THE OIL MARKET’S HARD CHARGERS-1: China expands energy mix, seeks investment
Since the early 1990s China’s skyrocketing demand for energy has dramatically affected global markets and international policy.
IEA sees 2.6 million-b/d near-term gain in OPEC capacity
Members of the Organization of Petroleum Exporting Countries, led by Angola and Saudi Arabia, will increase total capacity to produce crude oil this year and next by a net 2.6 million b/d.
Al Hamli: OPEC ‘fully committed’ to continuous oil supply
The Organization of Petroleum Exporting Countries, while seeking security of demand, is fully committed to a continuous supply of oil on the international market, according to the group’s president.
Oil summit notes industry challenges, uncertainties
Three main challenges facing the oil industry-stable and reasonable prices, security of both demand and supply, and the relationship between national oil companies (NOCs) and international oil companies (IOCs)-were the predominant themes of the 8th International Oil Summit held Apr. 5 in Paris.
WATCHING THE WORLD: Tension: the Iranian view
Iran’s First Vice-President Parviz Davudi last week said that his country would do its level best to prepare a proper ground free from tension for attraction of foreign investment in the oil, gas, and petrochemical industries.
GAO: Deepwater royalty relief impact hard to pin down
Deepwater royalty relief will cost the US government billions of dollars, but uncertainty about prices and production levels make precise estimates impossible at this time, the Government Accountability Office said in an Apr. 12 report.
Senate panel considers carbon sequestration strategy
Enhanced oil recovery is merely the first step in a national effort to capture and store or reuse industrially produced carbon dioxide, witnesses told the US Senate Energy and Natural Resources Committee on Apr. 16.
Report: Offshore spending to reach $275 billion by 2011
Steady increases in offshore oil and gas production will drive up industry’s annual spending to more than $275 billion by 2011 from $219 billion in 2006, according to a forecast published by Douglas-Westwood and Energyfiles.
APPEA: Energy production trends toward decarbonization
The most important trend in energy production over the last two centuries is decarbonization, a trend that will see methane overtake oil and coal to become the next two generation’s primary fuel, said Jesse Ausubel, director of Rockefeller University’s Program for the Human Environment.
Problems for European refiners seen in EC sulfur-cut proposals
European refiners face new investment requirements at a difficult time, warns the International Energy Agency.