Oil market fundamentals point to significant future tightening in the market, says the International Energy Agency. The Paris-based agency notes that crude prices already reflect the loss of 45 million bbl of crude following Iraq's export suspension and the ongoing conflict between the Israelis and Palestinians.
Analysts are again ratcheting up their oil price forecasts. The emerging confluence of economic, market, and geopolitical factors is making a prediction of higher prices a safer bet with each passing day.
Energy demand is growing in developing countries that may be hindered by the lack of investment in exploiting their own energy resources, said a panel of industry experts at the 4-day Offshore Technology Conference in Houston earlier this month.
Oil recovery factors for many of the world's oil fields have improved over the years, but implementing new technologies, expanding existing technologies to other reservoirs, and understanding the processes better can improve recovery further.
Canadian government and industry officials visited Washington, DC, earlier this month, shortly after the US Senate finished debating a sweeping energy reform package that could hold major implications for the US's northern neighbor.
Rotary steerable, directional-drilling systems increased rate of penetration (ROP) and saved more than 100 days of rig time when used to drill complex 3D wellpaths in the 121/4-in. and 81/2-in. hole sections of Jotun field development wells, compared to conventional directional-drilling systems.
The application of microscopic momentum balance, energy balance, Peng-Robinson's equation of state, and heat transfer equations can predict the pressure and temperature profiles of a pseudohomogeneous gas-liquid mixture in a gas production well.
Three intercooler water quench towers in the cracked gas compressor train of the Carmel Olefins Ltd., Haifa, Israel, plant had poor heat transfer. Temperature approaches between the quench water and overhead gas ranged from 6° C. to 12° C.