The Bullroarer - Saturday 10th October 2009

The Age - Climate talks fail to break deadlock

The two big sticking points are the targets nations will adopt to cut greenhouse gas emissions, and how rich countries will fund poor ones to tackle climate change.

Of course, it is hard to see how we could possibly make progress at the talks if our economy depends on things like this:
ABC - Coal terminal expansion promises jobs boost

The Regional Economic Development Corporation (REDEC) says an expansion of the Abbot Point coal terminal could encourage other large industries into Bowen.

There are a few stories today about debt. We are borrowing from tomorrow to pay for yesterday's mistakes... but will tomorrow's economy support that debt?
Radio NZ - Emissions scheme revision will increase debt - Treasury

Treasury officials estimate a key change to the emissions trading scheme will greatly increase Government debt by 2050.

The Australian - Business warms to Turnbull on ETS

MALCOLM Turnbull is likely to get business backing for his emissions trading amendments, which the Coalition is drafting in close consultation with industry groups and major companies.

National Business Review NZ - Oil production goes ahead in deep Manaia Field well

Oil will be commercially drilled in the Manaia Field offshore Taranaki, after a successful appraisal that drilled about eight kilometres – the longest well ever drilled in New Zealand.

Bloomberg - Shell to Use World’s Biggest Ship at Australian Field

Oct. 8 (Bloomberg) -- Royal Dutch Shell Plc plans to deploy a vessel “much larger than an aircraft carrier” off the coast of northwestern Australia to house the world’s first floating liquefied natural gas plant.

NZ Herald - The future of Discovery

The diversification helped Land Rover weather the recession better than some. In particular, the BRIC markets - Brazil, Russia, India and China - have been fairly kind to the company. "China is on fire again and is the one market where we'll grow year-on-year," enthuses Popham, who has worked in South Africa, US and Britain. On the other hand, he says Russia went into recession quite late, "but the effect of liquidity and the oil price drop caused the industry there to nosedive 50 to 70 per cent in the last few months." Those fires will ignite to make China Land Rover's third biggest market this year, after Western Europe including Britain, and the US. Italy and Russia vie for number four and five.

NZ Herald - Doctors attack climate change stance

The Government's climate change policy has come under attack from a long list of doctors, including several senior civil servants.

Twenty-six doctors, mainly public health practitioners, have put their name to the article in today's New Zealand Medical Journal, which says the country "must rapidly halve its greenhouse gas emissions".

A further 69 doctors are listed in support of the article. They include the Ministry of Health's chief clinical adviser, Dr Sandy Dawson, its chief adviser on population health, Dr Greg Simmons, and Dr Martin Tobias, a leading public health researcher based in the ministry.

Bloomberg - Queensland Gas Projects Face Labor Risks, Fitch Says

A labor shortage is set to push up costs and drive consolidation among proposed coal-seam gas ventures in Australia’s Queensland state, a Fitch Ratings analyst said. - US-NZ relations grow warmer

She praised New Zealand's leadership role in climate change and told Mr McCully the US also appreciated New Zealand's efforts to combat nuclear proliferation. Asked about New Zealand's role in defence, security, the Pacific and East Asia, Mrs Clinton said the US valued New Zealand's partnership and leadership in those areas.

Top News - Twelve month extension sought by 2ExxonMobil, Todd Energy

ExxonMobil spokeswoman Rebecca Arnold told that now the companies must decide on drilling by Oct. 10, 2010.

The PEP 50117 permit which was awarded in July 2007 is situated in the Great South Basin, 100 km offshore, in which ExxonMobil is the operator with a 90% stake while Todd Energy owns the rest.

The Australian - Boomers pound the coast

HERE is a feature that will surely become more prevalent in sea change locations in the coming decade. It is the notion that there is sufficient space in this idyllic community for me but not for anyone to arrive after me.

The Australian - Origin Energy downgraded

ORIGIN Energy has been downgraded to a "hold" recommendation after its joint venture partner announced assets sales to reduce debt.

