Oilfield Daily News

When oil crossed $120 a barrel for the first time in May 2008, oil cornucopians knew they were in trouble. Prices had quadrupled in just five years, yet had failed to bring new production online. Regular crude had flatlined around 74 million barrels per day (mbpd). The case for peak oil was looking stronger with every new uptick in crude futures.

Full article at: http://oilprice.com/article-there-will-be-no-economic-recovery-as-the-era-of-cheap-oil-comes-to-an-end.html

On September 1, 2009, Libya lavishly celebrated the 40 years in power of its leader Colonel Muammar Gaddafi. Once qualified as the mad dog of the Middle East by President Ronald Reagan, Gaddafi has demonstrated a sheer ability to make of his once pariah country of 6 million people, one of the most assiduously courted both by countries and companies.

Full article at: http://www.oilprice.com/article-libya-the-energy-player-not-to-be-dismissed.html

Chevron has acquired exploration rights for four shale gas concessions in southeastern Poland, the U.S. oil giant said in a recent SEC filing, joining other international companies in the hunt for unconventional gas reserves in Europe in the hopes of duplicating the production boom in the U.S.

Full article at: http://www.oilprice.com/article-chevron-to-seek-shale-gas-in-poland-as-europe-focuses-on-unconventional-reserves.html

The elections in Iraq on March 7, 2010, are likely to serve as an important indicator of the prospects for a resolution of the long-running dispute over the administration of the ethnically mixed and resource-rich province of Kirkuk in the north of the country.

Full article at: http://www.oilprice.com/article-iraqi-elections-likely-to-fuel-ethnic-tensions-further-delay-access-to-kirkuks-reserves.html

The Russian gas giant this week said it will allow up to 15% of its gas sales to Europe to be sold at spot gas prices on the continent.

Full article at: http://www.oilprice.com/article-gazprom-finally-accepts-that-shale-gas-has-changed-the-world.html

With Yemen’s oil revenues plunging, the government’s push into the gas market seemed like an economic saving grace for a state wracked by poverty and terrorism, but analysts warn more thought should be given to carving out the country’s post-petroleum era.

Full article at: http://www.oilprice.com/article-yemens-push-into-the-gas-sector-fails-to-stimulate-great-excitement-and-raises-disturbing-questions.html

Iraq announced a $318 million contract with a unit of Turkish Petroleum to drill 45 wells in the supergiant Rumaila oilfield as the country strives to regain and even surpass pre-war production levels.

Full article at: http://www.oilprice.com/article-iraq-awards-drilling-contract-as-it-reaches-for-ambitious-oil-production-target.html

South Korea is coming to northeast British Columbia. It was reported this week that state-run Korea Gas has signed a deal with Canadian gas major EnCana covering three fields in the province of British Columbia. Korea Gas will take a 50% interest, for a price tag of $1.1 billion.

Full article at: http://www.oilprice.com/article-the-great-divide-of-natural-gas.html