Word: crude
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...decades. What's more, only about 25% of the country has yet been explored. Some 120 companies have joined Libya's first open bidding process to dig for new oil in 15 areas; the bid results are expected at the end of this month. Oil companies regard Libya's crude as some of the best on the planet. Relatively thin, it is among the easiest to refine. And tankers leaving Libya need far less time to reach U.S. and European ports than those leaving the Persian Gulf. Given the turmoil in Iraq, and the fact that Washington is on chilly...
...Army descended on Tawila in battered pick-ups, heading straight for the police station. After a gun battle that lasted almost an hour, some two dozen police officers had been killed. Then came the government response - old, white Antonov airplanes, circling the town under the noon sun and dropping crude bombs. Six civilians were killed, and three African Union helicopters were called in to evacuate 45 aid workers from a nearby displaced persons' camp. Two days later, the government followed up by bombing nearby villages suspected of harboring rebels. At least 20 people, mostly civilians, were killed, and twice...
...typical of a rising tide of crime that has turned one of the world's busiest waterways into one of the most dangerous. About 800 km long, the strait is traversed each year by some 50,000 ships carrying one-third of the world's trade and half its crude oil, including 90% of Japan's oil needs. Its narrowest point, near Singapore, is barely 2 km across, making passing ships easy targets. In its latest report released last month, the London-based International Maritime Bureau (IMB), whose Piracy Reporting Centre is headquartered in Kuala Lumpur, notes that although piracy...
...Scenarios of a terrorist strike in the strait vary, but they usually involve hijacking a tanker carrying chemicals, oil or liquefied natural gas. Blowing up an entire tanker is difficult?crude oil does not catch fire easily, for example?but it's not too hard to blast a hole in one so that its cargo is released, creating a maritime disaster. There's also the economic impact. When the oil tanker Limburg was attacked off the coast of Yemen in October 2002, insurance costs for calls to the country's ports rose by some $150,000 per ship. Such...
...answer: the opportunities seem to far outweigh the risks. The major oil firms are under intense pressure from investors to find new reserves - now. With near record crude prices and Iraq in turmoil, Russia's vast untapped wealth of oil and gas has never looked more attractive. There are production challenges: many of the reserves are located in remote locations deep in Siberia or above the Arctic Circle. Russia's Minister for Natural Resources, Yuri Trutnev, has cautioned that extracting Russian oil will become increasingly difficult. Nonetheless, the Western oil companies are eager to export Russia's reserves, which...