2001.02.27
Houston Chronicle:
Global-warming reports
put hot issue on front burner for Bush.
"Introducing a note of urgency at the new administration's first Cabinet meeting,
Treasury Secretary Paul O'Neill distributed copies of a speech he had given in 1998,
in which he warned that delaying action to stem global warming by only a few years
could pose `real danger to civilization.'"
On the same subject:
New York Times:
A Global
Warning to Mr. Bush.
"Mr. Bush has asked Vice President Dick
Cheney and a blue-ribbon team to devise an energy
strategy, which will almost certainly recommend a
more aggressive search for oil and gas. Yet so far as
is known, he has not asked anyone to figure out
how the country should deal with the consequences
of burning those fuels."
[via Scripting News.]
And speaking of an energy policy:
Oil & Gas Journal:
Industry
groups applaud opening of energy policy debate.
->
O.k., I know there's a lot of self-serving PR BS in this article; whenever
an energy industry spokesperson uses the phrase "environmentally
thoughtful," someone should at least give him/her a skeptical look.
But I think the energy industry (with the possible exception of ExxonMobil)
is learning that it is in its own best interest to not always be
transparently self-interested, particularly w.r.t. the environment and
global warming. At least we're moving in the right direction. We can't
formulate an energy policy without an environmental policy, and vice
versa. They are flip sides of the same coin.
Most earth scientists are employeed in the energy and mineral exploration
industries. We have strong ties back to the university scientists who are
doing global warming and pollution research. We need to exercise some
integrity and get out front on these issues!
Other stuff:
Houston Chronicle:
TGS-Nopec agrees to
buy Symtronix.
"TGS-Nopec Geophysical Co. ASA says it has agreed to acquire Symtronix, a
privately held Houston company that provides seismic data loading and
format conversions for the oil and gas industry. The price will be
approximately $750,000 in cash and stock, with the closing expected
within two weeks."
->
$750,000? They're lucky they didn't have to pay TGS to acquire them! I'm
not knocking Syntronix, whoever they are, just commenting on the pathetic
valuations of companies in the seismic sub-industry.
2001.02.26
Good points from an oil company mouthpiece:
Oil & Gas Journal: Pirinc
says US energy plan shouldn't focus on lowering oil imports.
"`While tight world oil supply conditions for much of last year produced
sharply higher crude oil prices, local supply problems were at least as
important in their impact on consumers-and were not confined to oil.'"
...
"Pirinc said import dependence should not be confused with vulnerability
to disruption in world oil supplies. It noted that as long as the US
participates in the world oil market, a supply disruption anywhere will
affect the US through its effects on worldwide oil prices."
Oil & Gas Journal: MMS
sets terms for Mar. 28 Central Gulf of Mexico lease sale.
2001.02.22
Oil & Gas Journal:
Gas
geysers in Hutchinson, Kan., puzzle investigators.
"The first eruption triggered an explosion that destroyed two businesses
and damaged 26 others in downtown Hutchinson. About 6 hr later, another
geyser shot up on the east edge of town. On Jan. 18, escaping gas exploded
in a trailer park, injuring three people, two of whom later died."
2001.02.20
A number of energy stories relevant to threads I've been following:
Oil & Gas Journal:
JP
Morgan executive predicts more oil mergers coming.
Oil & Gas Journal:
Industry
leaders question if production can expand to meet demand.
"... with world demand growing 2%/year for oil and more than 3% for gas,
some industry leaders at that conference questioned whether they can meet
projected markets in the range of 140 million b/d of oil equivalent by
2010."
Oil & Gas Journal:
US
Supreme Court upholds Unocal's reformulated gasoline patent.
"The US Supreme Court's opinion Tuesday upholding
Unocal Corp.'s patent for cleaner-burning reformulated gasoline (RFG)
calls into question the feasibility of the federal Clean Air Act that
it's supposed to advance, said an industry official."
Houston Chronicle:
Paradise lost? Global
warming seen as threat.
2001.02.15
WSJ (subscription):
Schlumberger
to Find Out If Oil and High-Tech Mix. Pact to Buy Sema Stirs Doubts,
Given Dull Record Beyond Oil.
