Archive for April, 2010

ConocoPhillips CEO Jim Mulva admits that pursuing new oil reserves no longer pays.

April 25, 2010 Oil, Top Ten Signposts to Energy Crisis

Chris Nelder of Energy & Capital: “The remaining resources have become too marginal and too expensive, and the competition for them has become too intense. Rather than keep slugging it out with bigger and better-funded players in pursuit of growth, Conoco has decided to sell $10 billion worth of its assets over the next two years, all of them in the marginal category, and concentrate on producing its core assets.”

US military warns of massive oil shortages by 2015.

April 14, 2010 Oil, Top Ten Signposts to Energy Crisis

A Joint Operating Environment report from the US Joint Forces Command says: “By 2012, surplus oil production capacity could entirely disappear, and as early as 2015, the shortfall in output could reach nearly 10 million barrels per day.”

Energy crisis is brewing in both gas/electricity and oil.

April 1, 2010 Commentaries, Oil

A summary in my Sublime magazine column of the warnings from Ofgem, ITPOES and others, and what the conflation means.