Reuters: The White House on Wednesday fended off calls to tap emergency oil reserves to stem record-high gasoline prices as surging energy costs prompted Democrats to open a new avenue of attacks on President George W. Bush... March 17, 2004 Study:
Arctic refuge's oil a drop in bucket
AP: Opening an Alaska wildlife refuge to oil development would only slightly reduce America's dependence on imports and would lower oil prices by less than 50 cents a barrel, according to an Energy Department analysis... March 17, 2004 Iraqi
Oil Output Shows Industry Close to Full Recovery
Dow Jones: Iraqi oilmen and U.S. occupation officials peg Iraqi oil production in recent days at 2.5 million to 2.7 million barrels a day, roughly the same amount Iraq was capable of pumping before the U.S.-led invasion in March 2003... March 17, 2004
Oil
Prices Push Past $38 a Barrel
AP: Oil prices pushed past $38 a barrel on Wednesday, closing above that level for the first time in 14 years, and analysts predicted that already-high gasoline prices would keep moving higher... March 16, 2004
China's
crude runs, gasoil output set new record highs in Jan'04
Platts: The country processed 22.41-mil mt (5.28-mil b/d) of crude in January, up 0.4% from its December throughput of 22.32-mil mt and up 16.11% on the year... March 15, 2004 Cheap
oil myths and energy transition; Record economic growth and high
oil prices
VHeadline: The US economy in late 2003, for about one trimester, attained up to 7.5% economic growth on an annualized base, and this was hailed by administration friendly media as 'the highest growth for 19 years'. In 1984, the US economy attained about 7.5% economic growth on a 12-month base... March 15, 2004
Crude
Calculations
Barron's: Oil prices have climbed to levels not seen since the Iraq war - the first or the second. But the market doesn't believe they can last... March 14, 2004
Oil
prices drop as US announces stockpile plans
Reuters: Oil prices ended lower on Friday after a US Senate move to bar shipments to emergency crude stockpiles prompted a retreat from recent year-highs, sending prices as much as 4 percent lower at one point... March 7, 2004
Oil
prices keep climbing as tensions rise in Venezuela
AFP: New York's benchmark crude oil contract broke above US$37 a barrel Friday for the first time since the Iraq war, kicked higher by tensions in major producer Venezuela...
March 1, 2004
Oil at Post-Iraq War High Reuters: Oil prices hit post-Iraq war highs Monday, inflamed by low U.S. inventories and worries about political instability in producer nation Venezuela...
March 1, 2004
Norway hoping to persuade OPEC to reverse oil quota cut Bloomberg: Norway, the world's third-biggest oil exporter, wants OPEC to reverse its decision to cut quota production targets next month in a bid to keep prices below US$30 a barrel and help sustain a global economic recovery...
February 29, 2004
Oil prices shoot up over concerns OPEC cut output AFP: Oil prices shot up on Friday, boosted by mounting concerns that OPEC will cut output and by tight stocks of US gasoline, analysts said...
February 24, 2004
Forecast of Rising Oil Demand Challenges Tired Saudi Fields NY Times: The country's oil fields now are in decline, prompting industry and government officials to raise serious questions about whether the kingdom will be able to satisfy the world's thirst for oil in coming years...
February 22, 2004
Oil benchmarks decline on value of the US dollar AFP: Oil prices gave up early gains and headed lower in late trading in London on Friday, in step with New York, on technical factors and a rebound in the value of the dollar, traders said...
February 16, 2004
Analysts warn OPEC against big price hike AFP: Oil held steady yesterday, digesting OPEC's decision to reduce output by 4 percent from April while moving immediately to plug leakage by members busting production limits...
February 12, 2004
OPEC to slash production by 4 percent Reuters: Oil held steady yesterday, digesting OPEC's decision to reduce output by 4 percent from April while moving immediately to plug leakage by members busting production limits...
January 23, 2004
How much oil does the world have left? The Observer: After the announcement by Anglo-Dutch oil giant Shell that its oil reserves are not as plentiful as they seemed, analysts reconsider their estimates
January 12, 2004
Shell's cut in oil reserves raises the pressure on Watts Bloomberg: Royal Dutch/Shell Group's unexpected reduction in oil and gas reserves increases pressure on Philip Watts as chairman of Europe's second-largest oil company, Shells and analysts such as Robert Goodof said...
January 11, 2004
Oil prices climb to fresh post-Iraq war highs on cold fears Reuters: Oil prices hit fresh post-Iraq war highs on Friday, driven by fears Arctic weather in the US will eat into crude stocks that are already at their lowest since 1975... January 5, 2004
The US Dollar And Oil Pricing Revisited MEES: Once again, as has been customary whenever the US dollar dips relative to other currencies, many are making statements and even suggestions relating to the currency of oil pricing. Some are hinting that the euro, which has shot up to stardom, might be a better and safer currency for pricing oil without asking: better for whom?
December 21, 2003
Oil prices stay high as US officials warn OPEC Reuters / AP: Oil prices held near nine-month highs on Friday, guarding strong gains driven by an early winter slide in US crude and natural gas inventories... December 14, 2003
World oil prices climb as demand in China grows AFP: World oil prices surged Friday as traders braced for higher demand in the northern hemisphere winter and against the background of strong Chinese demand... December 2, 2003
Bottom of the barrel The Guardian: The world is running out of oil - so why do politicians refuse to talk about it? |
 |
Business / PolicyOctober 1, 2004
G7
leaders anxious about oil prices
The Chronicle: Group of Seven leaders are worried about high oil prices derailing the global economy, but have little means to influence the marketplace, analysts say... October 1, 2004
The
End of Easy Oil
The Chronicle: According to the authors of two new books, most foreign-policy and many domestic decisions made by the current administration -- and by its predecessors going back to that of Franklin D. Roosevelt -- have been shaped, overtly or covertly, by a desire to assure a secure supply of cheap petroleum for America's economic and military needs... October 1, 2004
Nigeria
welcomes talks on oil thefts
AFP: Mujahid Abubakar Dokubo Asari, leader of Niger Delta People's Volunteer Force (NDPVF) which has issued threats against foreign oil installations and workers, began a meeting with the Nigerian government in Abuja on Wednesday... September 30, 2004
Oil
price surge menacing Asian growth
AFP: ADB's Ali said higher oil prices would cause cost-push inflation, which in turn will result in "high interest rates in all the countries in the region." This will undercut household consumption which has been fuelling growth in many Asian countries... (and) "snuff out" the recovery in business investment that has taken place in Southeast Asia this year... September 30, 2004
US'
ConocoPhilipps wins auction for 7.6% Lukoil stake
AP: Coming on the heels of French company Total's reported US$1 billion acquisition of a 25 percent plus one share stake in gas producer Novatek, a successful bid by ConocoPhilipps provides a much sought after reassurance after the government's crackdown on Yukos... September 29, 2004
Shanghai
faces winter power shortages
AFP: Electricity shortages this winter and next spring in the eastern city will amount to about 1.35 million kilowatts and 1.55 million kilowatts, the Shanghai Morning Post reported citing municipal officials... September 26, 2004
Energy
cost woes grip Wall Street
AP: Still, some analysts are skeptical about the true impact oil will have on earnings. While the cost of crude is uncomfortably high, the prices of refined products used by consumers and businesses, such as gasoline and natural gas, have not surged at the same pace. That's because their costs are generally tied to inventory levels, rather than crude prices... September 26, 2004
Shell
to expand exploration position in Alaska
Petroleum News: Bichsel told Oil Daily, "You have a bit of a theme there - Sakhalin, West Siberia and Alaska - which is the Arctic, which requires big funds, which requires technology, tenacity, staying power, which I think companies like ours are very well suited to..." September 25, 2004