"The Sema deal will reduce oil-field services' share of overall revenues
to about 60% from 73%."
AP:
Panel:
Risk to Oil Supply Will Grow .
"Among other task force findings are that over the next 20 years[,]
world energy demand will increase by 50 percent
and at some point developing countries, led by China,
will begin to consume more energy than the developed
countries."
2001.02.14
Here's proof that oil industry leaders can get together for a serious
discussion of public policy issues, and not sound like a bunch of
self-absorbed greedy fat-cats:
Oil & Gas Journal:
Industry
leaders see challenges as energy business changes.
"... the disparity between the massive tax revenue that
governments of consuming countries reap from refined petroleum products
and the `tiny fraction' that producing countries get for the sale of their oil is
a `time bomb' that threatens the system, said Herbert Detharding, CEO of
Wintershall AG, a subsidiary of the BASF Chemicals Group."
->
I've always been in favor of a high tax on energy as a means of
promoting conservation. But I'm willing to admit that there are
fairness issues w.r.t. how that tax revenue is reinvested.
Paradigm
Geophysical Inaugurates $10 Million Turnkey Project in India.
"Paradigm Geophysical Limited (Nasdaq:PGEO) is pleased to announce the
handover of the largest computer center in India to Oil and Natural Gas
Company of India (ONGC)."
2001.02.13
Houston Chronicle:
New ChevronTexaco
execs show deal's an acquisition.
"`Looking down the list, I guess you can find one or
two Texaco names if you look really hard,' Mark
Gilman of ING Barings said."
Anadarko keeps on growing --
Houston Chronicle:
Anadarko
acquiring Berkley. Purchase to speed up Canadian gas plans.
Oil & Gas Journal:
Schlumberger
to buy Sema for $5.2 billion.
"[Euan Baird, chairman and CEO of Schlumberger,] said Sema provides the
`competencies' Schlumberger needs `to continue
to add strong IT technology, systems integration and consulting
competencies on a global scale to both accelerate the growth in our core
vertical markets and to establish ourselves as a leading information
solutions provider in those core vertical markets.'"
->
So, is Schumberger still an energy service company, or what?
Oil Online:
The
Nigerian scam persists.
2001.02.12
WSJ (subscription):
World
Demand for Oil Abates, In Pace With Global Economy.
"World demand for oil has fallen by 140,000 barrels
per day to 1.5 million barrels per day, the
International Energy Agency, based in Paris, said
Monday in its monthly report.
"It predicted continuing volatility in oil markets
because of moves by the Organization of Petroleum
Exporting Countries to cut production to keep prices
high, and the consequent reduction in oil inventories."
2001.02.09
Glass half full:
WSJ (subscription):
Despite
Disruptions, California Businesses Weather Electrical Storm Surprisingly
Well.
Glass half empty:
Oil & Gas Journal:
California
ISO projects huge power shortfall.
"With summer approaching, the California Independent
System Operator (ISO) is tentatively forecasting a June shortfall of 6,815
Mw during peak loads, enough electricity to power roughly 6.8 million
homes.
"The prospect of such catastrophic outages is `unbelievable,' says Ed
Krapels, director of gas and power for Energy Security Analysis Inc.
`That's an amazing number.'"
2001.02.07
Oil Online:
[Norsk]
Hydro sets up technology venture.
"Norsk Hydro set up a fund, Norsk Hydro Technology
Venture, which will invest in energy sector research and
development projects implemented outside of the company's
own operations. Hydro has allocated $29.2 million for this
type of investment over the next four years. The fund will
inject capital into companies developing projects that are of
importance for Hydro that impact the company's energy
operations."
This seems like an appropriate place to point to this article
by Ken Larner, published in last month's The Leading Edge.
"The figure shows that the energy sector invests in R&D to the tune of
about 0.4%, as compared with more than 10% for each of the first three
sectors: drugs and medicine, scientific instruments, and communications
equipment. The percentage for the energy sector, shown here for 1995,
is down by about a factor of two from a decade before; moreover,
today's percentage is down further from the 1995 value shown in the
slide."
