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Windsor Energy Group News Update: June 2008 June 2008
WEG Newsletter June 2008
Dear Reader,
Herewith is the latest edition of the WEG newsletters. The Windsor Energy Group will be celebrating on 23rd July at the Kuwait embassy the review Sharing Energy Wealth - the lessons learned from the North Sea and how they might be applied in Iraq. The expert speaker is Dr Carole Nakhle who advises HM Treasury on North Sea taxation issues and also works with the Norwegian Government on the development of the Barents Sea. This autumn she will be publishing, through Surrey University, a study on possible energy structures to be adopted by the Iraq government. The meeting at the Kuwait embassy will start at 4pm and close at 6pm. If you would like to attend this event please contact: projects@meconsult.co.uk If you would like to know more about the WEG forthcoming programme or to suggest events or articles to us, we would be very pleased to hear from you on projects@meconsult.co.uk
Kind regards,
Laura H. Sandoval Editor WEG newsletter MEC International Ltd. Fax: 0044 (0)20 7591 4801
Oil burden ‘lower now than in the 1980s despite price surge’ The price of oil is at historic records even allowing for inflation, but the overall burden on the global economy is much less than in the 1980s, the IEA said yesterday. 11th June 2008
Dana Gas and Emarat announce completion of Hamriyah Gas Pipeline Project Dana Gas and Emirates General Petroleum Corporation (“Emarat”) announced the completion and inauguration of the Middle East’s first common user gas pipeline, located in the emirate of Sharjah. Dana Gas and Emarat, along with the three end-users the Federal Electricity and Water Authority of the UAE (FEWA), the Sharjah Electricity and Water Authority (SEWA), and Dana Gas affiliate Crescent Natural Gas Company Limited (CNGCL) – signed a Memorandum of Understanding (MoU) for the implementation and utilization of the pipeline in January 2006. 1st June 2008
Peak Oil Review By Wednesday of last week oil prices had fallen by 8 percent from their all time high based on major reductions in oil product subsidies in by Asian countries, the perception that US consumption was falling, and expectations that the Federal Reserve would stabilize the dollar. Analysts began talking about the end of the oil bubble and that prices would soon be down to $100 a barrel or perhaps even $80. 9th June 2008
Oil, What, Where & When in North America Over the Next 3 Years Many countries have very heavy crude oil and it can only be used to refine certain products. Saudi crude cannot be used for gasoline production because of this. Mexico and Venezuela also have almost all of their oil as heavy crude. It can be used to produce heavy bunker oil used in ships and asphalt production. In Canada’s Alberta oil patch, the oilsands is also very heavy crude and must be refined in an upgrader to allow it to become a very light crude then be refined into gasoline and other light oil products. 8th June 2008
The peak oil crisis: the summer ahead he situation is not good. Our average gasoline price just climbed past $4 a gallon and all indications are that it will continue to rise. After Goldman-Sachs made headlines by telling us that oil is going to $150 or maybe $200 a barrel in six months or maybe two years, Morgan Stanley announced that oil was going to $150 dollars a barrel by the 4th of July. Not to be outdone, the CEO of Russia’s Gazprom, weighed in with a forecast of $250 oil in the “foreseeable future.” As oil jumped $11 in a single day to just below $140 last week, all of these estimates seem plausible. 13th June 2008
The peak oil crisis: the summer ahead by Tom Whipple
The situation is not good. Our average gasoline price just climbed past $4 a gallon and all indications are that it will continue to rise. After Goldman-Sachs made headlines by telling us that oil is going to $150 or maybe $200 a barrel in six months or maybe two years, Morgan Stanley announced that oil was going to $150 dollars a barrel by the 4th of July. Not to be outdone, the CEO of Russia’s Gazprom, weighed in with a forecast of $250 oil in the “foreseeable future.” As oil jumped $11 in a single day to just below $140 last week, all of these estimates seem plausible. 13th June 2008
