Sunday, March 21, 2010

Significant New Oil Announcements Continue

The world's supply of oil is several multiples of so-called "proved reserves." It is sometimes in the interests of oil-producing nations and corporations to hold reliable information about likely reserves confidential. Peak oil enthusiasts interpret such prudent secrecy as evidence of a conspiracy to hide the reality of "imminent oil shortages and economic doom." Such an interpretation is indeed one way to judge corporate and national secrecy on this topic, although not the most rational. Just as households do not advertise detailed accounts of the amount of cash, precious jewels, or silver and gold bullion being kept inside a home, ever-vulnerable nations and corporations whose assets are subject to nationalisation prefer to keep rather mum regarding the exact levels of retrievable oil wealth in their fields.
Exxon (NYSE: XOM), Shell (NYSE: RDS) and BP PLC (NYSE: BP) finalized contracts with the Iraqi government to start bringing oil to market from Iraq's massive Rumaila oil fields - the world's third largest. The deal is worth a total of nearly $5 billion per year for these three companies alone.
Then on March 11 (last Thursday), British oil giant BP completed a deal that will give the company access to some of Brazil's massive offshore oil fields. These fields were discovered in 2007, and represent some 5 billion to 8 billion barrels of oil. That’s a boatload of oil. In fact, it's the biggest oil discovery in the western hemisphere since 1976. And combined with the growth in Colombia’s oil industry over the last decade, the Brazilian oil fields help to solidify Latin America as a major global player for the indefinite future.
And then just this morning, Shell announced another significant offshore oil find in the eastern portion of the Gulf of Mexico. It's in deep water - over 7,000 feet below the surface. Exact estimates are still forthcoming, but Shell calls it an "excellent reservoir."
These stories flew under the radar - but they're big news in an industry that's best known for being slow-moving. For instance, Exxon typically only makes big deals once a decade. But this past year has been different. They bought XTO Energy (NYSE: XTO) earlier this year for $31 billion. It was Exxon’s biggest merger since the company bought Mobil Corporation back in 1999 for $75 billion. Source
The problem is not peak oil doom. The problem is the dieoff leftist green philosophy which has taken control of governments in Europe, North America, Australia, the United Nations, and large global financial institutions and NGOs. By attempting to engineer a "no-growth" policy, these politicians and bureaucrats are creating an energy-starvation suicide of the west.

Peak oil doom, catastrophic anthropogenic global warming doom, overpopulation doom, resource depletion doom, and all the other dooms of the dieoff left, are just convenient fictions used to dupe celebrities, politicians, academics, journalists, and other pseudo-intellectuals. Leftist green want to herd everyone onto the Titanic, making sure all lifeboats have been sabotaged and made unseaworthy.

It may be time for you to make alternative plans of your own devising.



Post a Comment

Subscribe to Post Comments [Atom]

<< Home

Newer Posts Older Posts