The 3 Week Diet System

Wednesday, June 23, 2010

China to go ahead with Sino-Pak nuclear deal

Beijing, Jun 23: China is likely to go ahead with the decision to fund the construction of two nuclear power plants in Pakistan despite the concerns from India and United States. China is likely to unveil the plans at Nuclear Security Group meet in New Zealand on Thursday, Jun 24.


"China will likely go ahead with financing the construction of two nuclear reactors in Pakistan despite concerns from other countries," reported a news paper in China quoting the Chinese experts.


"China is expected to announce its plans to build the reactors in Pakistan's Punjab province at the 46-member NSG meeting in New Zealand. Meanwhile, the United States, with heavy lobbying from India, is reportedly raising doubts over the legitimacy of the deal," the daily said in the report.

During the visit of Pak Army Chief Gen Ashfaq Parvez Kayani, Chinese Defence Minister Liang Guanglie had announced that "China would join hands with Pakistan to bring military relations to a new high".

Chinese Foreign Ministry has remained incommunicado about the issue as of now. It only said that its cooperation with Pakistan is for peaceful purposes. China also reiterated that it will be carried under the safeguards and supervision of the International Atomic Energy Agency (IAEA).

OneIndia News

Source: http://news.oneindia.in/2010/06/23/china-to-go-ahead-sino-pak-nuclear-deal.html

Newcastle Coal Exports Rise 23%; Ship Queue Lengthens (Update1)

June 22, 2010, 7:39 PM EDT

(Updates with coal volume in second paragraph.)


By Ben Sharples

June 23 (Bloomberg) -- Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power stations, rose 23 percent last week while the number of vessels waiting to load increased.

The volume exported in the week ended 7 a.m. local time June 21 climbed to 2.04 million metric tons from 1.66 million tons in the preceding period, Newcastle Port Corp. said on its website today. Rio Tinto Group, Xstrata Plc and BHP Billiton Ltd. are among mining companies that ship the fuel from the harbor.

Fifty-one vessels were outside the harbor, up from 48 a week earlier. The queue reached 60 in December, the longest since July 2007. Coal ships waited to load for an average of 14.67 days, up from 12.30 days, the port said in its report. That compares with 2.26 days for general-cargo vessels.

Power-station coal prices at Newcastle, an Asian benchmark, rose by 1.1 percent, increasing for a third week, according to the globalCOAL NEWC Index. Prices climbed to $100.40 a ton from $99.30 in the week to June 18.

Source: http://www.businessweek.com/news/2010-06-22/newcastle-coal-exports-rise-23-ship-queue-lengthens-update1-.html

PetroChina To Establish JV With Total For Gas Exploration

Wednesday 2010-06-23 15:01

June 23 -- Total Group plans to establish a joint venture with PetroChina (601857, 0857.HK) for the exploration of the Suligenan gas field in Inner Mongolia, reports 21st Century Business Herald, citing Yves Louis Darricarrere, President of Total Group’s exploration and production department.

PetroChina and Total will hold stakes of 51 percent and 49 percent respectively in the joint venture to explore the Suligenan field which covers an area of 2,390 square meters.

Both parties are currently in negotiations. Approval from the Chinese government will be required.
According to Jean Jacques Mosconi, vice president of Total’s strategic and business consulting department, PetroChina will drill 1,000 development wells.

Total and PetroChina are expected to sign a production sharing contract.

Mosconi said that demand for natural gas will increase from 34 billion cubic feet in 2010 to 54 billion cubic feet in 2020. However, at present, there are only seven billion cubic feet of capacity being built.

Source: http://www.capitalvue.com/home/CE-news/inset/@10063/post/1199744

Oil Falls a Second Day as U.S. Stockpiles Rise, Home Sales Drop

June 23, 2010, 2:29 AM EDT

By Ben Sharples and Yee Kai Pin


June 23 (Bloomberg) -- Crude oil fell for a second day in New York amid speculation rising supplies in the U.S. and a surprise drop in home sales signaled the world’s largest energy consumer may be struggling to sustain a recovery.

Oil extended yesterday’s 1 percent decline after the National Association of Realtors reported existing-homes sales fell 2.2 percent in May, missing economist estimates. Crude stockpiles increased 3.69 million barrels last week to a three- week high, according to the industry-funded American Petroleum Institute. An Energy Department today may report a drawdown.

“Sentiment remains very fragile,” said David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. “Confidence has been rattled in recent months by European fiscal issues and by data in the U.S. that’s been uneven. They’re factors that have left markets cautious.”

Crude for August delivery fell as much as 81 cents, or 1 percent, to $77.04 a barrel in electronic trading on the New York Mercantile Exchange. It was at $77.44 at 2:20 p.m. Singapore time. Yesterday, the contract lost 76 cents to settle at $77.85.

