Archive for October, 2014

UNCONenergy

The vast majority of shale oil in the United States is produced at costs far below the current price of crude, the head of the west’s energy watchdog said, which means U.S. projects can withstand the market slump squeezing other producers.Brent oil stands at around $88 per barrel, down more than 23 percent from the year’s peak above $115 in June, raising concern that some shale oil projects will become un-economic.However Maria van der Hoeven, executive director of the International Energy Agency said that only a tiny minority of shale oil production would be affected by the slump in prices to near-four-year lows.”Some 98 percent of crude oil and condensates from the United States have a breakeven price of below $80 and 82 percent had a breakeven price of $60 or lower,” she told Reuters in an interview on the sidelines of the launch of the Africa Energy Outlook publication.Saudi…

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Shaz30's thought of the day

I work for an energy company and as a result I often get asked about how to save money on your energy bills. I did spend nearly a year advising people on how to reduce their bills within their homes by reducing consumption so I am well placed to write a blog post about it for Big Energy Saving week. Saving energy is very important in reducing our energy bills and reducing the effects of climate change. When I was visiting homes offering advice I used to be continuously shocked about how wasteful people were with their energy usage. Fuel poverty is a real problem that affects millions of people. Using energy more efficiently can help reduce fuel poverty.

energy

Here are five energy saving tips that can make a big difference to your energy usage.

1) Use your heating only when you need it
Biggest Mistake
Leaving the heating on…

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lifeontheline

If you live in Canada, chances are you know someone who has worked in the oil and gas industry. Fathers, uncles, brothers, boyfriends, etc. Some have been working there for years, others will go and do their “time”, make enough money and vow never to return. Anyone returning from the “patch”, will always have outlandish tales to regale their friends and family with.

Until you have witnessed it with your very eyes, you will never quite understand the oilfield. With contrast to the larger culture across Canada, the pipeline subculture is not openly known unless you are within the circle of the workers. You have heard the stories but you probably couldn’t differentiate between a pipeline, tar sands, and a rig. You probably call anyone who works in the oil and gas industry a “rig pig”. Although inaccurate, you are pretty close with that description. The industry is generally composed…

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Great Lakes Energy Blog

Egypt’s former petroleum minister Osama Kamal said global crude oil prices are set to fall drastically, predicting a further erosion of as much as a third in the coming days. “I expect crude oil prices to touch $60 per barrel. This will impact several economies,“ said Kamal, who was in Mumbai to address the top Aditya Birla Group executives. India is among the major investors in Egypt, with about a dozen firms employing over 35,000 locals there. “The Aditya Birla Group has one of the world’s largest carbon black manufacturing units in Egypt. There is also a newly constructed polyester plant with a production capacity of 420,000 tonne per annum,” he said.

Kamal said Egypt’s economy is back on the path to recovery. “Our economy will be back on track in three years. The signs are already visible. Inflation is hovering around 8.2% and we have also controlled fuel consumption,”…

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Great Lakes Energy Blog

London: Brent crude fell to a fresh 47-month low on Wednesday, dipping below $84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply.
Oil saw its biggest daily fall in more than three years on Tuesday after the West’s energy watchdog slashed its forecasts for world oil demand for this year and 2015.
Core members of the Organization of the Petroleum Exporting Countries (OPEC) appear to be focused on fighting for market share rather than on cutting production to shore up prices.
Weak European stock markets has helped extend the rout.
“The global environment is bearish,” said market analyst Olivier Jakob of PetroMatrix. “There’s broad acceptance by the market that Saudi Arabia is willing to let prices go lower. With the velocity of the drop, definitely you’ve got people liquidating positions.”
Brent for November touched a low of $83.37, down $1.67, before…

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Great Lakes Energy Blog

Delhi/Tokyo: Organization of the Petroleum Exporting Countries (OPEC) must keep cutting prices to displace competing supplies from Latin America and West Africa, Indian refiners said.
Saudi Arabia, Iran and Iraq, which account for about half the output from the OPEC, will sell crude to Asia next month at the biggest discounts since at least January 2009. Hindustan Petroleum Corp. and Mangalore Refinery & Petrochemicals Ltd. say it’s not enough to undercut the alternatives.
The highest US output in almost 30 years is reducing America’s demand for oil and giving consumers in Asia a greater choice of suppliers, from Venezuela to Alaska and Nigeria.
The glut has driven futures into a bear market and prompted OPEC members to cut prices to defend their market share.
“Obviously the Middle-East producers want to retain market leadership in Asia,” said B.K. Namdeo, refineries director at Hindustan Petroleum, India’s third-biggest state refiner. “Availability is one…

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