Posts by Nohito

  • Peak Oil Crisis coming soon?

    The first scare was actually dropped on February 10, when the UK Industry Task Force on Peak Oil and Energy Security issued a report called "The Oil Crunch: A wake-up call for the UK economy."


    According to reports from attendees, the summit yielded some important conclusions:


    • Peak oil is either here, or close enough.
    • Prices will have to go higher as demand outstrips supply.
    • Governments will be forced to intervene to maintain critical levels of oil supply, and limit volatility.
    • Rationing measures may be unavoidable.
    • Electrification of transport must be pursued in order to reduce demand.
    • Communities will need to work quickly to reorganize around walking instead of driving, producing food and energy locally instead of importing, and generally try to reduce their need for oil.


    Above is a part extract from http://www.energyandcapital.com/articles/the-e…oil-denial/1111

    For more oil & gas news, please see the Worldoils Newsletter.

  • Enhanced Oil Recovery (EOR)

    CO2 Flooding is the fastest growing EOR technique in the United States. While the number of thermal and chemical injection projects has decreased significantly since the 1980’s, CO2-EOR projects have more than tripled in the same amount of time.

    Does anybody know if using CO2 for EOR receive carbon offsets?

  • 2009 oil price forecast

    First, let me give a collection of the available news from various sources reproduced below :

    1. News : " Oman has reduced its assumed oil price for the 2009 budget by $10 to $45 a barrel following a plunge of around $100 in international crude prices since July."
    Please read : http://www.arabianbusiness.com/540236-oman-cu…-price-forecast

    2. News : "Goldman Sachs' energy equity research team, which predicted earlier this year that crude oil could spike as high as $200 a barrel, slashed its forecast for 2009 on Friday, by $30, to just $45, as demand deteriorates."
    Please read : http://www.arabianbusiness.com/540896-goldman…-price-forecast

    3. News : "The annual average WTI price is now projected to be $100 per barrel in 2008 and $51 in 2009. "

    Please read : <link removed>

    As you can see nobody knows! We are on our own. But we can have some food for thought. Our own points...
    Let me enumerate a few which collectively could matter our prediction.

    1. Credit crunch - new projects in trouble.New drilling rigs and platforms.
    2. Low oil prices - Again new projects will have trouble. Oil exporting countries are now worried about recession.
    3. Opec decisions soon coming. OPEC has pressure from the member countries.
    4. Reduced spending due to growing unemployment.
    5. Alternative energies are not taking off as fast as they should.
    6. Oil transportation (ships/pipelines) cost factors - aggravated by the piracy problems.
    7. New explorations and oil finds.

    Any more inputs from you guys there?

  • Will crude prices fall below $90?

    Oil touched as low as $107.22, more than $40 off its record high of $147.27 set on July 11.

    The dollar rose to its highest level since February against the euro on speculation oil prices near a four-month low will support economic growth in the U.S., the world's largest energy consumer.

    We are waiting for the oil to fall below $90 first and wish to fall below $60 for stabilising many economies. :D