Saturday, December 23, 2006


European Energy

Or lack thereof. EU countries, especially Britain, had a bad year. In fact, Britain has seen the future and has already given up its energy sovereignty. And recall that the EU has taken a beating in energy negotiations with Russia. Can you spell “hypothermia”?

Meanwhile, Norway’s Statoil is cutting 95,000 bd production for “sound reservoir management.” You bet. Statoil said it would “seek to” make up for most of that by pumping more from other fields. But remember that seven major Norwegian oil fields peaked by 1995, and that as a whole Norwegian crude production has likely already peaked.

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