Putin
and Wen to discuss oil, trade
AP, AFP: ... the head of Russia's state-owned railway network announced that a Chinese oil company would pay for oil deliveries by rail from the embattled oil company Yukos for next month. The company's announcement earlier this week that it would cut crude oil supplies to China's National Petroleum Corp by 100,000 barrels a day alarmed China, which has sharply increased its oil imports from Russia... September 24, 2004
Talks
heat up for EnCana oil business in Ecuador
Globe and Mail: "Negotiations are in progress," Subir Raha, chairman of India's Oil and Natural Gas Corp. (ONGC), told Reuters at a conference in New Delhi yesterday, confirming speculation from last week. "There are other bidders. It is a big property..." September 20, 2004
Kuwaiti
oil sector witnesses a leap in its projects
Arabic News: Sources at the Kuwaiti ministry of oil said that the fourth refinery is expected to save 420,000 barrels of which 250,000 to meet the requirements of electricity generation stations in the country, while the remaining amount would be used to enhance exports needs... September 17, 2004
Gazprom to Invite ChevronTexaco to Join $10 Bln LNG Venture Bloomberg: The offshore Shtokman field has enough reserves to supply the US for about four years. The US, which expects gas demand to grow 50 percent over the next 20 years, has been urging Gazprom to accelerate plans to build a liquefied natural gas terminal in Russia's northwest that could supply the fuel to the US... September 9, 2004
Rising oil prices fuel German inflation RTE: 'The higher annual rate of inflation in August is largely attributable to the fact that prices of petroleum products rose again,' the statisticians explained. The price of light heating oil, for example, was up by 24.6% on a 12-month basis and fuel prices rose by 8.1% year-on-year... September 9, 2004
Experts warn of oil and inflation link Western Mail: The Bank of England would have to tighten monetary policy to keep inflation under control, according to the National Institute of Economic & Social Research (NIESR)... September 9, 2004
Canada May Boost Oil-Sands Production Fivefold, Official Says Bloomberg: Suncor Energy Inc. and other companies in Canada produce more than 1 million barrels of such oil daily and the target is to raise that to 2 million barrels by 2008, Anderson... September 9, 2004
Norway Oil Minister Does Not Rule Out Tax Cut Talks Reuters: The industry had hoped for a hefty cut in the so-called special tax of 50 percent on oil and gas earnings, which - combined with a basic tax of 28 percent on profits - gives a nominal tax rate of 78 percent ... September 9, 2004
China wants stronger energy cooperation with GCC: FM AFP: China and Saudi Arabia agreed Tuesday to hold regular political consultations. A memorandum of understanding was signed by the Chinese official and Saudi foreign ministry undersecretary Nizar Madani in the Red Sea city of Jeddah... September 8, 2004
Israel: Oil Refineries privatization hits the road Haaretz: Finance Minister Benjamin Netanyahu is spearheading the move, with the blessing of the cabinet. Acting via the Government Companies Authority, Netanyahu is in discussions with two foreign investment banks... September 8, 2004
US threatens sanctions on Sudan's oil Reuters: Sudan is now producing about 320,000 barrels per day from its southern oil fields, and from September 15 an extra 12,000 bpd will reach the refinery in Khartoum from another southern field, Oil Minister Awad Ahmed al-Jaz said last month. It exports oil to China and Pakistan, two Security Council members who oppose sanctions... August 29, 2004
Insurgents attack patrols, oil pipeline AP: It was unclear how the latest attack would effect exports out of the south, which have already fallen to about 900,000 barrels a day -- about half the normal average of 1.8 million barrels a day -- after an attack Wednesday on a cluster of pipelines linked to the Rumeila oilfields... August 29, 2004
Russia placates China over oil exports AP: Yukos sends about 124,000 barrels of crude every day by rail to China, which is already the world's No. 3 oil importer. Earlier this month, Russian railway officials said they were told by China that it would cover Yukos' rail fees if the oil company became unable to cover the transport costs... August 27, 2004
Conoco Seeks Up to 25 Pct in LUKOIL Reuters: US oil major ConocoPhillips is seeking to buy up to 25 percent in Russian oil giant LUKOIL to add billions of barrels of reserves to its books, an industry source familiar with the matter said on Friday... August 27, 2004
Save
or spend: Russia faces oil revenue dilemma
Reuters: Finance Minister Alexei Kudrin, architect of a windfall fund set to top 570 billion roubles ($19.5 billion) by 2005, has stuck to his guns, saying he will only use surplus money to pay off debt or plug gaps in pension funding... August 27, 2004
Three firms in design deal on $3.5bn China refinery AFP: Fujian Petrochemical will hold a 50 percent stake in the integrated project joint venture if it is formed, with ExxonMobil and Saudi Aramco each holding 25 percent... August 26, 2004
China kicks off fuel oil futures in Shanghai China Daily: China, the world's No. 2 oil consumer, rolled out fuel oil futures for the first time in a decade Wednesday, offering hedging tools to firms wincing at sky-high prices and paving the way for crude oil derivatives... August 26, 2004
SEC hands Shell US$120m fine AP: A US$120 million fine levied on Royal Dutch/Shell Group by the US' Securities and Exchange Commission resolves the company's part in the SEC inquiry into the overstatement of oil and gas reserves, but the role of individuals is still under investigation, regulators said Tuesday... August 26, 2004
Egypt Asks China To Invest In Oil, Gas Sector: Ministry Dow Jones: The companies involved in setting up the venture are Egyptian Oil Company and China Petroleum & Chemical Corp. (SNP), or Sinopec Corp... August 26, 2004
Philippines, Iran agree to strengthen bilateral ties XinhuaNet: During their meeting, Arroyo and Kharrazi explored several areas of bilateral cooperation, notably in energy and agriculture, specifically talking about oil supply, exploration and development of natural gas, and construction of new power plants... August 26, 2004
Back-to-school sales stung by gas prices Bloomberg: US retailers including Wal-Mart Stores Inc and Target Corp, the two largest discount chains, are facing slower-than-expected sales gains during the back-to- school season as rising gasoline prices erode shoppers' budgets... August 26, 2004
India's oil imports jump 23 per cent Times of India: The country's oil product demand increased by 3.8 per cent in July to 9.339 million tonnes on back of a 13 per cent rise in diesel consumption to 3.411 million tonnes. Diesel accounts for about 40 per cent of the total oil product demand... August 26, 2004
Energy Ministers Discuss Forming Oil Co. AP: Caribbean energy ministers met with their Venezuelan counterpart Thursday to discuss plans for a new company that will sell discounted oil in the region, which has been hit hard by high crude prices... August 26, 2004
EnCana seeks $1.5 bln for Ecuador assets Reuters: EnCana, which began investing in Ecuador five years ago and produces about 73,000 barrels per day (bpd) there, has approached China's dominant oil and gas producer, PetroChina, said the source... August 26, 2004
Houston, we have a Yukos problem Asia Times: The crucial consequence of Moscow's campaign to nail Yukos, the country's leading oil producer, is the end of any possible energy alliance between Russia and the US, according to European Union diplomats and officials... August 26, 2004
Putin's hands on the oil pumps Asia Times: The US has backed the Turkey and Azerbaijan to steer the export of Caspian region crude oil away from Russia. Russia's newest riposte has been to ally the Russian and Iranian oil industries, and open up the shortest, cheapest and most lucrative oil route of all... August 25, 2004
Caspian capers Asia Times: As attempts to solve differences on how to divide the Caspian Sea riches between Russia, Azerbaijan, Iran, Kazakhstan and Turkmenistan go nowhere, the five littoral states remain divided in decade-long negotiations... August 24, 2004
