Posts by Eliza

  • Gas Prices in 2012

    Ex-Shell Oil boss: $5-a-gallon gas possible by 2012

    After a couple years of relatively low gas prices, $5-a-gallon gas could come as soon as 2012, predicts former Shell Oil President John Hofmeister, according to CNN Money. He gave his forecast in a television interview.

    The good news is that $5 is his worst case prediction. Other analysts, including Tom Kloza of Oil Price Information Service, see gasoline reaching $5 a gallon in the new decade, but not by 2012. A gallon of regular gas averaged $3.06 a gallon yesterday, AAA reports.

    The predictions take into account a growing global economy tightening the world's oil supply. Holfmiester, seen the photo at right from 2006, cites China's and India's growth and President Barack Obama's crackdown on offshore drilling as the primary reasons for the short-term gas hike.

    There's little that Americans can do to affect the price of oil, according to CBS News. According to the EIA, while it will take developed countries like the United States, Japan and Europe until after 2020 to reach 2007 levels of oil consumption, the developing economies of the world will bring us back to pre-2007 levels of oil consumption by the end of this year.

    World Oil and Gas Prices

  • Oil Price Forecast 2010 - Crude Oil Forecast 2010 - What will the Crude Oil prices be in June 2010?

    By SPENCER SWARTZ

    LONDON—The International Energy Agency Friday said it expects world oil demand in 2010 to resume trend growth seen earlier this decade, a bullish call, as economic activity advances in the second half of the year.

    World crude consumption this year is expected to clock growth of 1.8%, or 1.6 million barrels a day, with all of that increase coming from emerging markets like China, the Paris-based agency, said in its monthly oil market report.

    "We are seeing demand growth back on trend level that we saw earlier this decade," said David Fyfe, who edits the IEA report. The forecast represents a slight upward revision from January of 70,000 barrels a day.

    The agency, an energy watchdog for big consuming nations like the U.S., said world oil demand started growing again in the fourth quarter after dropping five straight quarters.

    The IEA has been among the more bullish forecasters in the oil market. Other analysts think issues like high U.S. unemployment, weak lending and economic problems in Europe will thwart consumer activity, all of which will retard global oil demand growth to just around half the rate the IEA is currently projecting.

    Crude prices Friday in New York traded up around 15 cents at $82.25 a barrel at 0840 GMT, as dealers mull whether prices can retest a 15-month high of $83.95 a barrel hit last month on optimism about economic recovery.

    Write to Spencer Swartz at spencer.swartz@dowjones.com

    This piece is an extract from http://online.wsj.com/article/SB1000…=googlenews_wsj

  • Kuwait and China cooperation

    Kuwait's crude oil exports to China plunged 49.2 percent in October from a year earlier to 311,000 tons, equivalent to around 73,000 barrels per day (bpd), for the third consecutive month of fall, latest official data by the Chinese government shows. Kuwait provided 1.6 percent of China's total crude oil imports, compared with 2.7 percent in September, according to the General Administration of Customs.

    Kuwait's exports in the first 10 months of 2009 totaled 5.95 million tons (144,000 bpd). China's overall imports of crude oil in October rose 19.7 percent year-on-year to 19.34 million tons (4.58 million bpd). China is the world's second-largest oil consumer after the US.

    Angola came back as China's top supplier with its shipments increasing 53.0 percent from a year earlier to 3.83 million tons (905,000 bpd), followed by Saudi Arabia with 3.82 million tons (903,000 bpd), up down 1.1 percent. Iran became third, with imports from the country shrinking 6.4 percent to 1.65 million tons (389,000 bpd).

    The planned 300,000 bpd refinery in the southwestern Guangdong Province, which is jointly owned by Kuwait and China, will be put into commercial operations as early as 2013. The project is expected to serve as a driving force for Kuwait towards achieving its China-bound crude oil export target of 500,000 bpd by 2015, state-run Kuwait Petroleum Corporation (KPC) has said.

    This is an extract from http://www.menafn.com/qn_news_story_s.asp?StoryId=1093285067
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    Worldoils Notes : https://www.worldoils.com/oilevents.php

  • CNG ships soon?

