Oil and Gas Journal - June 02, 2008
General Interest
Refining margins dampen first-quarter earnings
Record-high worldwide oil prices and strong natural gas prices drove oil and gas company earnings in the first quarter of 2008, but weak downstream margins weighed on profits.

Indonesia leaves OPEC, unhappy with influential power
The Indonesian government, reportedly registering a protest at high global oil prices, has decided to terminate its membership in the Organization of Petroleum Exporting Countries, effective yearend.

WATCHING THE WORLD: Price hawks drive Indonesia away
Indonesia’s decision to leave the Organization of Petroleum Exporting Countries is thought to have been a long time in coming, and due to its inability to cast much influence over the group (see story, p. 22).

Aussie NWS condensate excise may herald tax breaks
The Australian government may use the $2.5 billion (Aus.) gained over the next 4 years from the imposition of excise taxes on North West Shelf condensate production to pay for a new round of assistance to get other struggling multibillion dollar gas project proposals off the ground (OGJ Online, May 14, 2008).

Deloitte: Call made for wider national energy debate
The national energy and environmental debate will need to widen notably if it intends to create necessary dramatic changes, said speakers at a leading energy conference May 19-20.

WATCHING GOVERNMENT: The worst time for a bad image
It’s not often that a message from a break-out session at a financial service company’s energy conference is dramatically illustrated within a few days.

Campaign aides: Motor fuel transition may be starting
Record high crude oil and gasoline prices may be starting a transition to clean fuels from renewable and alternative resources, energy advisors from the three leading US presidential campaigns said.

BLM: Most remaining federal onshore oil, gas off-limits
US onshore public lands contain an estimated 31 billion bbl of crude oil and 231 tcf of natural gas, reported the US Bureau of Land Management in its latest inventory.

Maari field FPSO completed at Jurong shipyard
Sembcorp Marine Inc.’s Jurong shipyard delivered the Raroa floating production, storage, and offloading (FPSO) vessel to Tanker Pacific Offshore Terminals Pte. Ltd. in early April 2008.

Hofmeister suggests means for US to control its energy destiny
Congress could take a decisive step to reduce energy prices by lifting some or all of the oil and gas exploration and production restrictions it has imposed, Shell Oil Co. Pres. John D. Hofmeister told a US House committee May 22.

Kempthorne says polar bear threatened, not endangered
The polar bear will be listed as a threatened species under the federal Endangered Species Act (ESA), announced US Interior Secretary Dirk A. Kempthorne on May 14.

House Republicans reveal energy legislation package
US House Republicans announced a legislative package on May 22 to increase domestic oil and gas production, encourage construction of new oil refineries, and facilitate coal-to-liquids research and oil shale development.

Exploration & Development
SPECIAL REPORT: Integrating surface seismic velocity into subsurface interpretation in the gulf
The critical role played by accurate seismic velocity measurements in imaging is well documented.

Drilling & Production
DeSoto drilling for Southwestern Energy
Houston-based Southwestern Energy Production Co. is drilling a four-state portfolio after forming its own drilling company and building a new fleet of rigs.

New NMR approach evaluates tight gas sand reservoirs
A new approach for evaluating neutron magnetic resonance (NMR) logs can determine permeability in tight gas reservoirs.

Processing
Ethanol from wood waste an opportunity for refiners
A recent prefeasibility study explored wood waste-to-ethanol as a significant, ready source of second-generation biofuels, as well as the opportunities for refiners and marketers to participate with pulp and paper mills in these biofuels projects.

Nelson-farrar cost indexes


Transportation
Remote digital temperature monitoring aids hydrotests
A new system allows real-time remote temperature monitoring along the length of a pipeline during hydrotesting.

Regular Features
OGJ Newsletter

OGJ Newsletter


Journally Speaking

CCS is a question of scale
Carbon capture and storage (CCS) is being touted as a promising method of reducing carbon dioxide emissions into the atmosphere.

Letters

Global warming risks
The present news and government-sponsored furor about global warming has ignored all facts that do not follow their desires blindly (OGJ, May 5, 2008, Newsletter).

Editorial

Salaries as bludgeons
For their latest trek to Capitol Hill May 21 to absorb empty-headed insults from politicians, oil company executives merit little pity.

Equip/Software/Lit

Equipment/Software/Literature


Editor's Perspective

Yes, the world’s running out of oil; what’s new?
The oil market seems to have panicked over the possibility that the end of oil availability has come into view.

Market Journal

Politicians ponder price peak
The July contract for benchmark US light, sweet crudes traded above $135/bbl on the New York Mercantile Exchange just prior to the May 26 Memorial Day holiday that marked the unofficial start of the summer driving season in the US.

Services/Suppliers

Services/Suppliers


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