Brazil targets Ecuadorian oil Mercosur: Energy hungry Brazil will offer oil rich Ecuador a strategic alliance for the development of hydrocarbons when president Luiz Inaico Lula da Silva arrives in Quito for a two days official visit... August 24, 2004
Appalachia Is Paying Price for White House Rule Change Washington Times: The coal industry chafes at the name -- "mountaintop removal" -- but it aptly describes the novel mining method that became popular in this part of Appalachia in the late 1980s. Miners target a green peak, scrape it bare of trees and topsoil, and then blast away layer after layer of rock until the mountaintop is gone... August 24, 2004
Oil's slippery slope Asia Times: Cheap oil is the Holy Grail of the Bush administration's global strategy. According to the sanitized version of US Vice President Dick Cheney's secret energy report published in May 2001 the US in 2020 will be importing 66% of its oil, against 55% in 2001... August 24, 2004
US economy may be in for another oil shock AFP: High oil prices, which have been a factor in virtually all US recessions over the past three decades, are surging again this year. And the higher crude-oil prices climb, the more risk energy costs pose to what, until recently, many expected to be a banner year for the US economy... August 20, 2004
Eletrobras to invest US$1.5bn in 2005 PEi: The company will invest some 2bn reais in generation, 1.6bn reais in transmission, 340mn reais in the "Luz para Todos" power supply expansion program, 130mn reais in distribution and 14mn reais in research. The company also plans to invest 500mn reais in roads and other... August 19, 2004
Russian court rejects Yukos' appeals NY Times: One was an attempt to stop the government from collecting a US$3.4 billion tax bill and the other a request to let Yukos sell shares in a rival company to help pay the claim... August 17, 2004
Editorial:`resource curse' keeps nations poor Stiglitz: When the exchange rate soars as a result of resource booms, countries cannot export manufactured or agriculture goods, and domestic producers cannot compete with an onslaught of imports... August 16, 2004
A New Era For 'Big Oil' Newsweek: Oil prices, where will they go from here? BROWNE: Clearly they're going to be higher than $21, the long-run average, or even the $25 average adjusted for inflation... I don't think we'll see a period like we did in the '90s for really quite a long time... August 15, 2004
Power company to shut 11 nuclear plants for checks Guardian: Kansai Electric Power said the closures would not affect power supplies, but admitted it would have to restart two ageing oil-fired plants to make up the expected shortfall in electricity generation... August 11, 2004
Editorial: China's tainted quest for wealth NY Times: Beijing's fast-rising involvement with Africa grows out of China's immense and growing need for natural resources, in particular for imported oil, of which 25 percent now comes from Africa... August 11, 2004
China to pump $3b into biggest oil pipeline Reuters: China plans to spend 14.6 billion yuan (S$3 billion) to build the country's biggest oil pipeline, stretching 4,000km from Xinjiang to the north-western province of Gansu, the People's Daily said... August 11, 2004
China: Heeding oil shortages China Daily: Local governments' indifference to the issue of fuel shortages stands sharply in contrast to their high-profile efforts to deal with electricity strains taking place in some regions... August 10, 2004
Peru opens Camisea gas plant near marine reserve Reuters: Peru's President Alejandro Toledo on Saturday launched operations at a potentially lucrative gas plant on the southern Pacific coast that has been criticized as a threat to the environment and tourism... August 10, 2004
OMI fined $4.2 mln for concealing waste oil dumping Reuters: Oil tanker operator OMI Corp was fined $4.2 million for illegally concealing the dumping of thousands of gallons of waste oil and sludge at sea, the U.S. Justice Department said... August 9, 2004
Asia can't withstand rising oil prices for much longer AFP: Asia's economies have been able to withstand this year's surge in oil prices but the relentless climb is starting to take its toll and high growth rates are now in jeopardy, analysts said... August 9, 2004
Ontario power supplies up 7 per cent since blackout CBC News: Critics say changes the Liberal government has made don't address the long-standing weaknesses in the province's power grid, however. The extra seven per cent of power capacity comes from the reactivation... August 9, 2004
Yukos row raises concern about OPEC's capabilities AFP: Demand looks set to grow sharply in the months ahead (an increase of 3.2% to 81.4 mn barrels a day), nudged on by the recovery of the world economy and by rapid growth in India and China. Supply, on the other hand, already virtually at a standstill, will almost certainly not keep up.... August 9, 2004
BP Egypt signs two new oil exploration deals Reuters: The first deal is for a total expenditure of $20 million, and requires a seismic survey and four wells drilled in nine years, with a payment of $1 million as a signature bonus... August 9, 2004
Iran Reports Failure to Reach Gas Accord ME Newsline: Iranian officials said Ankara and Teheran could not agree on the price of Iranian natural gas and its transportation to Western Europe by Turkey... August 9, 2004
Pakistan and Iran will discuss gas pipeline today Daily Times: Foreign Minister Khurshid Mahmood Kasuri will hold wide-ranging talks with his Iranian counterpart Dr Kamal Kharazi in Tehran today (Monday), with particular focus on Iran-Pakistan-India gas pipeline, Pakistan-India peace process... August 8, 2004
US
Prods Japan To Quit Iran Oil For Libya
Tehran Times: The United States is pressuring Japan to invest in Libya's oil industry instead of a project to tap Iran's giant Azadegan oilfield that has provoked the wrath of Washington, a Bush administration official said... August 8, 2004
US
Warns Turkey Against Iran Deal
ME Newsline: Turkish sources said the Bush administration has warned Ankara that any energy deal with Teheran worth more than $20 million would trigger U.S. sanctions against Ankara... August 7, 2004
Japan:
Crude oil prices bode ill for economy
Asahi Shimbum: As crude oil prices soar to their highest levels ever, costs of related products and services such as petrochemical products and international airfare are being yanked up along with them, threatening economic growth.... August 7, 2004
LPG
can lighten California's energy load
The Japan Times: California, America's most populous state, risks tumbling into yet another energy crisis. The only answer is increased supplies, which require new investment -- including in facilities for liquefied natural gas (LNG)... August 7, 2004
Price
rises can do British Energy a power of good
The Times: The era of cheap energy is over, at least for now. Or so said Adrian Montague, British Energy's chairman, earlier this week. On that, at least, he and the rebel investors in the troubled nuclear group agree... August 7, 2004
Irving
Oil gets green light for terminal
Telegraph-Journal: Irving Oil's proposed Liquefied Natural Gas terminal at Mispec on Saint John's sparsely populated eastern shore, now estimated to cost $750 million, has become the first in northeastern North America to receive regulatory approval... August 6, 2004
Halliburton
accused of accounting fraud
MSNBC: A new filing in a shareholder class-action lawsuit against Halliburton Co. contends that the world's No. 2 oilfield services company and several top executives intentionally engaged in serial accounting fraud from 1998 to 2001, court papers show... August 6, 2004
Yukos can access assets
AP: Yukos announced that Russian authorities have told the company its bank accounts are not frozen, giving it access to cash in a major decision the beleaguered oil giant said would help it stay afloat and make good on the massive back-tax bills it faces... August 5, 2004
World Bank agrees to continue oil, gas lending
Reuters: The World Bank this week agreed to continue making investments in oil, gas and mining, setting aside an independent review's recommendations that it phase out lending for such projects... August 5, 2004
Enron trading exec pleads guilty
MSNBC: A former Enron Corp. trading executive pleaded guilty Thursday to charges he manipulated energy markets during California's power crisis in 2001 and promised to assist the state and other public utilities' in their lawsuits seeking to recoup billions from the energy industry... August 2, 2004
