Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (5429)	2/9/2007 6:56:54 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24212

UPDATE 3-Mexico's top oil field declining fast - Pemex Wed Feb 7, 2007 4:46pm ET By Catherine Bremer MEXICO CITY, Feb 7 (Reuters) - Mexican state-run oil monopoly Pemex confirmed a gloomier forecast on Wednesday for fast-declining oil output at its aging Cantarell field, but said from now on it could keep total crude production steady. Chief Executive Jesus Reyes Heroles said the company's official production estimate for Cantarell was for an average of 1.526 million barrels per day during 2007, down 15 percent from an average 1.788 million bpd last year. The figure is in line with recent industry talk but bleaker than Pemex's outlook six months ago when it forecast Cantarell's output at 1.683 million bpd for 2007 and 1.430 million for 2008. Reyes Heroles said that with an exploration and production budget of $15 billion a year, Pemex could keep total crude oil production steady between 3.0 million and 3.1 million bpd -- also a much less rosy forecast than Pemex was making last year. As recently as October, Pemex said total output should lie between 3.1 million and 3.3 million bpd for the next few years. Two months earlier, in August, it pegged future production at between 3.3 million and 3.4 million bpd. Oil output slipped slightly to 3.256 million bpd in 2006. Continued... today.reuters.com

To: Wharf Rat who wrote (5429)	2/14/2007 10:03:16 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 24212

Oil has peaked, but where's the data? analyst asks Tue Feb 13, 2007 1:13pm ET LONDON, Feb 13 (Reuters) - One of the leading exponents of the peak oil theory that reserves have gone beyond maximum production and entered irreversible decline urged the world's oil industry to build a data base to prove whether he is right. Energy investment banker Matthew Simmons, chairman of Houston-based investment banking firm Simmons & Co. International, has argued world crude oil supply probably peaked in 2005. Simmons said it was not just national oil companies, but also oil majors, including ExxonMobil (XOM.N: Quote, Profile , Research), BP (BP.L: Quote, Profile , Research) and Royal Dutch Shell (RDSa.L: Quote, Profile , Research) (RDSb.L: Quote, Profile , Research), who should be providing precise data to establish the health of the world's supplies once and for all. "In my opinion the only way to reliably gauge the timing of the peak is to stipulate a legal requirement for any field producing over 50,000 barrels per day to produce historical data on a quarterly basis," Simmons said in a speech as part of International Petroleum Week. Data so far in existence are sketchy, with the exception of for the British and Norwegian North Sea, Simmons said. He noted members of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, have never allowed an independent audit of their reserves. "The world is basing its energy future on a non-audited set of books," he said It was not just the secretive oil nations, but also the oil majors who needed to produce the field-by-field data, Simmons told reporters after his speech. "If they did that, they would learn a lot about why they have been off for the last few years about their data." Many in the oil industry have disputed Simmons's theories, arguing technology and non-conventional sources of oil, such as Canadian tar sands, will help to ensure supplies for years to come. But Simmons said such optimism had no basis in fact. He said so far supplies of crude oil had not exceeded a peak of just over 74 million barrels per day (bpd) in 2005, citing U.S. government figures. Oil supplies, including condensates and fuel from non-conventional sources, are running at around 85 million bpd. Simmons also warned of a possible decline in gas as well as oil. "Natural gas statistics are far fuzzier than oil, but the litany of data suggests gas may be declining too," Simmons said, adding that gas declines far more rapidly than oil. today.reuters.com