Aug 2008

Opec is annoyed. In interviews last month with Petroleum Economist, the group's secretary-general, Abdulla El-Badri, and its president, Chakib Khelil, explained why

Le Mans has been described as a "24-hour party with one hell of a race attached". But there is more to it than that. For the companies behind the racing teams it's a chance to try out engineering and fuels in a gruelling and very public arena, writes Alex Forbes

In the era of resource-country power, the majors are growing increasingly acquiescent. New contractual terms from Russia to Iraq are likely to reflect that, writes Derek Brower

Total's decision to put its involvement in the Pars LNG scheme on hold leaves the Islamic Republic without any partner with experience of implementing gas-liquefaction projects – bad news for the country and for the already-tight global LNG market, writes Alex Forbes

Drilling in the Pinedale Anticline must balance the need to increase energy supplies with managing upstream operations in a sensitive wildlife habitat. Anne Feltus reports from Wyoming

For North Sea operators, the problem of decommissioning large amounts of oil and gas infrastructure was once a speck on the time horizon. Now it is here, writes Ian Lewis

Eni is to use an innovative cylindrical-shaped platform for its Goliat field – the first oil development in the Barents Sea. Its designers are hoping the Italian company's decision will set a precedent for harsh Arctic waters, Martin Quinlan writes

BG Group's attempt to buy Origin Energy has overshadowed a solid financial performance and significant reserves growth thanks to exploration success in Brazil

A harmonised global carbon market would help achieve significant cuts in GHG emissions, but uniting the fledgling schemes under development will not be easy, says Ian Lewis

Americans' taste in motor vehicles are changing in response to high oil prices and climate change, writes Anne Feltus

Petronas has received some domestic flak following fuel-price rises in Malaysia, but continues its impressive international expansion, writes NJ Watson

Countries in Southeast Asia hope nuclear power will cut energy-import bills, but the economics may not be as favourable as some might think, writes NJ Watson

The market price of anything is always a case of balancing the positives and negatives. But with the added impetus that an oil price of near $150/b was never considered to be fundamentally sound, the continued trending down of the price of crude has come as little surprise to many analysts.

SONANGOL has given BP the go-ahead for the country's first oil development in an ultra-deep-water block – and, in a new move for Angola, has extended the approval to a series of subsequent developments in the block. BP is to develop a four-field complex in the northeast of Block 31, covering the Plutão, Saturno, Vênus and Marte (PSVM) fields. Plans call for first oil in 2011, with the plateau production rate of 150,000 barrels a day (b/d) due to be reached the following year.

THE CHEVRON-operated Agbami field – the country's largest deep-water discovery – came on stream at the end of July, providing an initial 100,000 barrels a day (b/d) lift to the country's troubled oil production. Output is expected to build quickly to 230,000 b/d and, by the end of next year, to have reached its plateau rate of 250,000 b/d of high-quality (43°-45°API) crude and natural gas liquids.

Oil prices have continued to drop as the bearish factors mount. By midday on Tuesday, Nymex's light, sweet crude futures contract for September delivery was down by $0.77/b to $112.10/b. The close-Monday price of $112.87/b was the first time crude had dipped below $113/b since 1 May. In London, October Brent futures were down to $111.86/b, on Tuesday afternoon, having settled at $111.94/b on Monday evening.

The weather, this time in the form of now-Hurricane Gustav, is keeping a floor under the oil price, though few are predicting it can reverse the downward trend that oil appears stuck in.

Despite recent adverse publicity, the biofuels industry has a bright future, writes Ian Lewis

The oil and gas industry can learn from other global industries as it faces up to the challenge of meeting rising energy demand. Technological advances and human-resource development can bridge the gap between the vision and reality of intelligent energy. By Andrew Gould, chairman and chief executive, Schlumberger

Crude futures have fallen to a three-month low as better news for oil prices outweighed the negative news. But views are split on whether the trend is set to continue or will reverse. On Monday, Nymex's light, sweet crude futures contract for September delivery fell by $3.69/b to $121.41/b, while, in London, August Brent was down by $3.50/b, at $120.68/b, on Ice. This means crude futures have fallen around $27/b, or 18%, since Brent hit a record high of $147.50 on 11 July.