Chinese Petroleum to move cautiously on Iraq investment
CNA: State-run Chinese Petroleum Corp (Taiwan) said yesterday it would carefully evaluate whether to invest in Iraqi oil exploration and refining now that the US government has lifted economic sanctions against the oil-rich country.... July 27, 2004
China, Syrian opens joint oil company
China Economic Net: China and Syrian opened here Monday their first joint oil venture, Sino-Syrian Kawkab Oil Company (SSKOC), to develop an old oil field in the northeast of Syria, nearly 600 km away from Damascu... July 26, 2004
Japan's
Downstream: Restructuring And Global Implications
MEES: Being a net energy importer, Japanese energy companies are predominately buyers on the international energy stage, so the question arises as to what impact their future actions and strategies will have on these markets... July 26, 2004
Australia
might suspend oil talks with East Timor
AFP: East Timor wants the border drawn midway between the two nations, a change East Timor Prime Minister Mari Alkatiri said would be worth three times the oil revenues under current arrangements... July 25, 2004
Kremlin
offered a deal on Yukos by UK consortium
Guardian: Only former Yukos shareholder Konstantin Kagalovsky, who now lives in Britain and is spearheading the effort, has been named publicly. Kagalovsky, an aide to former Russian president Boris Yeltsin, oversaw privatization of Yukos in the mid-1990s and was a senior executive in the company from 2000 to 2002... July 25, 2004
Halliburton's
Q2 loss blamed on Brazil
AP: An unexpected charge on a troublesome project off the coast of Brazil pushed Halliburton Co to a US$663 million second-quarter loss, overshadowing a 38 percent increase in revenues that the oil services company said on Friday was "largely attributable" to its KBR subsidiary's government contracts in the Middle East... July 23, 2004
Yukos
Says Asset Sale Could Prove Fatal Blow
NY Times: Yukos, the Russian oil giant, could be forced to declare bankruptcy within weeks if the government goes through with the seizure and sale of Yukos's most prized oil subsidiary, company officials warned on Thursday... July 23, 2004
Russia
approves Lukoil stake sale
FT: The Russian government on Thursday announced the auction of its $1.7bn stake in Lukoil and separately met executives from ConocoPhillips, which is in talks about expanding its relationship with the Russian oil company... July 20, 2004
Husky's
oil sands project gets nod
The Star: Husky Energy Inc. plans to be the latest large oil producer to delve into the northern Alberta oil sands in a major way after receiving regulatory approval for its planned $500 million Tucker project... July 19, 2004
Kazakhstan,
China Revive Pipeline Deal
MEES: On 17 May 2004 in Beijing, China and Kazakhstan agreed again to build an oil pipeline between the two countries, nearly seven years after China National Petroleum Corporation (CNPC) shocked the industry and the region with its pledge to invest $9.5bn in Kazakhstan... July 19, 2004
Natural
gas crisis looms, study warns
Financial Post: North America is heading toward an inevitable natural gas crisis that will not end until dozens of liquefied gas plants are built, according to a new study by U.S.-based Cambridge Energy Research Associates... July 15, 2004
Editorial:
Watch for China's split with Russia
Paul Lin: There is also another oil-related change: the official Russian announcement that it has reversed course on the construction of the pipeline from Angarsk in Russia to Daqing in China, which Russia originally had agreed to... July 14, 2004
Soaring
Oil Prices, but No New Boom in Houston
NY Times: As soaring energy prices over the last year have produced bonanzas in the world's oil patches, many people in Houston, which has the largest concentration of energy companies anywhere, are perplexed. In a departure from past oil booms, this one is having an unusually subdued effect here... July 14, 2004
Russian
oil company to build pipeline from south Siberia to Pacific
Terra Daily: Transneft is to start construction of a pipeline linking oil fields near the Siberian Lake Baikal to the Pacific coast, officials said Wednesday. The 4,118-kilometer pipeline, which will cost an estimated 15 billion dollars, will begin at Taishet, west of Baikal, and end in a major terminal in Perevoznaya, the pipeline's developers Giprotruboprovod said... July 14, 2004
US
military talks to Nigeria over Gulf of Guinea
ENN: The world's largest energy consumer is keen to protect a series of huge oil discoveries in the gulf, controlled by several politically unstable states including Nigeria, Equatorial Guinea, Sao Tome, and Angola... July 13, 2004
China
steps up power rationing
AFP: Authorities in Shanghai have ordered another 700 enterprises to switch high-voltage consumption operations from day to night in hopes that off-peak usage will ease China's badly strained power grids. The move follows a similar mandate in the city of 17 million people to 500 enterprises that have been operating at night since June 15... July 12, 2004
Taiwanese
company to import oil from Iraq
Khaleej Times: "CPC has reached agreement with SOMO on importing 1.8 million barrels of Iraqi oil between July 1 and December 31, averaging 1,000 barrels a day," CNA said... July 11, 2004
Oil
driving US' move on Sudan
East African Standard: There is a deliberate strategic national interest: access to oil. Since the Clinton administration, the US has been angling to diversify its oil supplies away from the turbulent Middle East region... July 10, 2004
Philippines
asks China to 'desist' from provocative acts in Spratlys
AFP: The statement follows reports China's top oil producer, PetroChina had been allowed to explore for oil and gas in the southern part of the South China Sea, in an area reportedly close to the Spratly islands... July 9, 2004
Oman
signs LNG supply contracts with three Japanese firms
OGJ: Oman's state-owned Qalhat LNG SAOC will supply LNG to the Far East under the terms of contracts announced by three Japanese firms, adding a further boost in revenues for the natural gas-rich Arab country... July 9, 2004
UK
close to losing status as oil exporter
TimesOnline: Britain came within an ace of becoming a net oil importer for the first time in 13 years in May, helping the country's trade deficit widen unexpectedly to ?3.4 billion... July 9, 2004
Power
shortage: 6,400 factories to go off-line
Xinhuanet: There is expected to be a shortfall of 1.2 million kilowatts in Beijing this summer... July 8, 2004
Shell
turns down Iraq oil deal
Reuters: European oil giant Royal Dutch/Shell has turned down the chance to win the first foreign upstream oil production contract in post-war Iraq, saying the terms on offer from Baghdad's new interim government were not good enough... July 8, 2004
Husky
plans to tap gas in White Rose
Financial Post: Husky Energy Inc. said yesterday more than 40 groups have expressed an interest in helping it develop huge natural gas reserves associated with its multi-billion-dollar White Rose oil project in Newfoundland's offshore... July 7, 2004
PetroChina
offshore plan needs more details-analysts
Reuters: PetroChina, which said on Tuesday it had won a licence to search for oil and gas in the southern part of the South China Sea, declined to reveal the exact location of the area, or any other details such as its work schedule... July 6, 2004
Spanish
Seek Oil Off Cuba, as Americans Watch Silently
NY Times: Recent announcements from Repsol YPF, the big Spanish oil and gas company, indicate an ambitious expansion program, with projects planned for countries like Libya and Equatorial Guinea that are not for the risk-averse. But none has attracted as much attention as its gamble on Cuba... July 6, 2004
Oil
discussion at Snohvit
TV Torget: Today, the zone is worth millions, but Statoil has decided to let the oil remain... July 6, 2004
Energy
woes plague Shanghai
NY Times: City inspection teams are visiting factories, identifying the least efficient energy consumers, possibly to be closed down for a time, and thermostats are being raised in public offices. City officials say they are even contemplating shutting down the huge flashing advertising signs that made the Bund... July 6, 2004
Creditor
banks declare oil giant Yukos in default
