Section » Briefs
EIA’s first Peak Oil statement—how was their vision a decade ago?
Back in 2000, the EIA developed their first power-point presentation covering the topic of peak oil (http://tonto.eia.doe.gov/FTPROOT/presentations/long_term_supply/index.htm). A version of it was presented by EIA Administrator Jay Hakes to the American Association of Petroleum Geologists. The two images below are excerpted from that presentation. What was the EIA’s rationale at the time? How
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Briefs 09/21/2009
Nigeria depends on oil for more than 90 percent of its export revenue and more than 80% of its government revenue. According to government figures, this year attacks on oil installations have reduced the nation’s output to about 1.7 million barrels a day, from about 2.6 million in 2005. Some experts believe the actual figure is much lower. (9/19, #4) Nigerian militants announced they will extend
Briefs 09/14/2009
Libya appears to be tugging back the welcome mat it laid down for foreign investors after it successfully blocked Verenex Energy Inc.’s sale to a Chinese firm. The international arm of CNPC formally abandoned the $499-million deal it signed in February. (9/11, #8) IHS CERA expects oil demand to rise by 900,000 b/d in 2010 and reach its 2007 high of 86.5 million b/d by 2012. Oil demand dropped by
Briefs 8/31/09
In Russia, Anatoly Dmitrievsky, director of the Institute of Oil and Gas Problems (Russian Academy of Sciences), said $280 billion of investment into the development of global oil reserves has been postponed due to the global financial crisis. More than a year ago, Leonid Fedun, vice president of Lukoil, said that Russia would never produce as much oil as in 2007 – almost 10million b/d– and would
Briefs 8/24/09
In July 2009 world production of all liquid fuels increased by 580,000 barrels per day from June according to the latest figures of the International Energy Agency (IEA), resulting in total world liquid fuels production of 85.15 million b/d. (8/17, #16) Contrary to expectations, Russian oil output has risen 0.8 percent this year over last but industry participants and analysts say the world’s biggest
Briefs 8/17/09
From an ongoing study by the UK’s Industry Peak Oil Task Force, early indications are that the recession has moved the peak a little further into the next decade, but steepened the descent in production thereafter. (8/10, #16) In Venezuela, the bidding to explore seven oil fields — called the Carabobo auction — was just delayed for the second time, a reflection of investor nervousness
Briefs 8/10/09
Across Nigeria, the consistent rise in the cost of diesel fuel to power electric generators is alarming. The effect on the cost of doing business is particularly severe. Unreliable power supply has meant that many businesses and homes which have for long relied on diesel generators are in despair. (8/8, #6) The Niger Delta crisis - which has dealt a heavy blow to Nigeria’s oil income and crude
Briefs 08/03/09
World oil consumption will rise for the first time in two years in 2010 as a recovery in the global economy boosts demand, according to a Reuters poll of top oil-tracking analysts and organizations. (7/28, #6) Saudi Aramco CEO Khalid al-Falih, in an interview with the pan-Arab daily newspaper Al-Hayah, said production capacity of the state-owned firm reached 12 million b/d in June. He cited the start-ups
Briefs 07/27/09
Peak Oil Task Force Report: If San Francisco is to thrive in the 21st century and remain a world-class city, it must begin planning today for how to maintain itself in a post fossil fuel age. A new report lays out the issues and makes recommendations. (7/22, #14) The number of new offshore oil and gas exploration wells will shrink by about 15 percent in 2009, as lower crude prices curb investments
Briefs July 20, 2009
OPEC countries will trim shipments by 0.8 percent to 22.55 million barrels a day in the four weeks ended Aug. 1, consultant Oil Movements said Thursday. (7/18, #2) In Iran, political turmoil ramped back up. Akbar Hashemi-Rafsanjani, Iran’s former president, on Friday threw his weight behind reformists and declared that the country was in “crisis” following the disputed presidential election.