The July contract dropped 61 cents, or 0.8 percent, to settle at $77.21 a barrel and expired at the close of floor trading. Futures are down 2.5 percent this year.

Oil Supplies

“I don’t think the oil market is tight at present, inventories remain high,” said Moore at Commonwealth Bank of Australia. Yesterday’s API data showed “crude stocks were up quite a bit, distillate stocks were up, and gasoline supplies were up,” he said.

Crude supplies at Cushing, Oklahoma, the delivery point for the New York futures, gained 386,000 barrels to 38 million, the API said. That’s 36,000 barrels below a record reported for the week to May 14.

Gasoline stockpiles had a 810,000-barrel gain to 221.2 million, the highest in five weeks, according to the API. Distillates increased 1.1 million barrels to 154.7 million, a four-month high.

Brent Oil

Brent crude for August delivery dropped as much as 73 cents, or 0.9 percent, to $77.31 a barrel on the London-based ICE Futures Europe exchange. It was at $77.79 at 2:23 p.m. Singapore time. Yesterday, the contract dropped 78 cents, or 1 percent, to $78.04, the lowest settlement in five days.

Crude extended declines after a New Orleans federal judge lifted a six-month moratorium on deepwater drilling imposed by President Barack Obama following the largest oil spill in U.S. history.

Obama temporarily halted all drilling in waters deeper than 500 feet on May 27 for a presidential commission to study safety improvements for offshore operations. More than a dozen Louisiana offshore service and supply companies sued regulators to lift the ban. The government said it would appeal yesterday’s decision.

Source: http://www.businessweek.com/news/2010-06-23/oil-falls-a-second-day-as-u-s-stockpiles-rise-home-sales-drop.html

Sunday, June 13, 2010

Chevron Distances Its Ways From BP's

JUNE 14, 2010Chevron Corp. has come out swinging in its fight to continue drilling in the deep waters of the Gulf of Mexico, arguing that not all oil firms should be tarred with the brush of BP PLC's Deepwater Horizon disaster.
In an interview with The Wall Street Journal, Chevron chairman and CEO John Watson said he accepts the need for tighter drilling regulations in the wake of the spill, which since April has fouled the waters and coastline of the Gulf. But Mr. Watson, 52, called unnecessary the six-month moratorium on deep-water drilling imposed by the Obama administration.

Source:  http://online.wsj.com/article/SB10001424052748704067504575304883167477548.html?mod=rss_whats_news_us&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Fxml%2Frss%2F3_7011+%28WSJ.com%3A+What%27s+News+US%29

Peru approves oil exploration for S. Korean-Colombian venture

SEOUL, June 13 (Yonhap) -- Peru has officially approved the oil exploration of Peruvian sea mines auctioned off to a joint venture between a South Korean state company and a Colombian firm, the local foreign ministry said Sunday.

   The approval of the two mines at the waters near the capital city of Lima came after South Korean lawmaker Lee Sang-deuk held a meeting on Thursday with Peruvian President Alan Garcia over the two nations' cooperation in the energy sector, according to the Ministry of Foreign Affairs and Trade.

Lee, who is also South Korean President Lee Myung-bak's elder brother, was visiting Peru to attend a local firms' launch event of a gas plant there.

   In the meeting, Lee sought the Peruvian government's swift sealing of the decision in 2008 to allow Savia Peru, a joint venture between Korea National Oil Corp. and Ecopetrol SA, to explore for petrol at the two mines, the ministry said.

   In the talks with the Peruvian leader, Lee also discussed a set of measures to prop up energy sector collaboration between the two countries, it said.

   pbr@yna.co.kr
(END)

Source: http://english.yonhapnews.co.kr/business/2010/06/13/47/0502000000AEN20100613001900320F.HTML

Saturday, June 5, 2010

BP Collected 6,077 Barrels Friday at Well

BP PLC collected 6,077 barrels of oil on Friday, the first full day after a new containment cap was placed over the deepwater well in the Gulf of Mexico that has been leaking for more than six weeks, the company said early Saturday on its website, noting that the rate should increase in the coming days.
The first daily estimate of oil collected indicates that possibly between half and one-third of the oil that is spewing from the BP-owned Macondo well is being captured. Last week, scientists led by the U.S. Geological Survey estimated that between 12,000 and 19,000 barrels a day were gushing into the Gulf, though some scientists have said the rate is likely considerably higher and the government team continues to evaluate the flow.