Reuters: The pressure on Yukos is widely seen as orchestrated by the Kremlin which wanted to snuff out the political ambitions of key shareholder Mikhail Khodorkovsky who is on trial for fraud and tax evasion... July 2004
Why
your electricity bills are soaring
Forbes: After steady rises through the 1970s and mid-1980s, real electricity prices -- prices that do not include the effects of inflation -- are now in a state of decline... July 5, 2004
Novis
Scocia offshore energy suffers setback
Globe and Mail: Nova Scotia's sluggish offshore energy sector has suffered another setback as several major energy companies have opted out of plans to spend up to $275-million on exploration. Companies that included ExxonMobil, Shell and Kerr McGee allowed a dozen offshore exploration licences to expire last week... July 5, 2004
Time
to kick the oil habit
Paul Roberts: Since 1980, U.S. oil policy has centered almost entirely on enlarging our supply of oil -- either by drilling more oil wells at home or by cozying up to foreign producers such as Nigeria or Saudi Arabia. But as a means to energy security, this plan is dangerously obsolete... July 4, 2004
Shell
says bad accounting led to US$432 million error
AP: The Royal/Dutch Shell Group said the overestatement of its proven oil and gas reserves and "inappropriate" accounting in other business segments resulted in profits being exaggerated by US$432 million... July 4, 2004
Aviation
growth 'risk to planet'
BBC: The University of York report says government plans for airport expansion are in direct conflict with targets to reduce greenhouse gases. Report authors Professor John Whitelegg and Howard Cambridge say polluting gases from aircraft exhaust fumes are on the increase... $2bn
already invested in Baku-Tbilisi-Ceyhan oil pipeline
Russia Journal: Some $2bn have been spent on the project of constructing the Baku-Tbilisi-Ceyhan oil pipeline, the Trend news agency reported citing Nagit Aliyev, the President of the Azerbaijani State Oil Company (GNKAR)... June 29, 2004
A
balancing act over Alaskan crude oil
Roanoke Times: The Bush administration wants to write a new plan for the 4.6 million-acre northeast corner. Federal land managers are considering opening 387,000 acres previously closed to drillers, an area about half the size of Rhode Island... June 29, 2004
Snow: Resources should be developed AP: Alaska has the potential to play a vital role in energy production for the United States by developing its resources and bringing them to market, the U.S. treasury secretary said Monday... June 29, 2004
Iraq's
oil money not accounted for
Guardian: A Christian charity has accused the coalition authority in Iraq of failing to account for up to US$20 billion of oil revenues which should have been spent on relief and reconstruction projects... June 28, 2004
The
undeclared oil war
Washington Post: For months China and Japan have been locked in a diplomatic battle over access to the big oil fields in Siberia... June 28, 2004
Libya's
Black Gold Rush
Fortune: Squinting against the harsh Libyan sun, the American oilmen emerge from a line of idling black Mercedes sedans and make their way into a low-slung building near Tripoli's sleepy international airport... June 27, 2004
Former
chairman of Royal/Dutch Shell gets giant payout
NY Times: The Royal Dutch/Shell Group's former chairman, Sir Philip Watts, received a severance package worth Euro 1.06 million (US$1.93 million), the amount he would have earned had he stayed on until retirement, the company said on Friday... June 25, 2004
Thailand's
oil plans: A lot more refining to do
Straits Times: The Kingdom, which has seven refineries that together process 975,500 barrels per day (bpd), announced last week plans for its eighth and largest plant with a 300,000 bpd capacity. The reason: Singapore processes 1.3 million bpd... June 24, 2004
Beware
the petrodragon's roar
Asia Times: When OPEC met earlier in the year it had no intention of raising output, but its hand was in effect forced on the back of Chinese demand, which accounts for nearly half of this year's surge in demand, and US concerns over rising gasoline prices... June 24, 2004
Trade
talks center on energy sector
Houstan Chronicle: Many Mexicans believe the country's petroleum and natural gas resources should remain largely off-limits to foreign companies... June 23, 2004
Energy
concerns focus of ministerial meeting
AP: Alarmed at soaring oil prices, a conference of 22 Asian foreign ministers were preparing yesterday to issue a call for closer regional cooperation in developing alternative fuels and renewable energy sources... June 22, 2004
UN auditors attack US occupiers over spending of Iraq's oil revenues
FT: United Nations-mandated auditors have sharply criticised the US occupation authority for the way it spends Iraqi oil revenues and say they have faced "resistance" to performing their job by coalition officials... June 22, 2004
Oil
giant Yukos in talks with Moscow to settle tax bill
AFP: The giant Russian oil company Yukos is discussing the settlement of a multi-billion-dollar tax claim against it with the tax ministry, the Interfax news agency quoted a top minister as saying yesterday... June 22, 2004
Atomic
energy facilities may turn into joint stock companies
ITAR-Tass: Head of the Russian Federal Atomic Energy Agency Alexander Rumyantsev confirmed the possibility to transform atomic energy facilities into joint stock companies... June 21, 2004
World
Bank rebuked for fossil fuel strategy
Guardian: The World Bank's drive to promote fossil fuel-generated power for 1.6 billion people lacking electricity will drive developing countries deeper into debt, a report by a development thinktank claims today... June 21, 2004
Heat,
equipment woes delay Iraqi repairs
NY Times: The gash in a critical pipeline that saboteurs struck four days ago remained submerged in a vast lake of crude oil on Saturday, defying attempts at repairs that would get the oil moving again to tankers in the Persian Gulf... June 20, 2004
Halliburton
sacks KBR chairman as probe continues
AFP: Oil services giant Halliburton said Friday it sacked a consultant and former chairman of one of its subsidiaries after a probe into a Nigeria project revealed he got "improper personal benefits." June 17, 2004
Oil
chief: my fears for planet
Guardian: Ron Oxburgh, chairman of Shell, says we urgently need to capture emissions of the greenhouse gas carbon dioxide, which scientists think contribute to global warming, and store them underground - a technique called carbon sequestration... June 10, 2004
Asian
nations seek way to reduce risk of higher oil prices
AP: Asian officials concerned that they pay too much for oil from the volatile Middle East sought ways yesterday to cushion the blow of price shocks, saying contingency plans such as fuel stockpiles could increase their energy security... June 10, 2004
General
strike over higher fuel prices shuts Nigeria down
AP: Many banks, schools and stores shuttered their doors yesterday in Nigerian cities where guilds representing millions of workers embarked on a general strike to protest fuel price increases... June 9, 2004
Exxon
chief dispels myth of energy independence in US
AP: The idea of American energy independence is a myth and the US must maintain "constructive relationships" with oil-producing countries for its own prosperity, the head of petroleum giant Exxon Mobil Corp said... June 8, 2004
Shanghai
cautious of power shortages
AP: City officials are encouraging factories to cutback on production during peak electricity-demand hours and offices and shops to reduce air-conditioning... June 7, 2004
Shadow
of terror falls over oil industry
Guardian: When Fadel Gheit first warned of his "nightmare scenario" that Saudi Arabia's main oil export terminal at Ras Tanura could be wiped out by terrorists, he was dismissed as an alarmist... June 7, 2004
West
looks to Russia for oil
Observer: Could Russian President Vladimir Putin bail us out? He might take some grim satisfaction from the mounting oil crisis. High prices have underpinned Russia's booming economy in recent years: oil and gas represented 25 percent of the economy last year. The last thing the Kremlin wants is cheap fuel... June 3, 2004
Threat
to Asia highlighted
Agencies: Soaring oil prices pose a bigger threat to Asia than a slowdown in China, potentially upsetting the current economy recovery, a Citigroup report said yesterday... June 2, 2004
Boom
or bust in the Persian Gulf?
