Posts by Shankar

NYPOST :

Many newspapers are predicting gas prices to hit $5 in USA this summer.

"Goldman Sachs' crystal ball is proclaiming that oil will soon soar to $135 a barrel, and likely have service stations jacking up fuel prices to $5 a gallon in New York just like the summer of 2008 that preceded the recession.
Read more: http://www.nypost.com/p/news/busines…I#ixzz1Nkj5fKJ4

http://www.boston.com

"Memorial Day weekend typically ushers in summer gas price increases along with the summer vacation season. Not so this year. Gas prices fell 15 cents last week, bringing the average for a gallon of unleaded to $3.85. Joseph Petrowski, chief executive of Framingham-based Cumberland Farms Gulf Oil Group, said he expects prices to fall further, dropping below $3.50 a gallon by July 4. Petrowski recently spoke with reporter Megan Woolhouse.

Read more : http://www.boston.com/business/artic…_in_gas_prices/

Decision is yours.

International crude oil prices are expected to go up steadily in the first half of this year due mainly to rising demand, the government said Wednesday.

The Ministry of Knowledge Economy and the state-run Korea National Oil Corp. said the average price for Dubai crude, which accounts for the bulk of South Korea's imports, may reach US$80-85 per barrel for the entire year, although it may surpass the $90 mark, with some predictions hinting numbers exceeding $100.

This is a noticeable gain from an average of a little over $78 tallied for the whole of last year, when oil prices remained relatively stable despite a rebound in the global economy.

The ministry said a forecast of global economic recovery and weakness of the U.S. dollar has spurred demand for oil and other commodities.

"If there are no sudden developments, oil prices should continue to gain in the coming months," the ministry said.

The ministry said that fueled by hikes in oil prices and a surge in demand from China, petrochemical products, such naphtha, may go up in 2011.

In addition to oil and petrochemicals, prices of rare earth elements, vital for making various information technology products, will likely rise in the January-June period, the ministry said, adding that costs of rare earth elements should go up this year as China announced it will move to reduce its export quota of the resource.

Source: GNA

Hi John David.

You are looking at the May 2009 poll. Look at the 2010 poll - interesting

The $6bn Field Development Plan at Qatar’s largest offshore oilfield – Al Shaheen has got a major boost with the successful installation of the 15th and the last new platform and other offshore facilities.

Together with Qatar Petroleum, Maersk Oil Qatar is developing the country’s largest offshore oil reservoir under one of the world’s largest and most complex development plans. The goal is to significantly boost oil production capacity at Al Shaheen Field from the current 300,000 barrels per day.

Maersk Oil Qatar operates Al Shaheen oil field under a long-term exploration and production sharing (EPSA) in co-operation with Qatar Petroleum (QP).
Maersk Oil Qatar’s 2005 Field Development Plan encompasses the installation of new platforms and associated facilities totalling 131,000 tonnes and the drilling of more than 160 oil production and water injection wells, of which 131 have already been drilled.

This is an extract from http://www.gulf-times.com/site/topics/ar…48&parent_id=28

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Worldoils offshore rig market - available rigs : https://www.worldoils.com/searigs

That is interesting.

I understand that many families have found oil in their properties and looking for drilling contractors.

NEW DELHI/NEW YORK: Energy giant RIL is eyeing a big stake in a US natural gas field, for which it is believed to be putting in USD 1-1.5 billion, days after losing its $14.5-billion takeover bid for global petrochemicals major LyondellBasell.

"Under the deal as considered, Reliance would pay between USD 1 billion and USD 1.5 billion to take a joint venture stake with Atlas...," the Wall Street Journal reported today.

Atlas owns the targeted natural gas field Marcellus Shale.

Sources said that Reliance Industries is said to be eyeing a joint venture with Nasdaq-listed Atlas Energy for developing the Marcellus Shale gas operations.

WSJ quoting several people familiar with the matter, said that Mukesh Ambani-led RIL is in "late stage talks to buy a big stake in a US natural gas field".

According to the report, Atlas Energy is said to be seeking a "50-50 partner".

The report said the deal is expected to make RIL, the first Indian company to buy into the Marcellus, which has drawn big investments from other foreign firms.

"Reliance is nearing a deal to partner with Atlas Energy, which controls about 584,000 acres in the expansive Marcellus Shale, a huge gas-bearing formation that stretches from West Virginia to New York," the daily noted.

Meanwhile, an RIL spokesperson declined to comment on the matter and queries sent to Atlas Energy remained unanswered.

