Royal Dutch Shell Plc  .com Rotating Header Image

The Wall Street Journal: Oil News Roundup: November 14, 2006: Assassination of director National Oil Institute Fund in Moscow

EXTRACT: Russian Oil Fund Head Killed in Moscow: The head of a Russian fund that says it promotes the development of small oil and gas producers was shot dead on Tuesday in southwest Moscow. Zelimkhan Magomedov, 50, general director of the National Oil Institute Fund, was shot twice in the head.

THE ARTICLE

THE WALL STREET JOURNAL ONLINE
November 14, 2006 5:41 p.m.

After opening higher, crude-oil futures fell for the third consecutive day, as traders waited for U.S. Energy Department data due Wednesday for indications of how mild winter temperatures are affecting stockpiles. The front-month December light, sweet crude contract on the New York Mercantile Exchange fell 30 cents to $58.28 a barrel, the lowest settle for crude since Nov. 2. Year-to-date, crude oil is down 4.5%. Here is Tuesday’s roundup of oil and energy news:

* * *
PLENTY OF OIL RESOURCES LEFT: The world’s oil resources won’t last forever, but production should increase for at least another quarter-century thanks to technological innovations that so-called “peak oil” theorists discount, analysts with the Cambridge Energy Research Associates said today. According to the Houston Chronicle, They said in a conference call to analysts and reporters that a CERA analysis shows a global oil resource base of 3.74 trillion barrels, three times larger than the 1.2 trillion barrels estimated by many peak-oil theorists.

•Pipeline Closer to Reality: A proposed pipeline that would help carry oil from petroleum-rich Russia and Kazakhstan past a major choke point on its way to thirsty world markets has taken steps toward becoming reality, the Wall Street Journal reports, citing people familiar with the matter. But its estimated $1 billion price tag and questions about political motivations and economic feasibility demonstrate that finding and tapping new stores of crude oil make up only half the problem of meeting global energy needs.

•Controversial Shale Extractions Approved: Companies hoping to tap an estimated 100-year supply of shale oil locked in rock formations under Colorado, Utah, and southwest Wyoming have won federal approval for experimental extraction projects. The decision comes despite comments from state and federal agencies and environmentalists that threats to air and water were understated or not adequately analyzed.

•Russian Oil Fund Head Killed in Moscow: The head of a Russian fund that says it promotes the development of small oil and gas producers was shot dead on Tuesday in southwest Moscow. Zelimkhan Magomedov, 50, general director of the National Oil Institute Fund, was shot twice in the head.

• Senegal’s Wade wants Fairer Sharing of Oil Profits: Oil companies operating in Africa must plough part of their oil profits into fighting poverty there or risk being expelled from the continent by unrest and turmoil fueled by inequality, Senegal’s president, Abdoulaye Wade, said.

•Georgia to Cut Dependence on Russia: The Republic of Georgia plans to cut its dependence on Russian natural gas in half by the end of this year and to cut back further in 2007, Georgian Prime Minister Zurab Nogaideli said in an interview with the WSJ, as the nation looks for ways to counteract rising pressure from its northern neighbor.

•OVL Strikes Oil in Iran: OVL has found oil in three wells, part of the Farsi offshore block, located 90 kilometers from the Iranian port of Busheher. These wells are expected to have oil reserves between 30,000 and 150,000 barrels per day, or to around 1.5 million tons to 7.5 million tons annually.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “The Wall Street Journal: Oil News Roundup: November 14, 2006: Assassination of director National Oil Institute Fund in Moscow”

Leave a Comment

%d bloggers like this: