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India won't cut duty on oil imports
Published: May 15, 2008 at 9:40 PM
NEW DELHI, May 15 (UPI) -- Indian Finance Minister P. Chidambaram said there will be no reduction in the duty charged on imported oil, despite soaring energy prices. -
Lundin Petroleum announces oil find
Published: May 15, 2008 at 9:10 PM
STOCKHOLM, Sweden, May 15 (UPI) -- Swedish independent oil and gas company Lundin Petroleum AB announced a new find of oil and gas in the North Sea. -
Google, BP, invest in BrightSource Energy
Published: May 15, 2008 at 6:13 PM
OAKLAND, Calif., May 15 (UPI) -- Google is one of a number of companies that have invested $115 million in solar energy projects.
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UPI Energy Watch
Published: May 15, 2008 at 12:19 PM
OPEC cuts estimate of growth in world oil demand for 2008; The United Arab Emirates' crude oil output increased last month; Philippine government may cut taxes on oil and gas -
Nigerian militants attack oil vessel
Published: May 15, 2008 at 11:10 AM
By CARMEN GENTILE
UPI Energy Correspondent
Jimmy Carter and Barack Obama have called for a resolution to the conflict between rebels intent on crippling Nigeria's petroleum industry and government officials. -
Mongolia, coal and inflation
Published: May 14, 2008 at 7:56 PM
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UPI International Correspondent
WASHINGTON, May 14 (UPI) -- Rising fuel and food costs are hitting Mongolia hard, with foreign investors exploiting the situation to pressure the country to open up its economy. Given the country's political isolation, sandwiched between China and Russia, its two major trading partners, Ulaanbaatar is being held over the proverbial barrel in negotiations with its giant neighbors, leaving its population of 2.9 million nervously awaiting further aftershocks from rising inflation. -
Congress blocks administration from stockpiling oil
Published: May 14, 2008 at 7:28 PM
By ROSALIE WESTENSKOW
UPI Correspondent
WASHINGTON, May 14 (UPI) -- Faced with growing pressure to decrease gas prices, U.S. senators voted to stop stockpiling oil in the national reserve yesterday, but they rejected a plan to increase domestic production. -
UPI Energy Watch
Published: May 14, 2008 at 3:47 PM
IEA: Developing nations cause high oil prices; New oil, gas fields will add to Indonesia supply; Australia says oil, gas tax breaks to go -
Climate change may upset oil supplies
Published: May 14, 2008 at 3:43 PM
By ROSALIE WESTENSKOW
UPI Correspondent
WASHINGTON, May 14 (UPI) -- Climate change could disrupt U.S. energy supplies by seriously damaging key infrastructure in the country, experts testified Tuesday before Congress.
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KRG: 1M barrels of Iraq oil by 2012
Published: Nov. 27, 2007 at 9:37 AM
WASHINGTON, Nov. 27 (UPI) -- Iraq's Kurdish region plans on producing 1 million barrels -- nearly half of Iraq's total production today -- in five years, the region's oil minister said.
"Bear in mind all exploration takes three to five years before we get to a point that we potentially export," said Ashti Hawrami, natural resources minister of the Kurdistan Regional Government.
Speaking with United Press International at the start of his visit to the United States, Hawrami said the controversial exploration and production deals the KRG has signed has it on track to contribute to Iraq's oil sector.
"Our focus for all of this activity will be around 1 million barrels a day in five years' time," Hawrami said. "This is all new oil that Iraq never had and the way the Oil Ministry in Baghdad is going it never would have had. So we're doing a big favor for the Iraqi people."
Baghdad says the KRG is acting unilaterally by signing its own oil deals -- let alone implementing its own oil law -- while a national law governing the oil sector is stuck and consensus as to the contracting rights has not been reached.
He said currently there is no oil being produced in the KRG, aside from test oil from the Tawke oil field. Danish firm DNO won the production-sharing contract for the field in 2004 and is now doing "preparatory work for the long-term production," Hawrami said.
Another field, Taq Taq, signed to a joint venture between Turkey's Genel Enerji and Canada's Addax Petroleum, will also contribute to short-term production in the KRG, he said.
"Within about two years: 200,000 (barrels per day), building up to 350,000, and then building up to a million within five years," Hawrami said. Iraq has averaged about 2 million barrels per day since 2003, though in recent months tighter security has increased it to nearly 2.5 million bpd.
He said most of it will be exported, though tensions with Baghdad, as well as Turkey, Syria and Iran -- with fears their Kurdish populations will be emboldened by Iraqi Kurdish success -- are likely to block any export routes.
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Ben Lando, UPI Energy Editor
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(e-mail: blando@upi.com)
"Bear in mind all exploration takes three to five years before we get to a point that we potentially export," said Ashti Hawrami, natural resources minister of the Kurdistan Regional Government.
Speaking with United Press International at the start of his visit to the United States, Hawrami said the controversial exploration and production deals the KRG has signed has it on track to contribute to Iraq's oil sector.
"Our focus for all of this activity will be around 1 million barrels a day in five years' time," Hawrami said. "This is all new oil that Iraq never had and the way the Oil Ministry in Baghdad is going it never would have had. So we're doing a big favor for the Iraqi people."
Baghdad says the KRG is acting unilaterally by signing its own oil deals -- let alone implementing its own oil law -- while a national law governing the oil sector is stuck and consensus as to the contracting rights has not been reached.
He said currently there is no oil being produced in the KRG, aside from test oil from the Tawke oil field. Danish firm DNO won the production-sharing contract for the field in 2004 and is now doing "preparatory work for the long-term production," Hawrami said.
Another field, Taq Taq, signed to a joint venture between Turkey's Genel Enerji and Canada's Addax Petroleum, will also contribute to short-term production in the KRG, he said.
"Within about two years: 200,000 (barrels per day), building up to 350,000, and then building up to a million within five years," Hawrami said. Iraq has averaged about 2 million barrels per day since 2003, though in recent months tighter security has increased it to nearly 2.5 million bpd.
He said most of it will be exported, though tensions with Baghdad, as well as Turkey, Syria and Iran -- with fears their Kurdish populations will be emboldened by Iraqi Kurdish success -- are likely to block any export routes.
--
Ben Lando, UPI Energy Editor
--
(e-mail: blando@upi.com)
© 2007 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