Bush Calls for Major Increase in US Energy Production U.S. President George W. Bush pressed Congress to take quick steps to boost oil production in the U.S., sharpening the clash with Democrats over energy policy as consumers struggle with soaring gasoline prices. 18th June 2008
Russian Oil Dispute Renews Concerns Russia’s new president, Dmitri A. Medvedev, has staked his tenure on reforming what he has described as the nation’s culture of “legal nihilism.” But a dispute over a lucrative oil company that flared again on Monday is renewing concerns about the Kremlin’s meddling in big business and the rights of foreign investors. 17th June 2008
DOLPHIN ENERGY AND ADNOC SIGN 25 YEAR GAS SYSTEM LEASE AGREEMENT Abu Dhabi National Oil Company (ADNOC) and Dolphin Energy Limited yesterday signed a long term agreement for Dolphin to lease and operate ADNOC’s Eastern Gas Distribution System (EGDS) in the Emirate of Abu Dhabi. This well-established pipeline network will be managed by Dolphin Energy for 25 years. 17th June 2008
Oil rises as supply worries outweigh Saudi boost Oil rose on Monday as Nigerian supply disruptions and escalating tensions between Israel and Iran outweighed Saudi Arabia’s pledge to raise output and keep markets well-supplied. U.S. crude settled at $136.74 a barrel, up $1.38. London Brent crude settled at $135.91 a barrel, up $1.05. "Bellicose rhetoric between Israel and Iran and escalated militancy in Nigeria reduced what little optimism there was surrounding the Saudi’s meeting in Jeddah over the weekend," John Kilduff, senior vice president at MF Global, wrote in a research note. 23rd June 2008
China shows interest in Iran gas pipeline China has said it will explore the possibility of joining the $7-billion Iran-Pakistan-India gas pipeline project. 23rd June 2008
Cnooc’s Parent Signs 25-Year LNG Supply Agreement With Qatar China National Offshore Oil Corp., operator of the country’s first liquefied natural gas terminal, signed a 25-year LNG supply agreement with Qatar after an initial accord reached two months ago. 24th June 2008
China, Japan agree on East China Sea E&P projects Japan and China say they have reached a political agreement on gas exploration projects in the East China Sea, with Japan to invest in a gas field already operated by China and the two nations to jointly explore an undeveloped area. 20th June 2008
Eni Makes Major Gas Discovery in Pakistan Eni has made a new onshore gas discovery in Pakistan with the Saqib 1A well, located in the Mubarak exploration block, in the South Eastern province of Sindh. 23rd June 2008
PDVSA Creates New JVs for Oil Supplies Petroleos de Venezuela SA, or PdVSA, has created eight new joint-venture companies to manufacture oil industry supplies and equipment ranging from pipelines to semi-submersible platforms, and it’s still looking for potential partners for some of them. 19th June 2008
MOL Announces Oil and Gas Discovery in Kazakhstan MOL Plc announced that it has made a new discovery of oil and gas in Fedorovskoye Block located in northwestern Kazakhstan. This block has been explored for hydrocarbons since 2000 by a consortium of companies now including Exploration Venture Limited, First International Oil Company Ltd, and MOL Caspian Oil and Gas Ltd, an affiliate of MOL Plc. MOL Plc. has participated in the project since 2004 with 27.5% current interest. 23rd June 2008
Plea by PM at talks on oil price Gordon Brown has called for a "new deal" on energy at talks in Saudi Arabia on the high price of oil. 22nd June 2008
Oil at $200 ’will break the global economy’s back’ The global economy would collapse if oil hit $200 a barrel, said the top energy analyst at Germany’s largest bank. 26th June 2008
Uruguay in gas field find claim Uruguay says it may have found a large natural gas field that would change it from an importer to an exporter of gas. 26th June 2008
North Sea ‘has much more oil in pipeline’ There could be as many as 300 untapped oil fields – or 30 billion barrels of oil – beneath the bed of the North Sea, experts claimed yesterday. 5th June 2008
Oil rebounds after drop on US stock build Oil rebounded above $138 on Thursday, reversing the previous session’s losses that followed an unexpected rise in fuel stocks last week in top consumer the United States. 26th June 2008 Read entire article @ |
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MEC International Ltd. Granville House 132-135 Sloane Street London SW1X 9AX Tel: 020 7591 4816 Fax: 020 7591 4801 e-mail : mec(at)meconsult.co.uk |
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