Friday, April 29, 2011

Oil Drilling News


Macondo will someday be produced, BP executive says

"When asked if BP will go back and try to produce Macondo, Wells said, "Clearly it was a discovery, clearly there is a good reservoir there, someday somebody is going to do that. I am not going to say it will be BP.""

Montara oil spill firm seeks permission for more drills

"The company behind Australia's worst oil spill in 25 years has told the federal government it should be allowed to drill two new wells just north of the ill-fated Montara field because it has a record of "responsible environmental management"."


The Oil Company Gusher

"Exxon-Mobil's first quarter earnings of $10.7 billion are up 69 percent from last year. That's the most profit the company has earned since the third quarter of 2008 - perhaps not coincidentally, around the time when gas prices last reached the lofty $4 a gallon. This gusher is an embarrassment for an industry seeking to keep its $4 billion annual tax subsidy from the U.S. government, at a time when we're cutting social programs to reduce the budget deficit. 
Especially embarrassing when Americans are paying $4 a gallon at the pump. 
Exxon-Mobil's Vice President asks that we look past the "inevitable headlines" and remember the company's investments in renewable energy. What investments, exactly? Last time I looked Exxon Mobil was devoting a smaller percentage of its earnings to renewables than most other oil companies, including the errant BP."


Oil prices to keep rising as peak production reached in 2006

"The age of cheap oil is now over – and that's official. 

For the first time, the International Energy Agency has conceded that global crude oil production has already peaked and that the commodity will become more and more expensive."

EIA updates energy outlook reference case

"Strong growth in shale gas production, increasing use of natural gas and renewable energy sources in electric power generation, and declining reliance on imported liquid fuels are some of the findings in the latest energy outlook from the US Energy Information Administration." Read the report

Wake Up! The Age Of Cheap Natural Resources Is Over

"Conclusion - 
The U.S. and every other country need a longer-term resource plan, especially for energy, and we need it now!"

How close is peak oil?

"The only obvious winners are electric and hybrid car makers and EV network operators. Their business is almost entirely an arbitrage play on rising oil prices. Given the current forecasts – the IEA predicted itself that sales of conventional gasoline cars will be negligible by 2050 – it's looking something like a sure bet."