"Optimization continues and improvement in oil collection is expected over the next several days," BP said in the update, noting that it had also collected 15.7 million standard cubic feet of natural gas that was flared.at the surface.
On Saturday, at the spill site, a flotilla of at least 10 vessels clustered around the Discoverer Enterprise, the 835 foot-long drillship that is collecting oil siphoned from the well through a newly insinslled riser. Next to the drillship, a giant flame could be seen from a U.S. Coast Guard airplane—millions of cubic feet of natural gas being flared. Swaths of brown oil surrounded the fleet.
U.S. Coast Guard Admiral Thad Allen, who is overseeing the federal response to the oil spill, said at a news conference in Theodore, Ala., that technicians are working to increase the production rate but are doing so in a manner that won't allow for the introduction of hydrates into the containment cap. Hydrates, which are ice-like crystals that form when frigid seawater combines with natural-gas molecules, derailed a separate containment effort that BP attempted last month.
The containment device that is now in place has four vents to help prevent hydrate buildup, though these also allow oil and natural gas to escape. Technicians had hoped to close the vents on Friday to boost the capture rate, but Adm. Allen said they remained open as of Saturday morning.
"They're going to remain open until they can stabilize the pressure and the rate of production," Adm. Allen said at Saturday's briefing. "They're making adjustments to the system and making sure they don't increase the production rate until it's safe to do so."
He said the goal is to take as much pressure coming from the well as possible and put it into production, but that it's essential to stabilize the pressure.

"Once you've optimized that pressure, there's a ... smaller chance that whatever oil that cannot be accommodated up to that pipe for production will go down and out those rubber seals [on the cap]," he said. "That will be the final, what I would call residual, leakage we're going to have to manage over the long term."
Adm. Allen said that any oil that continues to leak at the source would be treated with subsea chemical dispersants. He added that officials are doing all they can to limit the use of dispersants at the surface, as much more has been used than could have been originally envisioned. Scientists have raised serious concerns about the potential long-term effects that dispersants could have on marine life.
BP placed the containment cap over the leaking well late Thursday after severing the pipe that lies a mile beneath the water's surface. The company wasn't able to get as smooth of a cut as it had originally hoped for, which means that it hasn't been able to get as tight a seal as needed to keep oil from leaking.
The Macondo well has been spewing hundreds of thousands of gallons a day of oil since the explosion on April 20 and sinking two days later of the Deepwater Horizon drilling rig owned by Transocean Ltd. The disaster is threatening to cause devastating ecolological and economic harm to a wide area of the U.S. Gulf Coast.

BP and the U.S. government have come under withering criticism as repeated attempts to stop or contain the oil spill, which is now among the biggest in history, have failed. BP, which has seen its share price fall nearly 40% since the rig exploded, has already spent more than $1 billion on its response efforts and faces a raft of litigation, as well as a federal criminal probe into the incident. The Obama administration has said it will hold BP and other responsible parties accountable and has also taken steps to restrict offshore drilling.
BP has stumbled frequently in its efforts to contain the spill. Last weekend it suspended a much-vaunted procedure known as "top kill," which was designed to plug the well. As the company proceeds with its containment efforts, it is also drilling two relief wells that are seen as the ultimate solution to stopping the leak but won't be ready until August.
"The long-term threat of this well will not go away until the relief well has been drilled, pressure has been taken off and the well has been plugged," Adm. Allen said Saturday. "In the meantime, we have to optimize our containment efforts."
He said the worst-case scenario now is that the oil discharge related to what can't be contained continues until the relief wells are drilled in early August.
Questions remain about how much oil is flowing from the well, especially since government officials over the past week said that the latest containment effort could increase the rate by about 20%, at least temporarily.
Adm. Allen said that the government's flow-rate technical group continues to study the matter, and that production numbers from the Macondo well in coming days will help add clarity.
"Hopefully we'll start moving those ranges into a more acceptable representation of what's actually flowing, and the best way to do that is to get a good flow rate of production because once you know what you are producing every day, that's a known quantity you can take off the table," he said.
Meantime, he noted that winds continued pushing the northern edge of the spill closer to Mississippi, Alabama and Florida and oil is increasingly washing up on shores.

Tar balls have started washing up on the Florida Panhandle in recent days, threatening the area's reputation for clean beaches and emerald-tinted waters. Even as a sign welcomed tourists to Pensacola Beach with the boast "World's Whitest Beaches," cleanup teams have been deployed to scour 18 miles of shoreline in Escambia County.
Officials said Friday that oil sheens on the surface of Florida waters were about five miles off Escambia County's coast, though the main portion of the Deepwater spill was still about 17 miles away. Tar balls also washed ashore at Navarre Beach in neighboring Santa Rosa County to the east.
In his weekly radio address Saturday, President Barack Obama, who on Friday made his third visit to the Gulf Coast since the crisis began, asked Americans to support the Gulf Coast by visiting the area's beaches, many of which remain unaffected.
"We will continue to leverage every resource at our disposal to protect coastlines, to clean up the oil, to hold BP and other companies accountable for damages, to begin to restore the bounty and beauty of this region—and to aid the hardworking people of the Gulf as they rebuild their businesses and communities," he said.
—Mike Esterl and Shayndi Raice contributed to this article. Write to Stephen Wisnefski at stephen.wisnefski@dowjones.com

Source: http://online.wsj.com/article/SB10001424052748704183204575288592589771992.html?mod=rss_whats_news_us_business&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Fxml%2Frss%2F3_7014+%28WSJ.com%3A+US+Business%29




Arab oil reserves, is the legend larger than life?

