Africa’s oil pool proves tantalising for sharks
Off the West African coast, the sharks are circling the sleepy “chocolate islands” of Sao Tome and Principe, eager to bite off slices of billions of dollars of hoped-for oil revenues.
Industry
Canada: Investigating phantom barrels in the oil sands
Western Oil Sands Inc. chopped 15 million barrels from the estimated reserves for its part of the Athabasca Oil Sands Project, while its partner Shell Canada Ltd. made no change at all. It all comes down to reporting, and those exempt from NI 51-101 have the advantage
Paris Peak Oil Conference Reveals Deepening Crisis (excerpt)
Research presented on May 26th and 27th at the French Institute for Petroleum (IFP) by a wide variety of experts from varying and often competitive perspectives disclosed that, in the year since the first conference of the Association for the Study of Peak Oil (ASPO) supply, constraints have worsened and the realities of energy depletion are becoming more apparent.
Shell Reduces Earnings by $203 Million
Royal Dutch/Shell Group of Cos. reduced its 2003 earnings by $203 million Friday, in an annual report delayed by two months due to the scandal arising from the company’s downgrading of its oil and gas reserves.
More Oil Co Reserves Shocks Unless Rules Tighten -Banker
The oil industry faces more reserves downgrade shocks unless disclosure regulations are radically overhauled, said Matthew Simmons, chief executive and chairman of investment bank Simmons & Co.
Shell cuts oil reserves for 4th time
LONDON — The Royal Dutch/Shell Group downgraded the size of its proven oil and gas reserves yesterday for the fourth time this year as the oil giant continued to stumble over a scandal that shocked the markets and forced the resignation of three top executives.
New Information Documents Bush Administration’s Land-Management Shift
Secret policy changes made oil and gas development the dominant use of federal lands.[US]
Study: Cos. More Aggressive in Booking Some Oil Reserves
HOUSTON — Medium-sized energy companies have become more aggressive in booking proved undeveloped oil and gas reserves to compensate for their inability to achieve production growth, according to a report released Monday.
Suncor’s Net Falls 38%; Company to Stop Oil Hedging
Suncor Energy Inc., the second- largest oil-sands miner in the world, said first-quarter net income fell 38 percent after the company paid more royalties to the Alberta government. The company also said it will stop hedging oil-production.
US-Mideast oil ties undergo rapid change
Once upon a time there were four American oil companies that controlled the world of oil. Their names were Exxon, Mobil, Chevron and Texaco. But in the past 40 years, the world of oil has been turned upside down.
Increased Scrutiny Could Shrink World Oil Reserves
The world’s oil companies were already double-checking their books before Royal Dutch/Shell Group sent the industry into a tizzy this month by reducing the stated amounts of its proven reserves by almost 4 billion barrels of oil and natural gas. That’s 20% of its total.
U.S. regulators may look into Shell’s overstatement of oil reserves
Royal Dutch/Shell Group’s overstatement of its proven reserves of oil and natural gas by 20 percent may be enough to prompt an inquiry by the U.S. Securities and Exchange Commission, an SEC spokesman said.