Origin is a joint venture partner with ConocoPhillips in Australia Pacific LNG, which plans to develop a coal seam gas liquefied natural gas project.

The US oil giant announced this week it was planning to sell $US10bn worth of assets to pay down debt.

Goldman Sachs said it did not believe Conoco would sell its stake in APLNG but that its asset sale move would create uncertainty with respect to Conoco’s commitment to APLNG and/or its ability to fund its share of the project.

NZ Herald - Maari partners drill to large second zone

Partners in the Maari oil field say they have found a substantial second zone of oil and successfully drilled a horizontal production well through the reservoir containing an estimated 30 million to 40 million barrels of oil-in-place.

Radio Australia - UN climate talks end without agreement

It's a severe disappointment for the UN, barely two weeks after its secretary-general Ban Ki Moon told the General Assembly that climate change poses the greatest single threat to the human race.

The Australian - Political cowardice on carbon

THE debate over whether Australia should or shouldn't pass the government's Carbon Pollution Reduction Scheme ahead of the Copenhagen conference in December is a red herring when it comes to climate change.

Why? Because whether we do or don't will make little difference to Australia's capacity to reduce carbon pollution so long as both main parties aren't prepared to get serious and have a mature debate about nuclear power.

NZ Herald - Greenback tumbles on reports of its demise

The US government's $11.86 trillion debt would be easier to repay if the value of the dollar was lower. There is growing concern among economists that the Obama administration could be content to see the currency fall. That would make US exports more competitive and could spark a manufacturing jobs revival.

Overseas governments are in a bind because they hold trillions of dollars as currency reserves. The situation is particularly sensitive for oil-producing nations, who are paid in dollars for their exports and therefore hold particularly high dollar reserves.

The article by Peter van Onselen in The Australian is a bit of surprising good sense,especially coming from this publication.

Australia does indeed need nuclear power as well as renewables and geothermal.The money that is being wasted on CCS for coal could be directed to kickstarting a nuclear power industry.No doubt this would give the anti-nuclear crowd a boost.My thinking for years is that these people are running on emotion and little else.

A simple comparison of the damage done by a coal fired power station compared to a nuclear station with the same output should convince any rational person of the benefit of nuclear.Unfortunately,rationality has gone missing in Australia.

If we were to make a determined start on a nuclear power industry we have the advantage of being able to use advanced reactor technology from the beginning and we have plenty of uranium and probably thorium as well.If we use the existing HVAC grid and supplement with HVDC if necessary there would be no need to antagonize the urban nimby crew with reactors in range of their Sunday drives.

I think we should have a "red hot go" with Thorium since the politicians are stilll allergic to Uranium.

- Thorium is an inspirational idea and possibly a national-development project that would give Oz some worthwhile technology to sell around the world.

(Some people claim this for "clean coal" - cough! - but sadly I think that's just a smokescreen.)

NZ Herald - Greenback tumbles on reports of its demise

article seems to suggest that the US wouldnt mind if the world gave the dollar a reason to drop so they can pay off a smaller debt.
but im not sure thats the case when it comes to moving away from the dollar for buying oil like they mentioned.

a move away from dollar for international trade would likely spark a run on the dollar as it suddens revokes all reason for countries to hold a reserve of the dollar for payments when can use something stronger thats going to go up in value instead. sure the US government might be able to pay off its debt, but it will have another disaster of inflation to US civs that strain spending and jobs heavily. the US will have troubles importing anything and paying for its oil. even worse it means that china has no more reason to by the US debt.

i think the US wants a lower dollar in the same environment it has now. not for everyone to dump it.

No sources given.

I heard that the House of Saud is not well received in Saudi Arabia.
However they have a deal with the Yanks to sell oil in American dollars only.
This means that the American dollar remains valuable. If you want oil you have to find American dollars.

In return the American military ensures that the house of Saud's popularity is irrelevant.

I should imagine that the House of Saud is watching the collapse of the American dollar with some trepidation.

Perhaps they might even close down chop-chop square.