    The article below is an extract from <link removed> dated June 2004

    EnerSea Transport is advancing its efforts into the next phase of two international gas development and import project proposals for the Philippines and New Zealand using EnerSea's compressed natural gas (CNG) marine transport and storage systems and services. The two gas supply projects are being led by Unocal and Oil Search, respectively. EnerSea along with Oil Search and Itochu have signed a Pre-Development Agreement to perform a comprehensive feasibility study to establish the viability of a large scale CNG transportation project to ship natural gas from Papua New Guinea (PNG) to New Zealand.

    The initiative seeks to develop a cost effective means for helping meet New Zealand's projected gas supply shortfall by providing supplies from Oil Search's extensive gas portfolio in PNG via EnerSea's gas carriers and systems. Itochu is participating as a project development partner with EnerSea and Oil Search. The joint effort is being conducted with the intention of commencing front end engineering and design (FEED) for the project before the end of 2004.

    EnerSea also confirmed that it is engaged in a major gas transport proposal with Unocal and EnerSea's maritime shipping partner, Kawasaki Kisen Kaisha ("K"Line), to supply gas to the Philippines. The project initiative was recently announced at a ceremony held in Manila that included prospective gas offtakers and Philippine Department of Energy staff. Natural gas from Unocal's operations would be used initially to supply fuel for the Philippines' power generation needs. Additional volumes may also be accommodated in the future, as market demand increases and/or the project expands its service to supply additional Philippine markets.

    Commenting on the major project proposals, EnerSea Managing Director Paul Britton said, "These two opportunities reflect the steadily increasing recognition by gas developers, governments and end users of the unique value and application that CNG transport solutions can create for all shareholders in the gas chain." Katsue Yoshida, "K"Line Managing Director -- Energy Transport Division, said, "With "K"Line's long history of gas transportation, we are well prepared and fully committed to contribute to the successful implementation of these CNG projects."

    "EnerSea is pleased to be at the forefront of the CNG evolution from the development of robust and innovative technology to project implementation," Britton continued. "These project initiatives along with our other activities in places like Atlantic Canada and elsewhere clearly signal that industry now sees CNG marine transport as a global solution ready to be applied to the stranded gas challenge. We expect to implement our US-based technology not only in international markets but also here at home where we face tremendous energy supply concerns."
    CNG Carrier One Step Closer

    EnerSea Transport LLC, in association with its maritime partners, Kawasaki Kisen Kaisha, Ltd. ("K"Line) and Hyundai Heavy Industries Co., Ltd. (RHI), announced that its VOTRANS gas carrier achieved "Class Approval in Principle" (AIP) from ABS (American Bureau of Shipping). This is a major milestone in the companies' ability to deliver compressed natural gas (CNG) through the world's first commercial large-scale marine gas transport system of its kind. "Class Approval in Principle is further independent validation of VOTRANS' solid engineering foundation and allows us to launch our industry-leading CNG capabilities," said EnerSea's Managing Director Paul Britton.

    <link removed>
    This achievement enables EnerSea to commence commercial deployment of its VOTRANS gas transport services to the industry. With U.S. natural gas demand projected to reach 32 trillion cu. ft. by 2020, industry and government alike are seeking innovative solutions.

    "Undeveloped gas resources in the deepwater Gulf of Mexico, Atlantic Canada, Alaska, Trinidad, Venezuela and Colombia are all ideal prospects for helping meet U.S. gas demand using EnerSea's transport services," explained Britton. EnerSea's plans for deployment will enable gas operators to begin shipping these new volumes in early 2007.

    EnerSea and its partners recently concluded a comprehensive engineering program that started in June 2002 and culminated with the AIP award for its "V800" class vessel design. The V800 is designed to carry 700 to 800 million cu.ft. (MMcf) of natural gas, depending on the specific gas composition. EnerSea intends to use this vessel to support economic gas transportation services for applications with average supply rates ranging from 300 to 500 MMcf per day to markets up to 2,500 miles away.

