Industry oil stocks in countries of the Organization for Economic Cooperation and Development grew 1 million b/d in July, according to the latest report from the International Energy Agency. As these stocks moved to 79.5 million bbl below 2002 levels, forward demand cover was little changed at 53 days, 2 days below last year's level. OECD crude inventories rose despite a fall in such North American supplies, but distillate fuel stocks across the OECD continued to build seasonally during July.
Scientific ocean drilling
Funding for basic research has shrunk in many disciplines, and so it's particularly refreshing to witness the launch of a new research initiative for scientific ocean drilling.
Among disclosures in an August General Accounting Office report on the making of Bush administration energy policy, meetings between federal officials and representatives of the energy industry should be the least controversial.
The Woodlands, Tex., has made several announcements recently. Martin Shields, formerly with Exxon and Santa Fe Indonesia, has been named vice-president of integrated interpretation.
This standard Model F70 external chamber-float level switch includes a compact, low mass design with stainless steel wetted parts, a flanged top chamber, tamperproof hermetically sealed SPDT switches, die cast aluminum or stainless steel housing, and high and low temperature capability.
Investors should know what they are getting into before they spend millions on oil and gas projects, but as we have seen in recent months, there are too many instances in which investor due diligence has been inadequate.
Processing offshore oil and natural gas production below the waterline will account for a growing share of a total subsea market destined to grow steadily through 2007.
Environmentalists and lawmakers criticized the White House for staying on the sidelines when multilateral bankers approved public financing for a portion of Peru's $1.6 billion Camisea project.
The US Department of Energy's Office of Fossil Energy (OFE) and the National Association of Regulatory Utility Commissioners (NARUC) recently launched a new LNG education campaign to dispel what energy regulators say are popular misconceptions about the fuel.
US congressional negotiators continued discussions last week on a pending comprehensive energy bill with Republican leaders pledging to wrap up talks within 2 weeks.
Devon Energy Corp., Oklahoma City, has grown through a series of mergers to become the largest US independent oil and natural gas company, with 650,000 boe/d of oil and gas production and an enterprise value of $20 billion.
The Statoil ASA board criticized Statoil Pres. and CEO Olaj Fjell for a $115 million business development contract with Iranian firm Horton Investment, but the board also said Fjell remains the "person best suited to take Statoil forward."
The third and concluding part of this article involves other topics either not always applicable or that may be left for a later date before receiving proper consideration.
Despite a brief dip in drilling activity this spring, the drilling industry remains healthy, with nearly twice the level of activity as recorded during the historic low in spring 1999 (Fig. 1).
Tests of a proposed friction-factor equation have shown it to be accurate for calculating pressure loss in turbulent flow for a pipeline transporting a non-Newtonian fluid, such as most crude oils and petroleum products.
