Posts by Ivanov

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

    Herald News ServicesDecember 12, 2009

    Societe Generale SA raised its average crude oil price forecast for next year in New York by 7.6 per cent to $88.75 US a barrel, on expectations that fuel demand will grow as the economy improves.

    The bank boosted its previous forecast for the year by $6.25 a barrel from $82.50. Oil has averaged $61.38 a barrel so far this year on the New York Mercantile Exchange. Prices dropped 7.4 per cent to $69.87 a barrel this week, in the biggest decline since September.

    "We expect oil demand to recover in 2010, growing by 1.4 million barrels a day over the year, assuming a modest global economic recovery of 3.5 per cent," said Mike Wittner, Londonbased head of oil research, in the bank's commodities outlook for the first quarter of 2010. "OPEC will be in the driver's seat and will continue to carefully restrain output."

    The bank forecast West Texas Intermediate crude oil price will average $92.50 in the third and fourth quarters of next year.

    This is an extract from : http://www.edmontonjournal.com/business/Socie…3721/story.html

  • World’s biggest drilling rig

    This is an extract from Intech at URL : <link removed>
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    World’s biggest drilling rig will head north

    “We have an ice laboratory in Finland,” Gary Mandel related from his chair on the Arctic Energy Developments panel, at OTC in Houston, Wednesday.

    That’s one of the latest developments pushing new arctic technologies for recovering oil and gas from the harshest areas on the planet.

    Mandel works at Aker Solutions, which has won projects like Ormen Lange, Snoehvit, Kashagan epf, and Sakhalin II. In that the Arctic is at the top of the list for virgin oil fields, his organization is pursuing and helping develop technology to deal with the harshest environments.

    (The next energy “hot” spots on earth are, in order, the top five, from the hottest: the Arctic, Brazil, West Africa, Iraq, and East Africa.)

    Ice management has to do with the tracking of icebergs that might damage oil extraction equipment and modeling and simulating ice-flow movements in the effort to avoid infrastructure loss. Mandel’s outfit works at this too.

    They are building and are about to launch the biggest oil-drilling rig in the world. It’s green, it’s automated, and its workspace is even climatized. They are constructing it in the Middle East.

    It’s a semi submersible drilling platform for ultra deepwater and harsh environments.

    The new rig is not only the worlds biggest, it is the most advanced drilling semi. It has features that make it particularly well suited for drilling under extreme conditions, such as ultra deep waters, hostile surroundings, arctic waters, and great distances from existing infrastructures.

    The rig will be able to drill and complete wells in water depths ranging from 100 to 3000 meters even in such harsh environments.

    – Nicholas Sheble

  • Investigator stirs up 2006 Alaska Oil spill

    Here is an interesting reading by Joel Connelly title : Big oil gets help leaving footprints in Alaska.

    He writes :


    British Petroleum got off by agreeing to one misdemeanor count and paying a total of $20 million in fines and restitution. The EPA had calculated the appropriate fine levels -- depending on economic assumptions -- at $58 million all the way up to $672 million.

    The U.S. Supreme Court let off Exxon Mobil Corp. earlier this year, reducing from $2.5 billion to $507 million a punitive damages award to fishermen, native villages, local governments and others harmed by the 1989 Exxon Valdez oil spill.

    Please read : http://seattlepi.nwsource.com/connelly/38878…tml?source=mypi