Published on: June 05, 2010 at 11:55

How long the world can depend on conventional energy supplies, especially fossil fuels.

At present, the oil industry continued to play a significant role in global economy and particularly of some major oil producing countries.

Oil began to play major roles in economic prosperity of the world in the late seventies. Since then there is no looking back for those countries blessed with huge oil deposits?

Some prominent Arab countries in Asia turned rich all of a sudden from obscurity.

Prominent among them is Saudi Arabia, which was put on top as the world’s largest oil reserves holder. Iran, UAE, Kuwait, Iraq, Qatar and Oman were also listed as oil rich countries.

Almost immediately, oil production began in all these countries in a rapid way but almost without local cooperation. Major oil companies around the world dashed on to these deserts and started drilling for the black gold.

All have one interest in common, to exploit as much as they can and at the same time do not provide the technology or expertise to extract oil and refine it to fuel to any of these countries.

They also started propagating about the vastness of oil reserves in the region and how they could contribute to global economy and particularly of theirs.

The nonstop oil extraction from the region provides the world much of its requirement with the rest comes from other producers such as Venezuela and China.

Russia, Canada and the US are the other major oil producers but mostly kept a major part of it for their own use. They didn’t like to export the black gold unless its good for them.

The West and the Russians may differ in nine out of ten matters but in praising the ‘oil rich countries ‘of Asia, they are united even during the cold war.

But why, despite holding huge reserves of their own, they keep on drilling these deserts?.

The answer is simple, lets eat first from your plate that is easy, and we’ll share from ours when in need. The Arabs agreed and the feeding continues.

Now, let’s examine all these countries. Barring Iran and possibly Iraq, none of these countries can exist in the world as of today if oil is taken out of them. They completely depend on the black gold.

Do not make mistake about that. Don’t be silly by looking at the big cities in some of these countries including Dubai, Abu Dhabi and Riyadh and also some big industries flourished there.

They will all vanish into thin air if all the black liquid dried on them. No body wants to be in a desert city once the scenario is began changing.

Almost all those who studied the region said one thing clearly; the region can’t stand even a decade without oil.

Then the question arises. Are the Arabs aware of the grave danger they could face sometimes in near future. If so, why they didn’t take anything to protect the precious asset.

Again a simple answer, they are down to their knees of the West and particularly of the US. They couldn’t run their country not even for a day without the help of the millions of expatriates placed in almost all key posts.

Iran and Iraq have other options apart from oil but due to political instability and war they couldn’t move towards self reliance. But experts said these two countries could survive without oil and outside help if they act immediately.

But, unfortunately for others, they can’t, even if they realized the danger.

It’s been said that God gave oil to these once poor Arab desert countries, where nothing else is possible except depending on the sea for their livelihood.

But they didn’t realize it and become lazy in hope that God will look after them always. And they are about to enter a stage from where only the God can save them.

The Arab oil reserves may good enough for some more decades and not any more. As far as Arab oil reserves are concerned, the legend is definitely larger than life. 


Source: http://www.commodityonline.com/news/Arab-oil-reserves-is-the-legend-larger-than-life-28827-3-1.html



Oil discovery in Falklands hailed as biggest of its kind since North Sea oil

By Katherine Faulkner
Last updated at 8:02 AM on 5th June 2010

An oil field discovery in the Falklands was hailed yesterday as potentially the biggest discovery of its kind since North Sea Oil.
Shares in Rockhopper exploration soared 52 per cent yesterday as the company said it expected to pump out at least 242 million barrels of oil from the 'Sea Lion' well  - the expedition's first major oil find.
And some predicted there could be millions more barrels of oil lying untapped in the area - sparking hopes that the region could hold as much oil as the North Sea.

Experts yesterday said it was highly unlikely the oil field could be sitting in isolation.
'Our analysis of the data from the Sea Lion well suggests that there is significant potential upside on our acreage,' Rockhopper said in a statement yesterday.
Commercial production could lead to an economic boom for the remote British territory, which is home to about 3,000 people.
But the news is sure to spark tensions in the region.
Argentinia, which invaded the British territory in 1982, has vowed to block British oil-drilling projects in the islands.
In 2007 the Argentinian government scrapped an oil agreement which would have entitled it to a share of the spoils.
And any drilling in the region is likely to come under intense scrutiny following the disastrous BP oil spill in the gulf of Mexico.

Source: http://www.dailymail.co.uk/news/worldnews/article-1284171/Oil-discovery-Falklands-hailed-biggest-kind-North-Sea-Oil.html