    VOTPANS V800* Main Particulars
    Capacity 700 MMscf (lean)
    800 MMscf (Rich)
    Length, o.a 1,004 ft. (306 m)
    Length, b.p 954.7 ft. (291 m)
    Beam 164-ft. (50 m)
    Hull depth 89.9-ft. (27.4 m)
    Full load draft 33.9 ft. (10.3 m)
    Lightship draft 24.6 ft. (7.5 m)
    Full load displacement 120,300 mt
    Lightship displacement 87,900 mt
    Gas cargo weight 19,600 mt
    Deadweight 40,600 mt
    Service speed 18 knots
    Crew 36
    Classification ABS
    October 2003

    EnerSea also offers V600 and VIOOO vessel classes that will enable the company to support production rates ranging from 150 to 700 MMcf per day over distances up to 3,000 miles. The ability to safely and efficiently operate and manage gas fleets is of paramount importance to EnerSea. "K"Line joined EnerSea's maritime partnership to support the engineering program and to develop vessel operations procedures. "K"Line will own and operate the initial VOTRANS vessels by way of dedicated time charter agreements.

    VOTRANS utilizes EnerSea's patented and proprietary technology with design storage pressures of well less than 2,000 psi. EnerSea's team was able to dramatically reduce the thickness and weight of the steel required for the containment system, thus increasing storage efficiency and reducing overall cost.

    VOTRANS is designed to land natural gas via cost-effective offshore gas ports, thus eliminating the need for expensive new onshore gas terminals which are more difficult to pen-nit and build. Other important participants in EnerSea's engineering program included Paragon Engineering and A.C. McClure Naval Architects, both of which have been involved from the beginning in EnerSea's VOTRANS development.

    EnerSea has developed a range of vessel size classes, including the V600 and VIOOO for smaller and larger transport needs, respectively, to provide clients with an optimum gas delivery solution. These vessels may be further tailored to confidently meet a project's unique and demanding transport requirements, such as specific capacity, gas composition, sea state and loading and offloading rates.

  • Will the oil price jump like last year?

    Let me say it too. It is probably (almost surely) that the oil price spike of 2008 was due to speculation.


    Let me think as a different individual who thrives on speculation. I am good at playing the money game by using speculation and I have succeeded in making money. I bought oil at $85 and sold at $143. Speculators are good. They helped me make money.


    True, but not the same with the others. Some bought at $146 and lost badly. Some investors who saw the housing collapse decided to jump in the fast growing and mouth watering oil price upward movement. It is said "Never buy a falling stock" which probably translates indirectly to "Buy oil when the prices are rising (especially at this momentum)".


    Since I made money on speculation of the oil prices, I should say - Keep the speculators in. They help me. But for the sake of the general public and a bit of well needed economic balance, keep speculators out. But how??

  • Crude Oil price forecast 2009 - What will it be in December 2009?

    It is always very difficult to predict and the greatest gurus can be wrong. This is because there are so many varying factors in the oil prices and these cannot be foreseen.

    There are however many thinkers and analysts who do come quite close to the actual figure. These people are the winners.

    For making investment decisions, we do need a prediction of some sort. Maybe we can add our views to the forecast poll and see if we were right.
    If adding a poll, please write your thoughts on why you think your predicted figure is right.

  • Enhanced Oil Recovery (EOR)

    This is an extract from <link removed>

    The Greenhouse Gas Storage Act 2009 (Qld) (Act) was assented to on 23 February 2009. The Act provides a tenure framework for onshore carbon capture and storage in Queensland and establishes two types of greenhouse gas (GHG) tenure - GHG exploration permits and GHG storage and injection leases.

  • Investigator stirs up 2006 Alaska Oil spill

    The former head of an EPA criminal probe into pipeline spills at a BP PLC oil field in Alaska claims the Justice Department prematurely shut down the investigation and settled with the company for less than the case may have warranted.

    The Environmental Protection Agency in early 2007 considered seeking penalties of as much as $672 million and possible felony charges against BP for the 2006 spills, depending on what the probe uncovered, the former EPA official and EPA agree. The possible fine was based on variables such as how much money BP saved by not performing pipeline maintenance.

    BP admitted in October 2007 to the lack of maintenance in a plea agreement to a lesser misdemeanor charge. It agreed in federal court in Alaska to plead guilty to the misdemeanor violation of the Clean Water Act, to be fined $20 million and to serve three years probation.

    Above is an extract from The Wall Street Journal : <link removed>