Lenconnect report: Biodiesel investment announced
A New York company that has apparently gained control of the NextDiesel plant in Adrian announced Tuesday it has executed agreements that will provide $38 million in investments to produce corn oil for an expanded biodiesel refinery operation.
GreenShift Corp. did not identify the source of the $38 million in investment funds it said it expects to become available early next year. The money is to be used to build corn oil extraction facilities and expand the capacity of the refinery in Adrian, the announcement stated. It did not identify the proposed locations of the corn oil extraction facilities.
GreenShift Corp. signed an agreement in February with the owners of the NextDiesel plant. The plant was built by a West Bloomfield-based company called Biofuel Industries Group and began operations in August 2007. The plant ran into financial trouble as soybean prices rose.
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Oil, Copper and Corn Tumbles - Gold rises on markets turmoil
Oil, copper and corn tumbled to new lows on Wednesday as the worst financial crisis since the Great Depression rocked global financial markets, sending investors scurrying towards the relative safety of gold.
Oil prices fell below $87 a barrel in Asia on investor concerns that the credit crisis that began in the US will trigger a prolonged global economic slowdown and hurt crude demand.
Japan’s Nikkei average posted its biggest one-day drop since the 1987 stock market crash, helping send oil down by more than $3 to an eight-month low and snuffing out early rallies in industrial metals and grains.
Oil, base metals, grains and rubber have taken a beating in recent months as the global financial crisis threatens to slash demand.
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Brunei proven crude oil reserves
Brunei contains proven crude oil reserves of 1.35 billion barrels, as estimated in January 2006. In 2005 Brunei produced 237,000 bbl/d, of which 215,000 bbl/d was crude oil, plus around 22,000 bbl/d of natural gas liquids. Oil production in Brunei began in 1929, with the discovery of the giant onshore Seria Field. Production from Seria peaked at around 115,000 bbl/d in the 1950s, but has now fallen to around 27,000 bbl/d. Brunei’s oil production peaked in 1979 at about 240,000 bbl/d, but was cut back deliberately to extend life of the fields and to improve recovery rates. Overall, the country’s upstream oil sector requires around $300 million annually, according to the Petroleum Economist, in order simply to maintain current production capacity from mature fields. Read more
Offshore oil drilling - fuel prices
Painfully high vehicle- and jet-fuel prices are propelling popular demands for extracting the estimated 18 billion barrels of petroleum that rest beneath America’s coastal waters.
After rescinding previous executive-branch objections, President Bush said July 14, “the only thing standing between the American people and these vast oil resources is action from the U.S. Congress.” Capitol Hill Democrats claim offshore drilling poses unacceptable ecological risks. This is yet another overblown worry.
Democrats and other environmental naysayers cite the 80,000 barrels that spilled six miles off of Santa Barbara, Calif., inundating beaches and aquatic life. This hydrocarbon Hindenburg haunts the memories of those who witnessed it.
But this genuine catastrophe occurred in January 1969 — nearly 40 years ago. That era’s drilling technology has gone the way of Flower Power and black-and-white TV. Innovation has boosted the safety and environmental reliability of offshore drilling. Read more
AWEC - Ameriwest Energy Corp. Review Company
The Ameriwest Energy Corp. is a growing, expertly managed energy company focused on producing underdeveloped oil resources in the prolific Rocky Mountain region of the United States. The company is striking a strategic balance between low-risk tertiary recovery projects and extensively mapped exploration plays with significant upside potential. Visit our website at www.ameriwestenergy.com.
Notice Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding development and exploration activities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Ameriwest Read more
Awec - Ameriwest Energy Corp. Launch Information Reservoir Evaluation at Cole Creek Oilfield
The Ameriwest Energy Corp. (OTCBB: AWEC) wishes to announce that NITEC, LLC (”NITEC”) has submitted a reservoir evaluation which estimates that under a CO2 continuous, miscible flood the Shannon Formation of the Cole Creek oilfield could potentially yield an additional 4.20 MMSTB of oil.
As previously noted in a Company press release dated June 13, 2008, Ameriwest has the exclusive option to purchase a 35% working interest in the Second Frontier, Dakota and Lakota Formations of the Cole Creek Field which NITEC estimates an incremental 14.468 million gross standard barrels of oil (MMSTB) may be recoverable via additional primary, secondary and tertiary recovery from within those formations. Furthermore, Ameriwest has an exclusive option to purchase a 68% working interest in the Shannon Formation, also within the Cole Creek field. Based on the results of NITEC’s recently submitted evaluation, Ameriwest’s interest in the Shannon Formation could result in a net position of approximately 3.0 MMSTB of oil to the Company. Read more
NNPC Nigeria Oil Under Contract
Jamaica has lifted no oil from Nigeria since the contract was awarded to Glencore Energy Limited, and Jamaica’s petroleum agency which oversees such arrangements says it is yet to be advised by Lagos when supplies would be available.
“We have not got anything to lift as yet,” said chairman of the Petroleum Corporation of Jamaica, Ian Moore.
“No cargos have been made available to Jamaica as yet,” he told the Financial Gleaner on Wednesday. But Moore added that it was “not uncommon” for Jamaica to go for a while without supplies, saying it was the nature of the arrangement. Read more