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Posts from ‘May, 2007’

Bloomberg: Colorado, Utah Rival OPEC Reserves, Lure Chevron, Exxon, Shell

By Joe Carroll May 29 (Bloomberg) — Colorado and Utah have as much oil as Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined. That’s not science fiction. Trapped in limestone up to 200 feet (61 meters) thick in the two Rocky Mountain states is enough [...]

The Moscow Times: Clearly Guilty Whenever It Is Convenient

Tuesday, May 29, 2007. Issue 3666. Page 8. President Vladimir Putin’s regular calls for “dictatorship of the law” when he took office seven years ago have faded into memory. What we have today is something very different. An example of how things have changed emerged Monday when an Irkutsk court threw out a lawsuit by [...]

Bloomberg: BP Russian Unit Faces Loss of Kovykta Field After Court Ruling

By Torrey Clark May 28 (Bloomberg) — BP Plc’s Russian venture lost a court case over its license to the giant Kovykta gas deposit, allowing the government as early as this week to regain control of a field with enough fuel to supply Asia for five years. A court in Irkutsk, Siberia lifted an order [...]

Bloomberg: Oman Signs Two Agreements to Raise Oil Field Output (Update1)

By Glen Carey May 28 (Bloomberg) — Petroleum Development Oman, a state- owned company in which Royal Dutch Shell Plc is the largest foreign investor, signed two agreements to increase output from the aging Qarn Alam oil and gas field through steam injection. Dodsal Group, an Indian construction company based in the United Arab Emirates, [...]

Bloomberg: Global Carbon Trading Is Needed, Shell Australia Says (Update1)

By Angela Macdonald-Smith May 28 (Bloomberg) — Global carbon trading is needed to set a price on carbon and allow for investments in new energy-supply projects while reducing emissions, said Russell Caplan, chairman of Royal Dutch Shell Plc in Australia. While the European Union’s carbon trading system is “a good start,” a worldwide plan is [...]

Chicago Tribune: Risky business: Big Oil’s billion-dollar juggling act

It’s a high-stakes gamble, where even a tiny pinhole in a pipeline can cost billions and drive up the cost of filling your gas tank.   By David Greising Tribune chief business correspondent May 27, 2007 DEADHORSE, Alaska — Painful reminders of the fallout from the cheap-oil era of a decade ago are never far [...]

TradeArabia.com: Iran oilfields need $100bn to hit capacity target

Dubai: 28 May 207 Iran’s oilfields need at least $100 billion worth of foreign investment over the next decade to boost output by 1 million barrels per day (bpd) to 5 million bpd, a senior Iranian oil official said. Extensive exploration, further development of Iran’s oilfields and increasing recovery rates via advanced technology are a [...]

Namibian.com: Firms overlook risks in scramble for Africa

Monday, May 28, 2007 TOM BERGIN LONDON – International oil firms have been scrambling for Africa in recent years, but in their hunger for reserves they may be taking greater risks than they realise, raising the prospect of a rush for the door in the future. A record 106 oil and gas exploration licences were [...]

BBC News: BP closer to losing its gas field

Oil firm BP has moved a step closer to losing its share of a licence for the Kovykta gas field in East Siberia. An arbitration court judge in Irkutsk has thrown out attempts by TNK-BP to stop authorities seizing the licence. The judge, Valery Titov, said that the case was outside the court’s jurisdiction. TNK-BP [...]

unpo.org: Ogoni: Still No Compensation

2007-05-28 As talks resume between Shell and the Nigerian government planning for oil production in Ogoniland, the Ogoni remain excluded from negotiations and frustrated in their calls for compensation. Below are extracts from an article written by Nico Colombrant and published by Voice Of America News: In Nigeria’s oil-rich Niger Delta, one area, Ogoniland in [...]

International Herald Tribune: Russia moves closer to stripping TNK-BP of licence for gas field

Reuters Monday, May 28, 2007 MOSCOW: Russia moved closer to stripping oil major TNK-BP, half owned by BP Plc, of its licence for the giant Kovykta gas field after authorities won a court case against the firm on Monday. A judge in an arbitration court in Irkutsk, the region in East Siberia where the field [...]

The Scotsman: Drivers ‘helpless’ as petrol nears £1 a litre

AISLINN SIMPSON   AVERAGE petrol prices could rise to £1 a litre within weeks because of global instability, supply shortages and refinery problems, experts warned last night. Steady increases over recent weeks have prompted the AA motoring organisation to call for an independent inquiry by the Transport Select Committee into rising prices and tight supplies [...]

The Peninsula (Qatar): Tehran plans outside fund to skirt sanctions

Web posted at: 5/28/2007 8:3:16 Source ::: Reuters tehran • Iran is planning an investment fund outside the Islamic Republic to raise finance for its huge South Pars gas field and circumvent a financial squeeze by Washington, a top Iranian energy official said yesterday. As the United States pushes for tighter UN sanctions on Iran [...]

NIGERIAN TRIBUNE: Negative reports scare investors from N/Delta – Shell

Sylvester Idowu, Warri – 28.05.2007 SHELL Petroleum Development Company (SPDC) has said that the negative reporting of the Niger Delta had scared many investors away from the region thereby causing acute unemployment and stunted development. The Corporate Government Relations Manager, SPDC West, Mr Harriman Oyofo, made the observation at the weekend in Effurun, Delta State, [...]

Houston Chonicle: Analysts: Gas could hit $4 if storm enters Gulf

May 27, 2007, 10:32AM By JOHN PORRETTO Associated Press If you think gasoline prices are high now, consider the eye-popping possibilities if another monster storm pummels the Gulf of Mexico this hurricane season, the way Katrina and Rita battered the petroleum-rich waters in 2005. The petroleum industry has spent nearly two years trying to repair [...]