Free Republic

TEHRAN - Iran has left the development of two oilfields to the energy giant British Petroleum (BP), an informed source told the Tasnim News Agency on the condition of anonymity. The announcement is a follow-up to the September meeting between Iranian Oil Ministry officials and BP top managers, where the Iranian side headed by Amir Hossein Zamani Nia, the deputy oil minister for international affairs and trade, agreed to transfer the development of two oilfields to BP based on the new model of Iranian oil contracts, known as Integrated Petroleum Contract (IPC), which is due to be unveiled soon. ---snip---...

At the beginning of this week, oil major Shell announced that it will indefinitely postpone (read: completely abandon) its Arctic drilling operations in the Chukchi Sea offshore Alaska. The company stated: "Shell will now cease further exploration activity in offshore Alaska for the foreseeable future. This decision reflects both the Burger J well result, the high costs associated with the project and the challenging and unpredictable federal regulatory environment in offshore Alaska." This retreat will result in Shell losing its $7 billion investment, a bitter pill to swallow for the oil major. While Shell and many others have given up...

Remember “peak oil”? We were solemnly lectured that the world was running out of hydrocarbon energy sources, so we must immediately lower our standard of living and reduce energy consumption. But as with all Malthusian predictions of shortage, that forecast failed to reckon with human ingenuity and the wonder of the price system stimulating new supply. The sky-is-falling faction turned to equally fallacious predictions of global warming as a means to bludgeon others into reducing their standard of living (while the warriors like Robert Kennedy and President Obama keep their private jets). Meanwhile, in the real world, energy supplies, in...

If nothing else, the congressional break for the week of Presidents’ Day is a cooling-off period for the fight over former Sen. Chuck Hagel’s nomination to be secretary of defense. Questions about President Obama’s handling of the terrorist attack in Benghazi, Libya, which killed four Americans, including the US ambassador – an issue, by the way, which Mr. Hagel had nothing to do with – are being answered to the apparent satisfaction of Republicans … at least to the point where they’re willing to end their de facto filibuster of Hagel’s nomination. snip Sen. Graham, along with Sen. John McCain,...

How the CIA Funds Anti-Bush Propaganda By Bill Gertz The Washington Times | September 14, 2004 The CIA's Counterterrorist Center has spent more than $15 million in the past three years funding studies, reports and conferences produced by former Democratic administration officials and other critics of the Bush administration. The latest effort was a $300,000 grant by the CIA to the Atlantic Council for a study co-authored by Richard A. Clarke, the former counterterrorism official who wrote a best seller accusing the Bush administration of failing in the war on terrorism by invading Iraq.

Multiple foreign corporations that have bypassed or attempted to bypass United States and European Union sanctions against Iran are funding the Atlantic Council, a Washington-based think tank chaired by defense secretary nominee Chuck Hagel. One council sponsor, Italian oil company Eni, has vehemently defended its trade with Iran, saying it was “proud” of its cooperation with the regime. “Given the existence of foreign pressures, implementation of most projects in Iran is challenging and complicated,” Eni’s Executive Vice President Guido Michelotti told reporters during a 2011 visit to Iran. “Yet, we have always been interested in cooperation with the Iranian side...

Exxon Mobil Corp. has made one of the largest oil and gas finds in the Gulf of Mexico in a decade, the company announced today. The oil major said it made two oil discoveries and a natural gas discovery in its Keathley Canyon blocks, including an oil discovery in the company’s first exploration well since last year’s moratorium on deep-water drilling. Exxon expects the combined finds to yield more than 700 million barrels of oil equivalent. More than 85 percent would be oil, the company said. Drilling early in 2010 turned up oil and natural gas at the well 250...

Energy giants Total, Shell, Statoil and Eni have pledged to end their investments in Iran. The pledges fall in line with tough new energy and financial measures the U.S. Congress imposed on Iran in June, which came atop U.N. Security Council sanctions imposed earlier the same month to curb Iran's nuclear ambitions.

WASHINGTON - UNDER threat of US sanctions, European oil firms Total, Shell, Statoil and Eni have pledged to stop investing in Iran in what amounts to a 'significant setback' to Teheran, a US official said on Thursday. The pledges fall in line with new energy and financial measures against Iran that US President Barack Obama signed into law in July in the wake of UN Security Council sanctions imposed in June to curb Iran's nuclear ambitions. 'We have received commitments from four international energy firms to terminate their investments and avoid any new activity in Iran's energy sector,' Deputy Secretary...

The Pentagon is drawing up a blacklist of non-US companies investing in Iran's energy sector with a possible view to barring them from US-awarded contracts in the reconstruction of neighbouring Iraq, according to private-sector sources close to the US defence department. The companies on the draft list include several from countries within the US-led "coalition of the willing", such as oil companies Shell of the UK and Italy's Eni. TotalFinaElf of France is also listed. President George W. Bush last year identified Iraq, Iran and North Korea as an "axis of evil" that pursued weapons of mass destruction and aided...