This is an extract from http://timesofindia.indiatimes.com/biz/india-busi…how/5691571.cms

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Visit the Worldoils land rigs market page at https://www.worldoils.com/landrigs

Oil prices are heading down toward the $65-a-barrel mark as negative sentiment from last week's poor consumer confidence data dampened traders' mood to invest in equities across the globe.

The International Energy Agency has already slashed its global oil demand forecast, following consistent contractions in gross domestic product of the economies.

Economists are projecting oil demand across the world to rebound in 2010 and think it could rise by almost 1 percent on an annual basis over the following three years.

But as of now, the confidence seems very low.

Thsi is an extract from http://www.upi.com/Energy_Resourc…15261250524489/

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A delegation from India plans to visit Tehran to discuss moving forward with the Iran-Pakistan-India natural gas pipeline in September, officials in Tehran say.

Islamabad and Tehran in June signed a bilateral deal for the proposed 1,724-mile IPI natural gas pipeline.

Insecurity along the intended route through Pakistan, pricing terms and an uncertain role for India continue to weigh on project developments.

Indian Petroleum Minister Murli Deora said in July that the IPI pipeline is a national interest, however.

Iranian Deputy foreign Minister Mohammad Mehdi Akhundzadeh said Tehran expects to host a delegation from New Delhi in September, the Fars news agency reports.

"The visit will likely take place within one month followed by a visit to Tehran by the Indian prime minister," he said.

Pakistan receives 750 million cubic feet per day from the South Pars gas field in Iran to generate electricity under the terms of a 25-year deal. Akhundzadeh added, however, that the 1.9 trillion cubic feet of gas capacity for IPI was adequate for regional energy demands.

"The capacity of the pipeline is so high that it can meet the needs of both India and Pakistan," he said.

The supply and demand fundamentals do not support current crude prices. Then how is it that the oil prices are still high and still about twice that of the beginning of the year.

It is probably the optimism that the global economy will soon recover and demand will improve is propping up crude prices. Good for now. But will we see a fast downtrend soon if the reality emerges?

Yes, in my opinion, a fast drop is possible. The consumption is predicted to still fall this year. So, in reality, the prices should drop.

If the oil price does cross $100 and up again..the chances that it will drop to 60 and below may also be doubtful.
No theories here. Just a thought based on common sense, hoping the world has beccome wiser with less of sub primes etc

Hi Heng Lee.

Seems like your prediction may come true.

Here is an extract from "The National" : http://www.thenational.ae/article/200810…94/1040/OPINION
West Texas Intermediate crude for December delivery fell $2.85 to $61.30 a barrel. Brent crude hit a low of $59.02.

Getting oil from Oil sands and getting oil from the deep oceans - both are expensive.
The projects that started when oil was around $147 will see rough times.

Looks like these projects will have to swallow the bitter pill and get out. With oil at less that $75, there is no bitter pill either. There is no pill.

One small worry - without money, the growth in technology especially deeper drilling will cease for a while.

China :
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Extract from : Xinhuanet

The China National Offshore Oil Company Limited (CNOOC Ltd.) said on Tuesday that another platform at the Peng Lai (PL) 19-3 oil field, China's largest offshore field, had come on stream.

Platform B is one of five platforms in phase II of PL 19-3.
Platforms A and C have started production, with D and E to commence production in succession, according to CNOOC Ltd.

India :
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Extract from : Bloomberg

Reliance Industries Ltd., India's most valuable company, started producing oil at its largest field, moving a step closer to boosting the nation's energy supply.

Production started with 200 barrels of oil a day at one well in MA field in the D6 area of the Krishna Godavari basin on Sept. 17 and reached 7,000 barrels a day today, said a company official, who declined to be named before an announcement likely this weekend.

A few tankers have been hijacked and the seafarers are being held hostages. Of course, it is not just the tankers that are being hijacked. Other types of ships such as container ships are also being hijacked. Huge ransoms are being claimed.

Last week another tanker was hijacked off Mogadishu.

Hijackings may hinder transport of oil to Somalia if the tanker owners stop sending their ships there.

Now the oil prices have gone over $103 very fast.

The US financial aid has rocketed the stock market.
Will people will travelling again?
Will the consumption rise?
Will the OIL PRICES go over $120 again?

Inevitable you say? Let us watch the next few days/weeks.....

We do not doubt that the systems mentioned are top of the line.
Are there any other such systems available in the market?