The head of US oil giant ConocoPhillips has said that “vast new areas” will have to be opened up to meet a projected 40 per cent growth in demand for oil in just over two decades. Chairman and chief executive James Mulva said: ‘By 2030 we would have to bring on line 105 million barrels … Read More
oil industry outlook
Oil Demand Set to Increase
US. energy officials are predicting that worldwide demand for oil will continue to grow, but at a slower rate after 2015. Also over the next quarter century oil prices will climb as high as $95 a barrel. By 2030, the share of worldwide energy that comes from oil and refined products will decline to 34 … Read More
“Nationalism” A Threat to Oil Supplies
Increasing state ownership and rising resource nationalism are emerging as the main long-term threats to global oil supplies, argues the consultancy, PFC Energy. The report highlights the shift in power towards state-controlled national oil companies. Multinationals own or have access to less than 10 per cent of world oil resources. Robin West, chairman of PFC … Read More
Iraqi Oil Production Could be Doubled
Oil production in Iraq could double to 4 million barrels a day if the violence ended and facilities modernized, according to a Colorado energy consulting company. The study, which claims to be the first detailed overview of Iraq’s oil reserves and production potential since the war began, used experts in Iraq to develop its field-by-field … Read More
BP: Hayward Plans Reshuffle
BP’s new CEO, Tony Hayward will present his plans for a reshuffle of the top team at BP when he attends his first board meeting as chief executive in Washington next week. After the traumatic events over the last few days for BP, Hayward is said to be looking to “refresh the executive” and “reassert … Read More
Shell Looks for New CEO
Oil giant Shell may break with a century-old tradition and recruit a new chief executive from outside either the Netherlands or Britain. The prediction came yesterday after the company announced it was looking a replacement for Jeroen van der Veer, the chief executive, who retires in 2009. Already Shell has persuaded der Veer to sign … Read More
The New Seven Sisters
Talking about the changing face of the oil industry, this is a really interesting article by Carola Hoyos in today’s Financial Times about the new “Seven Sisters”, the most powerful global oil companies. Writes Hoyos: “As oil prices have trebled over the past four years, a new group of oil and gas companies has risen … Read More
Exxon Spends on New Projects
Oil giant Exxon Mobil says it will spend some of its record profits on over 20 new global projects in the next three years. The investments are expected to add one million oil-equivalent barrels a day to the company’s volumes at peak production. CEO T-Rex Tillerson said the company’s capital spending would be about US$20 … Read More
Non-OPEC Production Slows
The oil industry is finding it harder to expand upstream capacity, a new report by the Centre for Global Energy Studies has warned. “Development costs are up sharply, essential equipment and skilled labor are in short supply and host governments want a bigger share of the proceeds,” it concludes.
Are the Peak Oil Pundits Wrong?
Interesting article in today’s New York Times about the industry’s latest techniques to get more oil out of the ground and how this might mean that the peak oil pundits are wrong, as more and more oil is being recovered from existing fields. “Within the last decade, technology advances have made it possible to unlock … Read More