Wednesday, October 10, 2007

a sad, scary, and infuriating article

A Quest for Energy in the Globe’s Remote Places

The New York Times reports on "energy companies ... going to the ends of the earth to find new supplies."

Among the choicest of quotes:

"And the politics of oil and gas are getting trickier, with producing countries demanding a bigger share of the revenue and growing angry about project delays that postpone their payments."

"'We’re facing bigger risks and bigger difficulties when we go into new frontier regions,' said Odd A. Mosbergvik, a senior manager at the dominant Norwegian energy company, StatoilHydro. 'But this is why the oil industry is for big boys. It’s a big gamble.'"

"There is plenty of oil and gas still in the ground, energy executives say. But global consumption is rising so fast that they must keep looking for new sources. Despite worldwide concern over global warming and the role of fossil fuels in causing it, United States government specialists project that global oil and gas demand will increase by some 50 percent in the next 25 years.

"At the same time, the big discoveries of the last three decades, like those in the North Sea and on the North Slope of Alaska, are drying up. ...

... And consumption is rising fast in the economically booming Asian countries."

"Hans M. Gjennestad, strategy manager at Statoil for the Barents region, said, 'We believe this resource potential may contribute significantly to the long-term security of supplies of Europe and the United States.'"

Yes, the big boys.

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