Twelve Dollars a Year

November 1, 2007By Mark FloegelBlog Post

In the late winter of 2006, the citizens of Burlington, Vermont prepared to elect one of five candidates to a three-year term for an open mayor’s seat.  At one forum, a citizen stood up and asked, “Within the next mayoral term, it’s likely the price of oil will hit $90 a barrel and gas will … Read More

Kuwait: We have 100 Billion Barrel Oil Reserve

July 12, 2007By Andy RowellBlog Post 1 Comment

OPEC-member Kuwait has reconfirmed that its oil reserves are 100 billion barrels, disputing a report that the figure was around half that amount. “We confirm that Kuwait’s oil reserves are 100 billion barrels,” acting oil minister Mohammad al-Olaim told reporters after briefing parliament in a closed-door session about the levels of reserves in the Gulf … Read More

China Finds an Elephant

May 4, 2007By Andy RowellBlog Post

China has made its largest oil find in more than three decades, an offshore field with proven reserves of nearly 3 billion barrels, which should provide temporary relief from rising consumption and ease fears of energy insecurity. The discovery in Bohai Bay off Hebei province in northern China, which PetroChina described Thursday evening as a … Read More

Shell Settles Reserves Issue for $700m

April 12, 2007By Andy RowellBlog Post

Oil giant Shell is expected to pay out more than $700m in fines and compensation to settle the reserves fiasco that has dogged the company for the last few years. The figure was revealed by Shell after it offered to settle damages claims of $352m with European investors and hoped to find a similar solution … Read More

Iraq: World’s Largest Oil Reserves

April 11, 2007By Andy RowellBlog Post 2 Comments

In a little reported development, Iraq’s Oil Minister has claimed that Iraq has over 300 billion barrels of oil reserves, which would mean the country top’s Saudia Arabia. Hussain al-Shahristani made the claim to a Lebanese newspaper at the weeek, although there remains confusion as to whether he was talking about confirmed reserves or a … Read More

Pardon My Skepticism

March 15, 2007By Mark FloegelBlog Post

On March 5, the New York Times published a front-page story called “Oil Innovations Pump New Life Into Old Wells.”  Getting new oil from “played out” wells was the thrust of the piece; as the price of oil rises, it becomes worthwhile investing new money into old wells.  The article also indirectly took on the … Read More

Are the Peak Oil Pundits Wrong?

March 5, 2007By Andy RowellBlog Post

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

Shell Faces New Accounting Crisis

January 29, 2007By Andy RowellBlog Post

The oil giant Shell faces a new accounting crisis as the ramifications become clear of its December renegotiation with the Russian authorities over its stake in the Sakhalin 2 joint venture. The company may be forced to cut oil and gas reserves on its books by up to a billion barrels after the halving of … Read More