Volume: 106
Issue: 25
Jul 07, 2008
General Interest
‘Silent disruption’ limiting oil supply
Recent increases in the price of oil result largely from a collision of demand growth with what might be called a “silent disruption” to worldwide supply.

Constraints in worldwide refining capacity
The US currently consumes about 20.5 million b/d of petroleum and produces about 8.5 million b/d, including natural gas liquids and processing gains.

Barbs fly as House ‘Use it or lose it’ bill headed to floor
US House Democrats and Republicans accused each other of indifference to record gasoline prices as the week-long Independence Day recess drew closer.

WATCHING GOVERNMENT: The rest of the Western Hemisphere
Jorge R. Pinon does not want US politicians to become so concerned about Venezuelan President Hugo Chavez or a possible Chinese presence in Cuba that they overlook the rest of the Western Hemisphere.

GOP Senate bill would improve energy market regulation
US Senate Republicans introduced legislation that they said would balance developing domestic fossil fuel sources with promoting alternatives and improve energy commodity market regulation.

EIA: Biggest energy demand growth in developing countries
The world’s total energy consumption could grow by 50% in the 25 years from 2005 to 2030, with most of the increase coming in developing countries, reported the US Energy Information Administration in its latest International Energy Outlook (IEO) June 25.

CAPP alters Canadian oil sands production outlook
The Canadian Association of Petroleum Producers (CAPP) has released its annual crude oil production from oil sands outlook, which is slightly altered from its earlier report.

SEC proposes updated reserves reporting rules
The US Securities and Exchange Commission has released a proposed set of revised oil and natural gas reserves reporting requirements, and proposed changes include disclosure of estimated probable and possible reserves.

E&Y study: US oil reserves holding flat, costs rising
US proved oil reserves for 40 exploration and production companies increased 2% during 2003-07, reported Ernst & Young in a benchmark study released in Houston.

Survey shows US favorable for oil and gas investment
The US had 9 of the top 10 jurisdictions worldwide that oil and gas executives ranked as attractive destinations for upstream investment, according to results of a survey conducted by Fraser Institute, an independent research and educational organization.

Brazil sets sights on increasing oil production
Brazil will at least triple its oil reserves by exploring the new Tupi offshore area, and will use the future revenues on healthcare and education for the country, according to Brazilian President Luiz Ignacio Lula da Silva.

WATCHING THE WORLD: Khodorkovsky’s independence
Last week, just as millions of Americans—many of them in the oil and gas industry—were preparing for their July 4 Independence Day celebrations, the Russian government announced new charges against former OAO Yukos head Mikhail Khodorkovsky and his associate Platon Lebedev.

Japan to aid Iraq in rebuilding oil, gas industry
Iraqi Oil Minister Hussain Al Shahristani and Japanese Minister of Economy, Trade, and Industry Akira Amari—voicing concerns over global oil prices—agreed that both countries would cooperate in a variety of measures aimed at reconstructing Iraq’s oil and natural gas industry.

Supreme Court overturns Exxon Valdez $2.5 billion punitive damages award
The US Supreme Court has overturned the $2.5 billion in punitive damages against ExxonMobil Corp. for an oil spill from the tanker Exxon Valdez in Alaska’s Prince William Sound in 1989.

BP: Free markets effective where allowed to work
Despite high prices, above-average economic growth drove robust global energy-demand growth last year, according to BP’s latest statistical review of world energy.

Exploration & Development
MODELING GULF OF MEXICO LOST PRODUCTION—1: Field redevelopment economics and storm impact assessment
The oil and gas industry in the Gulf of Mexico has the greatest weather exposure in the world and is vulnerable to a range of losses that include physical damage and destruction, business interruption, and pollution liability.

Drilling & Production
SPECIAL REPORT: ERCB update expects bitumen production doubling by 2017
Bitumen production will more than double by 2017 to 3.23 million b/d from 1.32 million b/d in 2007, according to the latest Energy Resources Conservation Board of Alberta update on Alberta oil sands.

SPECIAL REPORT: Markets evolving for oil sands bitumen, synthetic crude
As Canadian oil sands production increases, producers are adopting varied strategies in marketing the bitumen blends and synthetic crude oil (SCO).

Processing
US OLEFINS—FIRST-HALF 2008: High ethane demand tightens coproduct propylene supply
An increase in ethane cracking contributed to reduced coproduct propylene supply during first-quarter 2008.

Nelson-farrar cost indexes


NELSON-FARRAR QUARTERLY COSTIMATING: How indexes have changed
Nelson-Farrar indexes for finished steels changed drastically during 2004-07. Generally speaking, the alloy steels changed less than carbon steel products.

Transportation
US NATURAL GAS—1: Increased Texas-to-Southeast deliveries affect price bases
The Texas-Gulf Coast natural gas pipeline buildout during the last year has caused price and flow changes offering a glimpse into what will likely take place as the construction boom continues.

Regular Features
OGJ Newsletter

OGJ Newsletter


Journally Speaking

Formula for energy security
The National Petroleum Council (NPC) 10 months ago presented to the US Department of Energy its comprehensive study, “Hard Truths,” which addressed maintaining US and world energy security without jeopardizing economic growth.

Letters

Global warming response
It is well known that the hydrocarbon industry, by its very nature, is responsible for a large share of the production of products which go on to become greenhouse gases.

Editorial

Oil sands: the short view
Canadians know energy short-sightedness when they see it. This quality distinguishes them from their neighbors to the south.

Area Drilling

Area Drilling


Editor's Perspective

McCain more like Democrats than Bush on energy
In another display of confusion about energy, Democratic leaders in Congress responded to oil-supply initiatives from the US president and the Republican who would succeed him as though they were identical.

Market Journal

Markets ignore rumors of war
There was virtually no reaction in world oil markets when Iran denied the rumor that Israeli aircraft had attacked its nuclear facilities on June 23, saying such an act would be “impossible.”

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