Events in Iraq and Venezuela during early April spotlighted the difficulties faced by the Organization of Petroleum Exporting Countries in its attempts to manage oil prices over the short or even medium term, said industry analysts.
Maintenance activity, especially related to turnarounds, is on the rise in 2002 as downstream plant operators take advantage of weak market conditions to perform shutdowns.
It’s still possible to say that the US Congress would do more good by enacting energy legislation in its present shape than by not passing anything. The potential benefit, however, is limited.
I am writing in regards to the recent antidumping action taken by the administration on steel imports and the several editorials in OGJ on this subject (Mar. 18, 2002, p. 21, "A risky move with steel," and Mar. 25, 2002, p. 37,"New steel tariff could trigger like action on OCTG").
Sooner International Petroleum Co., Oklahoma City, pulled out of the sluggish Southwest Gobustan oil and gas venture, blaming financial woes, Interfax reported.
Rebounding oil prices in the wake of Venezuelan President Hugo Chávez’s stunning return to power after an abortive 48-hr coup may be a harbinger of things to come this year.
In the aftermath of the Soviet Union’s collapse in 1991, oil production–the great majority of which was Russia’s–nosedived, triggering the former Soviet Union’s "lost" decade of the 1990s.
In a surprise move, UK tax officials applied the "stick" to offshore producers with an immediate new 10% supplemental tax on North Sea oil and gas profits, while hinting at a future "carrot" through possible abolishment of the 12.5% overriding royalty for older fields.
The Chad-Cameroon pipeline project won’t end the corruptive nature oil can have on a developing nation. But policy-makers from the world’s most developed nations are betting it’s a good step in the right direction.
Industry is hopeful a meeting between Saudi Crown Prince Abdullah and President George W. Bush-at presstime still scheduled last week at the president’s ranch in Crawford, Tex.-will help ease growing concerns that Middle East tensions will stifle investment in the kingdom.
A key Senate Republican predicted Congress can work out its differences on pending comprehensive energy legislation and send a proposal to the White House this year.
Judge Arthur Gonzalez of the US Bankruptcy Court of the Southern District of New York has ruled that Enron Corp.’s $10 billion lawsuit against Dynegy Inc. will be moved to a Houston federal court, where Judge Melinda Harmon will preside.
Conoco Inc. and Phillips Petroleum Co. have named additional members to the new ConocoPhillips senior management team formed earlier this year (OGJ, Mar. 4, 2002, p. 34).
Bangladesh’s resource base can be divided into three main categories. The first article covered existing fields and discoveries and field growth (OGJ, Apr. 22, 2002, p. 48). The third category is new field discoveries.
Raster well-log technology, based on bitmap log images with applied depth calibration, is revolutionizing how geologists work at Apache Corp.?s Midcontinent division in Tulsa.
Plant turnaround is no longer a single occurrence that is the responsibility of the maintenance department. Organizations readily accept the need for multifunctional teams responsible for the planning process, as well as the need to follow a business work process during turnaround planning and execution.
Strategies and practices to achieve planned major maintenance and inspection shutdowns vary considerably throughout the oil and gas industry. This is interesting because all operators face the same challenges: to restore technical capabilities fully, minimize downtime, and satisfy government inspectors for the next run period.
