Maryland 2005 Energy Conference transcript

The transcript of speeches by some of the leading figures of the peak oil movement - Congressman Roscoe G. Bartlett, geologist Dr. Kenneth Deffeyes, CEO Matthew Simmons and author Richard Heinberg, at the Maryland 2005 Energy Conference is now available online.

(2005-09-28 12:24:22 SGT) [Energy] Permalink

Hurricane Rita causes record oil rig damage

peakoil.com -> ft.com :

Hurricane Rita has caused more damage to oil rigs than any other storm in history and will force companies to delay drilling for oil in the US and as far away as the Middle East, initial damage assessments show.

"Based on what we have right now, it appears that drilling contractors and rig owners took a big hit from Rita," said Tom Marsh of ODS-Petrodata. "The path Katrina took was through the mature areas of the US Gulf where there are mainly oil [production] platforms. Rita came to the west where there is a lot of [exploratory] rig activity."

Ken Sill of Credit Suisse First Boston said: "Early reports indicate numerous rigs are missing, destroyed or have suffered serious damage and several companies have yet to report. Rita may set an all-time record."

High oil prices and the desperate search for new oil supplies needed to meet rampant demand from the US and China have made rigs difficult to find and expensive to hire. Rigs cost $90m-$550m to construct, depending on how sophisticated the structure and how deep the water in which it will drill. A rig ordered today is unlikely to be ready before 2008 or 2009, analysts said.

Panic petrol buying in Indonesia ahead of price hike

channelnewsasia.com :

Indonesians faced another day of long queues and shortages at gas stations ahead of a controversial increase in the country's heavily-subsidized fuel prices. President Susilo Bambang Yudhoyono announced last week that the petrol price would be raised on Saturday without saying by how much, as he tries to grapple with a budget shortfall.

"Panic buying is getting more serious," said Abadi Purnomo, spokesman for state oil and gas company Pertamina. Elshinta radio reported that in three towns, all the gas stations were closed while roadside retailers sold bottles of less than one litre for 7,000 rupiah (68 cents) each, or about three times the official price. "I had to wait for two days to fill up with diesel," said Panjaitan, a Jambi truck driver quoted by The Jakarta Post.

Although a price increase is unpopular, particularly among the poor who rely on public transport and kerosene for cooking, many analysts say a cut in subsidies is an economic necessity. High global oil prices have dealt government finances a double blow. The government has snapped up dollars to pay for higher oil prices, putting the rupiah under pressure while also having to support increased subsidies to keep domestic fuel prices artificially low.

(2005-09-28 10:11:42 SGT) [Energy] Permalink

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