Global Insight: Despite all the political turmoil and regional insecurity, the Persian Gulf region is also enjoying an unprecedented economic boom... May 26, 2004
Oil
Money And A Smart Energy Policy Don't Mix
NY Times: Vacationers all across America are coming face to face with the highest average gas prices in history - up 42 cents a gallon since 2001 - and a bad case of "pump panic"... May 26, 2004
Oil
market casts shadow over G7 talks
AFP: Finance ministers yesterday tried to find ways of dealing with a possible global oil shock as consumers were faced with record gasoline prices... May 26, 2004
Malaysia,
Thailand most at risk from high oil prices
DPA: Malaysia and Thailand would be among the Asian economies worst hit if oil prices stay at US$40 a barrel, a new study forecast yesterday... May 23, 2004
Maverick
Texas oilman set to buy Enron's gas assets
NY Times: Oscar Wyatt, the Texas oilman known for his dealings with Moammar Gadhafi and Saddam Hussein, is back in the energy business. Wyatt and a group of investors agreed to buy Enron's natural gas pipelines in North America for US$2.2 billion... May 18, 2004
New
pact to pipe Kazakh oil to China
China Daily: CNPC and Kazakstan's State-owned KazMunaiGaz will jointly invest in the construction of a 1,240-kilometre-long pipeline from Atasu in northwestern Kazakstan to the border of China's Xinjiang Uygur Autonomous Region. Construction on the project, which is the second section of a 3,000-kilometre trans-border trunkline, is expected to begin in August, said a CNPC news relea... May 18, 2004
Skyrocketing
oil prices have Tony Blair over a barrel
Guardian: Air fares are up. Petrol prices are up. The leaders of the 2000 fuel protest in the UK have been making minatory noises. None of this was in the script a year ago, when US President George W. Bush was boasting of final victory in Gulf War 2... May 12, 2004
Flyers
to pick up higher oil costs
Guardian: The cost of air travel is to increase with carriers slapping a surcharge on tickets in an attempt to counter the impact of a huge rise in fuel prices... May 11, 2004
Korean
shipbuilders vie for Exxon Mobil LNG-carrier deal
AFP: Exxon has been looking for suppliers of 28 LNG carriers worth US$4 billion over the next three years, South Korea's Hyundai Heavy Industries, the world's biggest shipbuilder, said in a statement... May
10, 2004
Shifting
the energy paradigm
Economic Perspectives: Energy-market players can achieve their goals by creating a new playing field that allows the market to work: a network of operating rules and guidelines that lets countries, industries and technologies compete... May
10, 2004
Pump
prices might impact sales of gas-guzzlers in US
AFP: Record-high US gasoline prices have socked American motorists in the wallet, but it is still unclear whether it will put the brakes on sales of gas guzzling trucks and sport-utilities (SUVs)... May 8, 2004
Fuel
costs lead to fare hike
Agencies: American Airlines said on Thursday it would raise fares by US$4 per round trip within the US to help offset the rising cost of jet fuel. American, the largest US carrier, said the increase was effective immediately... May 8, 2004
EU
angry over coke limits
Agencies: The EU is considering taking China to the WTO for the first time over its refusal to scrap export restrictions on coke... May 5, 2004
Fears
raised over higher price of oil
NY Times: Higher oil prices have hurt the global economy and could further hamper growth, bolster inflation and increase unemployment over the next two years if prices stay at their current levels, according to a study by the International Energy Agency released on Monday... April 27, 2004 US:
Procuring the world's oil
Michael Klare: When first assuming office in early 2001, President George W Bush's top foreign policy priority was not to prevent terrorism or to curb the spread of weapons of mass destruction - or any of the other goals he espoused later that year following the September 11, 2001 attacks on the World Trade Center and the Pentagon. Rather, it was to increase the flow of petroleum from suppliers abroad to US markets... April 24, 2004
Why
oil prices will stay high
Condor Advisors: Increasing antagonism between the world's largest oil producers and the Bush administration will keep world oil supply lean through at least the end of 2004. With supply diminished, oil demand, particularly in Asia, will remain strong, pushing international oil prices above US$40 per barrel... April 4, 2004
Growing
trade costs set alarm bells ringing
Reuters: As China's ravenous appetite for raw materials clogs ports around the world, the cost of conducting trade is rising sharply, causing a clamour from businessmen for better transport links, less red tape at customs and more transparent regulations to ease the flow of goods... April 4, 2004
Saudis seek China sales Agencies: Saudi Arabia is eager to increase oil sales to China and set up joint refining projects there and mining ventures in the kingdom, Saudi Oil Minister Ali al-Nuaimi told the official SPA news agency Friday... March 29, 2004
Contract
ensures more oil delivery to China
Xinhuanet: OAO Yukos Oil Co - Russia's second-largest oil company - signed an agreement on Saturday with Russian Railways to more than double the railway delivery of oil export to China this year and increase the amount by five times by 2006... March 29, 2004
BP-owned
plant keeps the lights burning in Hanoi
AFP: A US$450 million gas-fired power plant in Vietnam built and owned by British energy giant BP and other foreign investors was officially opened yesterday... March 28, 2004 Utilities
Look to Coal As Gas Prices Rise
AP: Coal, spurned for decades by power plant builders, is enjoying something of a renaissance as natural gas prices drive up the cost of generating electricity... March 28, 2004
Kazakh
oil giant favors pipeline through Russia rather than a US-backed
facility
AP: The head of the company running Kazakhstan's giant Tengiz oil field said on Friday he hopes to rely on a pipeline through Russia as output nearly doubles in the next two years -- spurning advances to use a pipeline from the Caucasus to Turkey that has been heavily backed by the US... March 18, 2004
LNG
on a slow boat to China
The Courier Mail: AUSTRALIA'S ground-breaking $25 billion LNG contract with China remains unsigned more than 19 months after being announced with great fanfare by Prime Minister John Howard...
March 16, 2004
Nippon
Steel says Sakhalin I oil pipeline construction delayed Platts: Construction of a 220-km, 24-inch-diameter oil pipeline for the Exxon Neftegaz-led Sakhalin I oil project in Russia's far east, which was scheduled to start in February, has been delayed, a source at contractor Nippon Steel said Tuesday ... March 16, 2004
PetroChina
to supply China's Tianjin 1.2-bil cu m/year of gas
Platts: PetroChina has entered into a take-or-pay gas sales and purchase agreement with Tianjin Gas to supply Tianjin in the north 1.2-bil cu m a year (116,055 cu ft/day) gas through a proposed second pipeline linking the resources-rich northwestern Shaanxi province to the capital city of Beijing... March 14, 2004
China
National Offshore in 2 billion gas project
Bloomberg: China National Offshore Oil, China's third-largest oil company, and Zhejiang Province on Thursday agreed to spend $2 billion on the nation's third liquefied natural gas venture to meet rising demand along the coast south of Shanghai... Coal,
nuclear remain main contributors to German energy mix: VDEW
Platts: In 2003, brown and hard coal combined supplied about half of Germany's energy generation... March 15, 2004
China's
appetite boosting prices Bloomberg: Base metals have surged to eight-year highs while demand for scrap metal and oil is soaring to meet the demands of the fast growing Chinese economy... March 15, 2004
Indian
share sale oversubscribed six times
Bloomberg: Oil & Natural Gas Corp, India's biggest oil producer, received orders for more than six times the amount of stock offered in a government share sale that may raise as much as US$2.4 billion... March 11, 2004
Russia
may delay gas pipeline to China and South Korea
Bloomberg: Russia may delay building a $ 17 bn gas pipeline to China and South Korea by four years on concern there won't be enough demand in Northeast China, which gets most of its energy from coal, a Russian government adviser said... March 9, 2004
Sino-Kazakhstan
oil pipeline construction to start second stage XinhuaNet: Kazak Prime Minister Daniyal Akhmetov issued a decree at a governmental work meeting Tuesday evening, urging the government and the national petroleum and gas corporation to start the second stage of Sino-Kazak oil pipeline project... March 8, 2004
Saudis sign deals for gas exploration
AFP: Saudi Arabia signed upstream gas exploration and production agreements with Russia's Lukoil and Sinopec of China yesterday as Spanish and Italian firms lined up to ink deals later in the day that the kingdom hopes will attract billions of dollars in investments... March 1, 2004
BP Sells Singapore Refining Assets Reuters: British
Petroleum Plc is selling its refining assets in Singapore to a local
partner for $140 million as the oil major continues to sell down non-strategic
assets to focus on China and Indonesia in Asia...
March 2004
The Sino-Saudi Connection
Commentary: China, Napoleon once remarked, is a sleeping giant, and "when it awakens the world will tremble." February 20, 2004
Japan risks US ire by signing Iran oil deal Reuters: Japan's US$2 billion deal to develop an Iranian oilfield is causing friction with the US, but Washington's key Asian ally is betting its staunch support on other security issues will limit any impact on bilateral ties... February 6, 2004
CNPC inks oil purchase with Russia's AO Yukos
AFP: China's largest oil group, state-owned China National Petroleum Corp (CNPC), has signed an initial agreement to buy 9 million tonnes of oil a year from Russian group AO Yukos Oil, state media reported yesterday... February 2004
Abraham
aims to fulfill top Bush energy goals Platts: As he enters the final year of the Bush Administration's term Energy Secretary Spencer Abraham aims to fulfill the top priorities on President George W. Bush's energy agenda, including enactment of comprehensive energy legislation, which would promote production of conventional fuels, such as oil and gas, as well as corn-based ethanol, and order improvements in the US electricity grid... January 15, 2004
China:
Energy CRISIS? Beijing Review: First came the nation's civil aviation authorities allowing domestic airlines to raise economy fares for domestic routes to offset the impact of jet fuel price hikes; now the news that oil import quota permits have been scrapped from the beginning of the year... January 5, 2004
China to expand power grid
Agencies: China plans to spend 19 billion yuan
(US$2.3 billion) this year to expand power grids that service the country's
eastern cities because shortages threaten economic growth, state news
agency Xinhua reported without citing anyone...
