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Briefs - July 13, 2009
Output from the first wells drilled at Exxon Mobil’s Horn River basin shale-gas field in Alberta, announced Thursday, suggests huge potential. Wood MacKenzie last year estimated the region might hold up to 47 trillion cubic feet of reserves. That would put it on a par with Texas’ prolific Barnett Shale fields. (7/10, #17, #19) A consortium of companies failed to find oil in deep waters
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Briefs
(clips from recent Peak Oil News dailies are indicated by date and item #) Kuwait’s oil minister said the emirate’s production capacity of 3 million b/d was sustainable without the help of international oil companies, but conceded that foreign expertise would be needed to develop heavy oil fields in the north. (6/27, #4) The five leading sources of oil exports to the US are Canada (2.4 million
Briefs
The Movement for the Emancipation of the Niger Delta destroyed six more pipelines and pumping stations in the last week. A statement issued by its spokesman, Gbomo Jomo, said the latest attack was in line with its campaign to cripple the entire oil and gas exports of the Federal Government. (6/18, #5) The escalation of violence in the Niger Delta region in the last three weeks may have reduced Nigeria’s
Briefs
Over the next 11 years, Canada’s oil industry is likely to produce 500,000 b/d less than was forecast a year ago, according to the Canadian Association of Petroleum Producers. The forecast for the oil sands has dropped even further, the industry group said in an annual report. Oil sands production is expected to reach only 2.9 million b/d by 2020 - down from 3.5
Briefs
The Middle East’s LNG capacity will rise to 100 million tons a year by 2015 from the current 20 million tons a year according to Khalid Sultan al Kuwari, marketing executive at Qatar’s RasGas. (5/28, #8) Saudi Arabia raised its oil production by nearly 300,000 b/d in March 2009 in spite of a collective agreement by OPEC to cut crude supplies to support
Brazil
Last week Brazil’s energy minister announced that international companies will be invited to bid for concessions in the pre-salt deep-water oil fields as early as next year. Brazil stopped selling concessions in the area soon after the size and importance of the discovery was recognized in 2007. Under a production-sharing system, the Brazilian government would own the oil but pay oil companies
Briefs week of May 25, 2009
Nigeria’s oil production has fallen to less than half its capacity as fighting escalates in the Niger River delta. The West African nation, formerly the continent’s biggest producer, now pumps about 1.6 million barrels a day, compared with capacity of 3.2 million. (5/23, #1) Mexico said that in the first four months of 2009 the value of its crude exports dropped
Briefs
Saudi Aramco produced 8.9 million b/d of crude oil on average last year, up from 8.5 million barrels a day in 2007, according to its 2008 annual report posted Wednesday. Reserves of crude and condensate remained unchanged at 259.9 billion barrels. (5/13, #9) Saudi Arabia needs to rein in fast-growing power demand-up 5.6 percent per year during 2001-2008. An economic boom fuelled by record oil revenues
Briefs May 11, 2009
Chevron Corp. said its $4.7 billion Tahiti field in the Gulf of Mexico began pumping crude yesterday, almost two years after faulty parts delayed the project. The field, located 190 miles from New Orleans in 4,100 feet of water, is expected to produce 125,000 barrels of oil a day when output peaks. (5/7, #17) The US Minerals Management Service has cut its forecast
Briefs May 4, 2009
World oil demand is forecast to fall this year by much more than previously expected, as growth stalls in China and India and fuel consumption declines in the developed world. The latest Reuters poll of 11 analysts, banks and industry groups shows oil consumption is expected to decline by an average of 1.56 million b/d in 2009 to 84.10 million b/d. (4/30, #3) Natural gas production by Gazprom fell
