The Energy Information Administration (EIA) has released the latest edition of the agency's long-term assessment of world energy markets--the International Energy Outlook 2010 (IEO2010).

Among the points stressed in the report are that world energy consumption is projected to grow nearly 50 percent between 2007 and 2035; and while growth of renewable energy sources is brisk, fossil fuels will meet nearly 80 percent of total energy needs in 2035.

Also, the report says that China and India are expected to more than double their combined energy use by 2035--accounting for roughly 30 percent of world energy use.

Other highlights include:

• World natural gas consumption will increase 1.3 percent per year, from 108 trillion cubic feet in 2007 to 156 trillion cubic feet in 2035. Tight gas, shale g... more »

Oil Daily is reporting today that Interior Sec. Ken Salazar has lifted the moratorium on Gulf of Mexico exploration and production in shallow water.

More than 50 members of the U.S. House Representatives had urged Sec. Salazar to allow the continuation of shallow-water oil and natural gas production, saying it does not pose the same risks as deepwater production.

In shallow water, the tops of the blowout preventers (BOPs) are often above the waterline, and the wells frequently require external stimulation to draw oil and natural gas to the surface. Therefore, it is unlikely that these wells could experience problems similar to the Macondo well.

The International Association of Drilling Contractors and another group also had pressed for permission to proceed with shallow-water energy develo... more »

While BP prepares to cut the damaged riser from the blowout preventer (BOP) as the first step in using the low marine riser package (LMRP) at the Macondo well, analysts and bloggers are assessing the costs associated with the administration's deepwater drilling hiatus in the Gulf.

Last week, President Obama announced a six-month Gulf drilling permit delay, a delay of drilling in shallow water off the coast of Alaska until 2011, the cancellation of the Virginia offshore lease sale, and a halt to 33 exploratory wells already underway in the Gulf.

Those familiar with drilling operations noted that the administration's action would be another blow to Gulf Coast states already reeling from the impact of the oil spill on fishing and tourism.

The Louisiana Mid-Continent Oil & Gas Association said... more »