January 5, 2004
Chinese Petroleum (Taiwan) unveils strategy for oil exploration CNA: The Chinese Petroleum Corp has worked out a new strategy for overseas oil exploration, a spokesman for the state-owned company said yesterday... January 4, 2004
Japan and China battle for Russia's oil and gas AF / NY Times: What is taking shape here is central to a pitched struggle between the two most important economies in Asia: The reigning titan, Japan, and its rising challenger, China... January 2004
Russia's
Oily Future Foreign Policy: Russia's future will be defined as much by the geology of its subsoil as by the ideology of its leaders... December 26, 2003
China raises power rates Bloomberg: China will raise electricity rates on Jan. 1 to discourage consumption and help power companies finance new generators as the biggest energy-consuming nation after the US faces power shortages that may stunt its industrial growth... December 22, 2003
China plans major restructuring of its energy industries AFP: China is planning to reorganize its coal industry and form eight to 10 large coal mining firms capable of mass output to address the country's serious energy shortage, state media said yesterday... December 22, 2003
Corporate China's moves abroad give observers pause Reuters: Corporate China is on a move abroad, a long march to capture foreign markets and resources as part of Beijing's "Go Forth" policy to get firms on the globalization bandwagon...
December 22, 2003
Tokyo
is probable winner of Russian oil pipeline contract AFP: Tokyo's chances for winning a bid to build an oil pipeline across Russia to Japan were looking favorable in the wake of a visit here by the Russian prime minister this week although Moscow had not ruled out a bid by rival China...
December 14, 2003
Power shortages spotlight China's myopic policies NY Times: Beijing's leaders appear to be intent on ignoring the warning signals that their economy is in trouble December 13, 2003
Formosa to boost refining capacity 80% Bloomberg: Formosa Petrochemical Corp, Taiwan's only private oil refiner, expects to boost the use of its refining capacity to an average 80 percent next year as demand from China buoys prices of gasoline and diesel... December 8, 2003
Chinese prepare for blackouts AFP: It will be a cold, dark winter for much of China, as the pace of economic growth has left power suppliers struggling to keep lights on and factories running...
November 18, 2003
China Set to Act on Fuel Economy NY Times: The Chinese government is preparing to impose minimum fuel economy standards on new cars for the first time, and the rules will be significantly more stringent than those in the United States, according to Chinese experts involved in drafting them... November 17, 2003 The Saudi Oil Industry and Terrorism UPI: Amid denials of press reports that the Saudi government is seeking talks with terrorists responsible for a string of bombings in the kingdom, one thing stands out; as terrible as the attacks have been, they have spared the country's oil infrastructure... Fall 2003
Iraq's Oil Mess American Outlook: "We're dealing with a country that can really finance its own reconstruction, and relatively soon," Deputy Defense Secretary Paul Wolfowitz assured Congress shortly after the war to oust Saddam Hussein was launched. That was then, this is now... May 2003
The Fall of the House of Saud Robert Baer: ...Saudi Arabia has the world's only important surplus production capacity--two million barrels a day. This keeps the world market liquid. Not only that, but because the Saudis more or less determine the price of oil globally by deciding how much oil to produce, even countries that don't buy Saudi oil would be vulnerable if the flow of that oil were disrupted... May 2003
Addicted to Oil: Baer Interview Atlantic Monthly: "It was amazing that for a country like Saudi Arabia, that is so important to us, we know so little about it. Why is this? Why haven't we looked into the kingdom that owns 25 percent of the world's oil resources?" | |
AlternativesSeptember 30, 2004
Penny-pinching
Filipinos turn to compatriot's device
DPA: The Khaos is a small air-regulating cylindrical device made of stainless steel that feeds the correct mixture of fuel and air into the engine while it runs on idle, resulting in better combustion and minimizing emissions, Planas said. Planas said that with his device, the engine always runs on an efficient air-fuel ratio of 15 to one, lowering fuel consumption by as much as 50 percent... September 27, 2004
Rival
Technologies Vie for 'Green' Car of Tomorrow
Reuters: Carmakers presented new-age automobiles at the Paris car show that could give much-hyped fuel cells a run for their money in the coming market for vehicles that do less damage to the environment... September 27, 2004
Congress
Extends Wind Energy Tax Credit
Reuters: Congress extended through 2005 a popular tax credit for companies that produce electricity from wind, enabling what an industry group said was about $2 billion worth of wind energy projects to proceed. The projects would add more than 2,000 megawatts in capacity that could provide power to half a million homes... September 26, 2004
Ford
Parks Its Natural Gas Bandwagon
NY Times: The company produced its final natural gas vehicles last month. Once those cars and trucks are delivered to customers, Ford says it will turn its full attention to the development of other types of green cars, including those that would run on hydrogen fuel cells. But existing customers and natural gas proponents say the move will have serious consequences, since Ford was the sole supplier of several types of vehicles... September 9, 2004
Gasoline-Electric
Hybrid Vehicles Create Stir
Reuters: On Internet auction site eBay Inc., sellers are advertising Toyota Motor Corp.'s 2004 model year Prius at thousands of dollars above the list price... August 24, 2004
Hybrid
vehicles gearing up for a smooth ride in California
NY Times: Aides to the governor, a Republican, say he will sign legislation approved on Thursday that could allow up to 75,000 hybrid drivers, mainly those behind the wheel of a gas-sipping Prius, to use car pool lanes even when taking to the road alone... August 24, 2004
Solar
Module Production Will Commence in Mexico
PEi: Kyocera Corporation has announced it will begin large-scale assembly of solar photovoltaic (PV) modules this fall at its maquiladora facility in Tijuana, Mexico, with plans to establish a regional office in San Diego, California for solar system engineering and marketing... August 20, 2004
Alternative
energy industry finally ready to grow up
NY Times: When oil prices rise, public interest in alternative energy often does too. But the logic is evidently escaping Wall Street. Many companies involved in alternative energy have missed out on the rally that has lifted shares of oil and gas companies... August 20, 2004
World's
Largest Solar Photovoltaic Project Under Construction
PEi: PowerLight Corp, K&S Consulting, and Deutsche Structured Finance have announced an initiative to build the world's largest solar photovoltaic project in Bavaria, Germany... August 18, 2004
China
to invest in wind and solar power
PEi: By 2020, the Chinese government plans to build power generation facilities that use alternative energy sources such as wind and solar power, at a cost of $16.9bn billion... August 16, 2004
Scotland
seeks power in ocean waves and tides
AFP: Ocean Power Delivery has developed a prototype called Pelamis, consisting of four vast floating tubes, each about 120-meters long, designed to convert Atlantic wave energy into electric power via a system of hydraulic pistons... August 15, 2004
Brazil
unveils first factory-produced multi-fuel vehicle
AP: Economic Development Minister Luiz Furlan also predicted GM's "multi-fuel" car will be a big hit in Brazil's urban areas, where the three types of fuel are readily available and natural gas is the cheapest option... August 15, 2004
When
the Power Goes Out, the Sun Still Rises
NY Times: Prices for solar panels have come down about 40 percent in the last decade, but economies remain elusive. When the equipment is amortized, solar ends up costing about 25 cents a kilowatt-hour, about four times the cost of conventional electricity... August 10, 2004
Wind
turbine maker Vestas cuts 2004 forecasts
Reuters: Denmark's Vestas (VWS.CO: Quote, Profile, Research) , the world's biggest wind turbine maker, lowered its 2004 sales and profitability forecasts on Monday after U.S. lawmakers delayed approval of tax incentives to increase the use of wind power... August 8, 2004
'Green'
coal holds key to power station's fate
The Scotsman: Officials at Chapelcross nuclear power station, near Annan in Dumfries and Galloway, are holding talks with power firm Scottish Coal to convert part of the plant, which goes offline next year. The new form of power supply, known as biomass, involves burning coal with wood, hay or other crops... August 7, 2004
California
wants more solar energy
Guardian: California is proposing to add solar power to a million homes in the next 10 years, paid for by a surcharge on electricity bills equivalent to about US$0.27 a month... August 5, 2004
