January 9th, 2008:

January 9, 2008
Robin Pagnamenta

Shell and Total are vying to develop a huge gasfield in what was Iraq’s most violent province as a source for exports to Europe.

The Iraqi Government held talks with a number of potential companies last week regarding development of the Akkas field in Anbar province, northwest of Baghdad.

Akkas, close to the border with Syria, is thought to contain up to seven trillion cubic feet of gas – up to 6 per cent of Iraq’s estimated total of 112 trillion cubic feet. The field is capable of producing up to 50 million cubic feet a day, but this could be raised to 450 million cubic feet per day if developed further. read more

Last update: 3:17 a.m. EST Jan. 9, 2008
 
   By Benoit Faucon
   Of DOW JONES NEWSWIRES

LONDON (Dow Jones)–Royal Dutch Shell PLC’s (RDSB.LN) investment in Canadian oil sands has more than doubled in the first nine of months of 2007 compared to the same period of 2006, figures released by the company Tuesday show.

According to data released to the U.S. Securities and Exchange Commission, Shell spent $1.28 billion in capital expenditure in the oil sands during the first three quarters of last year, compared to $542 million in the same year-earlier period. read more

John Vidal
Wednesday January 9 2008

Green blindness

Just about the only area in which the Liberal Democrats always lead other parties is concern about the environment. So you would expect that, with a new leader, the party would want to build on this apparent strength. Wrong. At the first meeting of the new frontbench team, each member was asked to write down the three policy areas they thought the party should concentrate on to reverse slipping poll ratings. Almost every MP included “environment” in his or her list. All, except one. Step forward party leader Nick Clegg. read more

As biofuel production using corn and sugar is criticised for putting food stocks at risk, could oil from algae solve the energy crisis?

Peter Huck 
Wednesday January 9 2008

Has a sewage farm just outside the New Zealand city of Blenheim provided a solution to the world’s energy shortages? Aquaflow Bionomic Corporation, a local start-up, has patented a process to extract biofuel from sewage, and last year the country’s minister for energy, David Parker, roadtested a car run on the oil of microscopic algae. read more

By Dinakar Sethuraman

Jan. 9 (Bloomberg) — Liquefied natural gas supplies to the U.S. have declined in recent months because Asian and European customers are paying higher prices to meet demand for the fuel, the U.S. energy bureau said.

U.S. LNG imports have fallen from a record 3 billion cubic feet a day in the spring to less than 1 billion in subsequent months, the U.S. Energy Department said in its Short-Term Energy Outlook January 2008, without being more specific about the timing of the drop. Imports fell to 0.9 billion feet a day in December from 1.7 billion a year earlier, Stacy Nieuwoudt, an analyst at Tudor, Pickering, Holt & Co. Securities, Inc., said in a separate report yesterday. read more

By Christian Schmollinger

Jan. 9 (Bloomberg) — Crude oil rose for a second day on speculation that U.S. inventories declined for an eighth week as demand increased.

The Energy Department report today will probably show that crude supplies fell 2.1 million barrels, according to a Bloomberg News survey. Oil gained more than $1 a barrel yesterday as part of a commodity rally that saw gold climb to a record along with increases in grains and base metals. Investors are seeking alternatives because of sluggish growth in equities. read more

Reuters
Published: January 9, 2008

LONDON: The Iraqi government has asked Royal Dutch Shell to conduct tests on a gas field close to the Syrian border, which could lead to the oil major taking a stake in the field, a Shell spokesman said on Wednesday.

Shell has been asked to conduct a “long-term production test” on the Akkas field, the spokesman said.

The results of the test will allow the government to better ascertain the size and quality of the reservoir — information which would help if it decides to invite bids from companies to develop the field. read more

Wednesday, January 9, 2008. Issue 3816. Page 6.
Reuters

Russian oil output edged up in December to bring the year-on-year growth to 2.3 percent, but pipeline exports edged down in 2007 as oil firms sent more crude for domestic refining.

Industry and Energy Ministry data showed on Thursday that December crude and gas condensate production rose by 0.2 percent from November to 9.87 million barrels per day, bringing the annual average output to 491.481 million tons or 9.87 million bpd.

The figure is 2.3 percent higher than Russia’s 2006 oil production, which was 480.481 million tons, or 9.65 million bpd. read more