Beleaguered oil giant BP has received a much-needed boost today after it signed an agreement with Egypt to develop significant gas resources in two offshore fields. The announcement comes just 24 hours after it emerged that engineers have detected oil seepage, despite an announcement last week that the oil leak had finally been stopped. Shares fell 5%
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EROEI of electricity generation Although the peak for coal is not expected for some time, the energy required to mine and transport coal is increasing. Over time high quality black coal will run short and dirtier brown coal will be substituted. This will carry an energy penalty as brown coal is less energy-dense and takes more energy to avoid…
This is an article by Wes Jackson that was previously published by Solutions Journal . We have included a few Campfire questions at the end. The Trouble with Agriculture Across the farmlands of the U.S. and the world, climate change overshadows an ecological and cultural crisis of unequaled scale: soil erosion, loss of wild biodiversity, poisoned land and water,…
Admiral Allen had an update this afternoon. The plan is to continue the test for another 24 hours. Other information reported: The government has ordered additional monitoring of the area while the test continues which includes doubling the seismic mapping runs over the well site. A NOAA sonar ship has also been brought to the site to assist in…
This is a guest post by Matt Mushalik from Australia. Matt writes under the name Matt . Matt’s original article adds details on expected decline by country excluding megaprojects, and what the addition of those megaprojects will do when added to the adjusted total. It can be found at Matt’s blog, crudeoilpeak . OPEC tells us it has lots…
Discovery Channel’s Powering the Future Provides Definitive Look at Global Energy Challenges (Silver Spring, Md.) – As the crisis in the Gulf of Mexico deepens, the ongoing search for viable alternative energy sources is more urgent than ever before, but navigating the complex web of options is both complicated and confusing. This July, Discovery Channel will pull back the…
This thread is being closed. Please comment on http://www.theoildrum.com/node/6742 . At this morning’s press briefing , Kent Wells of BP reported that pressures have now reached 6,745 psi, and are building at about 2 psi per hour. BP is estimating ultimate pressure will be around 6,800 psi. While this is not as high as originally expected, there are several…
Declines in equities markets and new economic data sent crude oil prices lower on Friday. August contracts for West Texas Intermediate crude was down $1.20 to $75.42 per barrel in afternoon trade on the New York Mercantile Exchange, while at last report Brent crude had dropped $1.30 to $74.79 per barrel on the ICE Futures Europe
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With all of our problems in the Gulf of Mexico, we think about importing more from elsewhere. Let’s look at some graphs of net imports of crude oil and refined products, and of some US production amounts, to see what is happening now. Perhaps this will give us insight as to what to expect going forward, and how many…
A report is warning businesses to prepare for a world of increasing oil scarcity and a lower carbon economy or face “catastrophic consequences”. The respected Institute of Strategic Studies (ISS, known as Chatham House) said Britain needs to be ready for “peak oil” and disrupted energy supplies at a time of soaring fuel demand in China
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