Sunday January 15, 2006

Oil imports fuel looming energy crisis

peakoil.com -> business.scotsman.com :

The world's top energy watchdog has warned that the UK economy will become a net importer of oil this year - 3 years earlier than the government has predicted. The International Energy Agency (IEA) has forecast that North Sea oil production will dip below 1.7m barrels per day this year, forcing the economy to rely on more imported supplies to meet demand.

The government's more optimistic forecasts do not see the UK becoming a net importer until 2010. The IEA's warnings raise the prospect that the government may turn out to be as badly wrong-footed by the decline of UK oil production as it was by the decline of UK gas - a failure which has put the UK on the edge of a gas crisis this winter.

The news will also come as a shock to UK oil producers who share the government's optimistic forecast. Peter Spencer, chief economist for UK Item Club, added: "We were in such a hurry to exploit all our oil and gas resources that we burnt it all off when prices were cheap."

See also :

1. Peak Oil - The pressure mounts
2. Britain facing fresh oil supply crisis, warn independents
3. UK Oil Production Down 12.8%
4. North Sea gas drying up faster than hoped

(2006-01-15 23:08:48 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out