---------- Forwarded message ---------- From: Surahman Wiryo <[EMAIL PROTECTED]> Date: Jan 21, 2008 7:08 PM Subject: [IndoEnergy] Oil demand to peak before supply: BP To: [EMAIL PROTECTED]
http://www.guardian.co.uk/feedarticle?id=7237552 Petronas to start work in south Sudan oil block - Reuters - Friday January 18 2008 By Skye Wheeler JUBA, Sudan, Jan 18 (Reuters) - Malaysia's Petronas got permission from south Sudan's government on Friday to begin oil exploration in block 5B, after agreeing to let Moldova's Ascom Group keep part of the concession, an official said."Petronas from tomorrow will move into the location 5B," the south's minister for industry and mining, John Luk, said. He is also a member of Sudan's National Petroleum Commission (NPC), the country's top decision-making body on oil matters. During decades of civil war in Sudan's south, oil contracts signed with the northern government were declared void by the southern rebels, who entered deals with smaller companies like Ascom to begin oil exploration in their areas.Following a 2005 peace deal, the NPC mediated the conflicts of interest and in July last year agreed Petronas could keep its share in Block 5B provided it allowed Ascom, already working in the area, a share in the venture. Block 5B lies partly in the swampy Jonglei state. Jonglei governor Kuol Manyang Juuk told Petronas, at a Friday meeting in the south's capital Juba, that he would allow it access for the first time.It was not immediately clear what percentage of the concession Ascom would take. "We have a committee to assess... They will come up with Ascom's investment so that is taken into consideration when determining that share," Luk said. Block 5B, covering more than 20,000 square km (7,723 sq miles), is operated by the consortium WNPOC (White Nile Petroleum Operating Company) led by Petronas and including India's ONGC Videsh, Sudan's state-owned Sudapet and Nilepet and Sweden's Lundin Petroleum."It was a compromise between the two levels of government (state and national) that Ascom will join the consortium. Ascom will be a part of you, whatever," Luk told WNPC members. He said Petronas equipment to conduct seismic testing in the area is already on the River Nile in vessels that would be unloaded in the 5B area on Saturday. Luk said all petroleum companies should work more closely with the semi-autonomous southern government. "They must have presence in Juba and in the state capitals...for all the companies but starting with WNPOC," he said.Around 2 million people died in the north-south conflict that analysts say was partly fuelled by the discovery of oil. Under the peace deal, south Sudan receives 50 percent of revenues generated from wells in the south.Another company also signed by the former southern rebels, Britain's White Nile lost its right to part of the massive Block Ba to Khartoum-signed French giant Total in an NPC ruling last year. (Editing by Opheera McDoom and Anthony Barker) http://timesofindia.indiatimes.com/Developmental_Issues/Oil_demand_to_peak_before_supply_BP/articleshow/2708521.cms Oil demand to peak before supply: BP 17 Jan 2008, 1900 hrs IST LONDON: World oil production may peak in the coming years, but it will be because of a decline in demand for petroleum rather than constraint on supply, a BP economist said. The comments come in the wake of remarks from other industry officials who in recent months have questioned mainstream supply forecasts, suggesting a peak in output may be closer than the industry has previously admitted. "I believe there is a realistic possibility that world oil production will peak within the next generation as a result of peaking demand," BP Special Economic Advisor Peter Davies told a meeting at parliament organized by a group of lawmakers looking into peak oil. A rally in oil prices, which hit a record high above $100 a barrel earlier this month, is leading to growing interest in peak oil -- the view that supply has reached, or will soon reach, a high point and then fall. London-based BP, the world's third-largest fully publicly traded oil company by market value, dismisses the view that there is a problem with the amount of oil left in the ground. Statistics complied by BP show the world has proven oil reserves of 1.2trillion barrels, enough to sustain current output for 40 years. Rather, Davies said environmental regulations, including efforts to reduce greenhouse gas emissions, could cause consumers to move away from oil. "I think we will run out of demand before we run out of supply," he said. "There's a distinct possibility that global oil consumption could peak as a result of climate policies. The BP economist said there were also concerns whether there is enough investment. Many major producing countries ban foreign investment in their oilfields or allow it on terms the oil firms deem uncompetitive. "An imminent peak in oil production is not likely," Davies said. "Valid concerns remain over investment, especially in resource-rich regions." Davies said it was possible to boost world oil production to 100 million barrels per day, a rate senior figures, such as the chief executive of French oil company Total, have questioned in recent months. The world is expected to need more than 100 million bpd of oil later this century, according to forecasts from the International Energy Agency and others, up from around 86 million bpd now. "I believe 