Ford
rolls out first hybrid Escape SUVs
MSNBC: Ford Motor Co. on Thursday rolled out the first hybrid SUVs headed for showrooms, touting the gas-electric technology that nearly doubles city driving mileage to 36 mpg... August 4, 2004
Toyota
to boost Prius output by 50% for US sales
Bloombeg / AP: The world's second-largest carmaker will expand the Prius' monthly output to 15,000 units during the first half of next year from 10,000 vehicles now, senior managing director Takeshi Su-zuki said at a press conference in Tokyo... July 25, 2004
Catching
Up to the Cost of Global Warming
NY Times: Regulations related to fuel economy and global warming are "going to be one of the key drivers that determines competitiveness in the industry over the next decade and beyond,'' said Duncan Austin, who until recently was a senior economist at the World Resources Institute... July 14, 2004
Holden
to go 'hybrid'
The Age: Australia's top-selling car may soon be available with an electric motor. Holden is considering selling petrol-electric versions of its Commodore in a few years as part of an environmental push designed to broaden the appeal of the brand... July 11, 2004
The
Sooner We Get Serious, the Better
American Solar Energy Society Conference: At some point in the very near future, solar cells are poised to become a classic disruptive technology. As prices fall with economies of mass production, demand will skyrocket around the world... July 8, 2004
Threat
to wildlife becalms County wind power plan
Bangor News: Like hydroelectric dams, wind turbines are a mixed bag ecologically, and nearly every project divides environmentalists, sparking arguments over whether turbines' ability to provide cleaner air and slow global warming can outweigh the local harm to wild creatures... July 8, 2004
Ballard
Power sells vehicle fuel cell division to DaimlerChrysler, Ford
CBC News: Ballard said DaimlerChrylser and Ford will buy its 50.1 per cent stake in Germany's Ballard AG, formerly called Xcellis. The two big automakers will be responsible for research, development and manufacturing of the fuel cells... Archived
The
Role of Synthetic Fuel In World War II Germany
Air University: Inasmuch as natural oil deposits in Germany were so few, long before the war efforts had been made to discover synthetic methods of producing gasoline and oil. In view of the country's wealth of coal, it was logical to look in this direction for a solution... June 29, 2004
Palm
Beach conference focuses on using ocean to generate energy
Sun Sentinel: Wind farms sprouting from the ocean. Generators turned by the unceasing energy of the waves and tides. Turbines that can harness the relentless churn of the Gulf Stream, coursing northward just off shore from Palm Beach County... June 27, 2004
Inventors
harness energy in the babbling brooks of Europe
DPA: The two garage-shop inventors tinkered for years and received EU assistance to develop the Setur turbine -- a small machine that converts the energy flowing down babbling brooks, creeks and streams into electricity... June 24, 2004
Hybrid's
software, batteries creating repair difficulties
AP: With Ford Motor Co's Escape hybrid sport utility vehicle due out this summer, the automaker is training thousands of mechanics at dealerships around the country how to service them... June 23, 2004
Hydrogen
Cars Ready to Roll... For a Price
MSNBC: If you can't wait five, 10 or 20 years for the much-touted "hydrogen economy," then step right up: Several companies are ready to sell you vehicles that run on the fuel that's much cleaner and gets higher mileage than gasoline or diesel... June 21, 2004
Cars
are more fuel-efficient than trains, claims study
Telegraph: Challenging assumptions about railways' green superiority, the study finds that the weight and fuel requirements of trains have increased to the point where rail could become the least energy-efficient form of transport. Engineers at Lancaster University said trains had failed to keep up with the motor and aviation industries in reducing fuel needs... June 21, 2004
Fossil
fuel subsidies 'must end'
NY Times: The report says a single year's worth of World Bank spending on fossil fuel projects could be spent instead on small-scale solar installations in sub-Saharan Africa, providing electricity for 10 million people... June 21, 2004
Alternative-Energy
Quest Is Blocked by a 1953 Law
NY Times: The town decided to use wind energy for its 328 street lamps, two public baseball parks and all the rest of its municipal needs, even though it was slightly more expensive than conventional sources. In doing so, however, it ran up against a 51-year-old state law that requires cities to use the least expensive source for a commodity... June 19, 2004
Consumer
Cost of Hydrogen
EV World: Hydrogen will cost less than gasoline someday. No, it will always be too expensive when compared to biofuels and other alternatives like battery electric cars. These are the arguments... June 18, 2004
Facing
the Limits to Growth
AlterNet: Like the other great revolutions, the coming sustainability revolution will also change the face of the land and the foundations of human identities, institutions, and cultures. Like the previous revolutions, it will take centuries to unfold fully -- though it is already under way... June 15, 2004
Hybrid
Vehicles Hit the Heartland... Barely
NY Times: Hybrids may be hot commodities on both coasts and in large urban areas, where buyers can wait six months or more to claim them, but there is a debate in the industry about how far the technology can go in the heartland... June 15, 2004
From
Guilt Trip to Hot Wheels
NY Times: Dispassionate analysts suspect that the 2004 Prius could keep its must-have luster longer than usual and be the vehicle that takes hybrid technology mainstream. Brian Moody, the road test editor for Edmunds.com, a car buyers' Web site, is one of several experts to guess that thanks to the new Prius, within five years virtually every car model made will have a hybrid version... June 9, 2004
Cars
going vegetarian as oil price soars
AP: Environmentalists with diesel cars have used vegetable oil for years as an alternative fuel to cut back on sooty emissions, but as gas prices soar above US$0.526 a liter, they say their "veggie cars" are a great way to save cash... June 3, 2004
Toyota
making more hybrids as gasoline costs rise
Bloomberg: Toyota Motor Corp boosted production of the Prius gasoline-electric car by a third in April, taking advantage of surging oil prices that boosted demand for fuel-efficient vehicles... May 31, 2004
Hybrids
selling well as gasoline prices soar
AFP: As US petrol prices soar to record levels, motorists are fuelling environmentalists' dreams by scrambling to trade in their gas-guzzling four-wheel drives for hybrid or hydrogen-powered vehicles... May 26, 2004
Paid
as you burn
Guardian: Good Energy's scheme is designed to reward home owners and businesses who have taken the step of installing their own renewable generators by paying for all power produced... May 10, 2004
Evolution
of a hydrogen revolution
Guardian: Tomorrow BP will try to kick-start a faltering hydrogen revolution in Britain when it makes a last-ditch attempt to win planning permission for the first refuelling station of its kind in Europe, at Hornchurch, Essex... March 28, 2004
Carmakers
Pull Plug on Electric Vehicles
NY Times: Five to 10 years ago, when the future seemed to belong to electric cars - and California clean-air rules forced reluctant automakers to offer them - a small but enthusiastic group of optimists and environmentalists signed on as pioneers... February 29, 2004
GE
gives vote of confidence in solar power
NY Times: General Electric will acquire the major assets of the largest US-owned maker of solar equipment, in a move the solar power industry sees as a major vote of confidence in the business... February 15, 2004
Looking
to clean up
Mercury News: Right now, the latest rage in the venture capital world is to talk green -- as in, there's money to be made by cleaning up the environment... February 6, 2004
Report
Questions Bush Plan for Hydrogen-Fueled Cars
NY Times: President Bush's plan for cars running on clean, efficient hydrogen fuel cells is decades away from commercial reality, according to a report by the National Academy of Sciences. December 15, 2003
More Power To You
Time Magazine: Alternative-energy technologies could soon give your phone, your car and your house their own micro-generators December 15, 2003
Japanese
companies are leading fuel-cell research
AFP: Japanese companies are leading the way in fuel-cell research, becoming the first to launch prototypes of the technology for use in laptop computers and mobile phones... September 30, 2003
STMicroelectronics
Announces Advanced R&D Program Targeting Low Cost Solar Cells
Press Release: STMicroelectronics released details of an advanced research program that it hopes will substantially reduce the cost of generating electricity from solar power... |
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