While hopeful estimates puts the entire field output in the billions of barrel arena, the companies are quick to caution that it may be until 2010 before any significant production begins. The field was originally found in 2004 and there is another test site to be established sometime next year.
Also a Shell executive has stated that there is no gouging going on by the oil companies. Nevermind that some American investigative reporters unearthed a memo from OPEC to non-OPEC facilities on ways they could increase their profit by all agreeing to a certain production level. Two other memos that you should know about: 1 and 2.
Other interesting oil news:
Russia is now the top producer of crude
Thai oil refiner to produce biodiesel with vegetable oil
South Africa appears to be playing with nuclear power. Fortunately for the markets, it is not the "we will wipe Israel and the US off the face of the Earth" kind that Iran seems intent on moving forward with at the moment. These are Pebble Bed Modular Reactors. They are small, easy to get up and going, and since they are cooled with helium, there is no need to be near water nor is there a risk of a meltdown. Not only that but the heat that is generated can be used in a variety of useful ways: desalinating sea water, produce hydrogen from water, and turn tar sands and oil shale into petroleum.
In the Alternative Energy being used for death and mayhem
Submarine fleet 'should go nuclear'
AUSTRALIA must consider commissioning a new fleet of nuclear-powered submarines, a submission to the nuclear taskforce says. The move will be necessary to deal with complex security pressures emerging within the region over the next two decades.
Warplanes Hybrid Engine Brings Silent Death
When over an area where the enemy might hear the UAV, the operator can switch to battery power. Especially at night, loud motors on UAVs often spoil the element of surprise, by letting the enemy below know that there's a UAV watching.
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