ODAC Newsletter - 06 February 2009


Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil.

The paradoxical state of the oil industry was brought into focus this week with the release of earnings reports from BP and Exxon. The results show that despite record profits last year, the major oil companies have been unable to increase oil production. Merrill Lynch released a report this week stating that that non-OPEC crude production may already have peaked, while some commentators conclude that global peak oil occurred last year. The overall economic situation however remains so dire that even steep cuts in production from OPEC have failed to raise prices.

In the UK this week, it was the weather that grabbed most of the headlines. The cold provided a backdrop for industry leaders to issue reminders about the precarious position of the nation’s power generation system. The National Grid released an interesting report this week which explores the potential for adding biogas from waste to supplement natural gas. For more on this see ODACs Reports and Resources page.

Britain’s weather problems look trivial compared to the extreme climatic conditions bringing drought to parts of Australia and China. The implications for global food production in the light of climate change and resource depletion including peak oil is the subject of the Chatham House report Food Futures also released this week. The connection between oil and the food system was highlighted as prices shot up last year. The future of UK and global farming is likely to be a battleground in coming years as the imperative to devise a sustainable food system sees corporate interests clash with advocates of organic and local models.

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Disclaimers

Oil

Big Oil cut down by lower oil prices, credit crisis

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Oil output could fall by 30m bpd by 2015 - Merrill

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Oil falls to $40 as crude stocks jump to 18-month high

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Majority of offshore oil companies expect fall in North Sea activity

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BP at the crossroads

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Morgan Stanley Sees 2009 Oil Averaging $35 a Barrel

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Petrobras in talks over $174bn development

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Oil prices prompt search for fuel alternatives

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Renewables

China puts £60bn into energy

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Wind power becomes Europe's fastest growing energy source

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Tide on the rise for wave generation

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Biofuels

Biofuels more harmful to humans than petrol and diesel, warn scientists

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Japan Airlines trial biofuels on 747 flights

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Food

U.K. Food Crisis Is ‘Not Unthinkable,’ Chatham House Says

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Climate

Parched: Australia faces collapse as climate change kicks in

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China declares state of emergency over drought

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Obama's energy secretary outlines dire climate change scenario

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UK

Fears for gas supply in the big freeze

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Industry chiefs warn on UK energy shortage

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Sewage could be used to heat half the homes in Britain

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Ofgem issues guidelines for green energy claims

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British Prime Minister in "depression" gaffe

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Oil workers end strike after job offer

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Disclaimers

The items contained in this newsletter are distributed as submitted and are provided for general information purposes only. ODAC does not necessarily endorse the views expressed in these submissions, nor does it guarantee the accuracy or completeness of any information presented.

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