In the 1960s, 26 giant and super-giant fields were discovered. That number has consistently declined to only two so far in the first decade of the new millennium. The conditions necessary to create giants and super-giants occur infrequently, and where they do occur the real estate has, with few exceptions, been well explored. Trying as hard as they can to discover giant or super-giant fields, the oil companies’ results have been disappointing.
Archive for October, 2009
Oil prices hit high but report warns of supply crunch
The IEA figures showed there could be a gap of 7m barrels a day between supply and demand by 2015. That represents about 8% of the expected world demand by then of 91m barrels a day.
The IEA expects production from existing oilfields to fall by 50% between now and 2020 and warned the world needs to find an additional 64m barrels a day of capacity by 2030 – equivalent to six times current Saudi Arabian production.
Reduce Carbon Emission – Feeding Frenzy
An article in today’s New York Times offers more detail on the manner in which Congressional climate legislation has fractured the energy industry into competing groups of haves and have-nots, based on how companies and sectors were treated under the Waxman-Markey bill and their hopes for receiving a better deal in the pending Kerry-Boxer bill in the Senate.
Energy Firms Find No Unity on Climate Bill
As the Senate prepares to tackle global warming, the nation’s energy producers, once united, are battling one another over policy decisions worth hundreds of billions of dollars in coming decades.
Oil Prices: Still Volatile, Still Disruptive
The point is that while crude oil volatility is down from a year ago, price movements are still more unpredictable than they have been historically. “Current volatility is still above long-term average volatility.
Cutting Emissions Through Natural Gas
A few weeks ago, BP reiterated that idea. Addressing a Financial Times’ energy conference, Lamar Mckay, president of BP Americas said, “Natural gas has the greatest potential to provide the largest carbon reductions at the lowest cost using technology that is available today.”
Obama orders feds to cut energy use, emissions
President Barack Obama on Monday ordered the federal government — the nation’s largest energy user — to cut its greenhouse gas emissions and to reduce its impact on the environment.
The demise of the dollar
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