100 million barrels per day is achievable," Davies said. "This is achievable in resource terms but it does come down to how much investment is going to take place." http://www.guardian.co.uk/feedarticle?id=7239865 EU to set Finland 38 pct renewables goal-report - Reuters - Saturday January 19 2008 HELSINKI, Jan 19 (Reuters) - The European Commission will ask Finland to increase its renewable energy output by around a third to 38 percent in draft proposals to be unveiled next week, Finnish public broadcaster YLE said on Saturday. The Commission is due to spell out on Wednesday how it intends to cut greenhouse gas emissions responsible for climate change, share out the burden of cuts in carbon dioxide (CO2) and increase the use of renewable energy sources. "According to information obtained by YLE from sources at the negotiations, Finland should produce 38 percent of its energy from renewable energy sources by 2020," YLE said. The commission is also set to propose Finland cut its CO2 emissions from transport and agriculture by 16 percent compared to levels in 2005. YLE said the figures were draft numbers that were still under discussion. YLE quoted Finland's energy minister Mauri Pekkarinen as saying Finland could live with the numbers, but last week the minister said in a speech the EU targets were too ambitious. The Finnish news agency STT, citing unofficial information, said the Commission would ask Sweden -- the EU's best renewable energy performer -- to increase to 50 percent from 39.8 percent the proportion of its energy produced from renewable sources.EU leaders agreed last March to cut greenhouse gas emissions by 20 percent in 2020 from 1990 levels, as well as use renewable sources for 20 percent of power production and biofuels for 10 percent of transport fuel by the same date. (Reporting by Sami Torma; Editing by Jon Boyle) http://www.dailytimes.com.pk/default.asp?page=2008%5C01%5C20%5Cstory_20-1-2008_pg5_5 Sunday, January 20, 2008 $33mn Engro LNG terminal to be operative in 2009 KARACHI: The Engro's $33 million LNG Terminal project is scheduled to be completed in early 2009. The Engro Vopak Terminal Ltd (EVTL) already owns and operates a modern liquid chemicals and LPG terminal at the Port Bin Qasim. In order to facilitate Pakistan's growing chemical industry with its bulk liquid and gaseous product requirements, EVTL is actively leveraging its strengths in the pursuit of LNG terminal under patronisation of the federal government. Engro sources told APP here Friday that a 223MW power project, which is estimated to cost $228 million, is also expected to be completed by the fourth quarter of 2009. Engro Energy (Pvt) Limited was formed in February 2006 to pursue business in energy sector and identified a power project based on low BTU, high H2S gas from Qadirpur gas field. The project is unique as it would convert low BTU high sulphur content permeate gas, which is currently being wasted and flared, into much needed electric power by the country. The sources pointed out that Engro has diversified its operations and invested in joint ventures/subsidiaries engaged in chemical terminal and storage, PVC resin manufacturing and marketing, control and automation businesses, food and energy sector. app http://www.presstv.ir/detail.aspx?id=39416§ionid=3510203 OPEC not to blame for US recession Sat, 19 Jan 2008 19:41:26 *OPEC Secretary General Abdullah al-Badri has stressed that the economic crisis in the US is not the consequence of high oil prices. * In an interview with Der Spiegel, Libyan national al-Badri said the recession in the US economy was 'home-made', caused by the subprime mortgage crisis and other financial market problems as well as the lack of American refinery capacity. In a Tuesday meeting with Saudi King Abdullah, President George W. Bush called on the Organization of Petroleum Exporting Countries (OPEC) to increase oil production. Al-Badri said if there was a need for an increase in oil production, OPEC would not 'hesitate' to do so, as it has the capacity to raise output up to six million barrels per day by 2012, 'but at present we see no need for this'. He said OPEC favored 'stable prices' in the market and added that it was 'highly unlikely' that oil would reach USD 200.00 per barrel. Al-Badri also noted that there had been a 'lively discussion' in the November OPEC summit about switching to the euro from the dollar for oil trading. "Such a switch in the main currency could be made, but it will need time," he said. The OPEC chief did not comment on a suggestion that Russia could join the organization and said Russian President Vladimir Putin's proposal to Algeria, Iran and Qatar to form a separate organization had long-term prospects, as gas suppliers were generally tied into contracts for as long as 30 years. http://www.nwanews.com/adg/Business/214330/ http://in.reuters.com/article/businessNews/idINIndia-31485920080119 -- http://www.channelnewsasia.com/stories/singaporebusinessnews/view/295421/1/.html In Singapore, basic market forces have already made an impact in encouraging the use of oil alternatives. Khoo Chin Hean, chief executive of Energy Market Authority, said: "We were powered by oil. But over the last five to six years, we've made the switch to gas. The market will drive us to something that is cost efficient. By using gas, I notice it has helped to maintain downward pressure on electricity price."
