There are a number of different energy scenarios currently being proposed, but most industry analysts forecast that world primary energy demand will double by 2030, climbing to 18 gigatonnes of oil equivalent (Gtoe)/year from 9 Gtoe in 2000, and roughly triple to 25-30 Gtoe by 2050.
Heads of two of the oil and natural gas industry's biggest companies offered prescriptions for short-term and long-term industry headaches at a major Houston energy conference last week.
President George W. Bush's state of the union speech to Congress last month highlighted what the White House says is a key domestic policy issue: reducing foreign oil dependence.
With its projected sustained growth of both oil production and exports, Russia must look for new markets in the US and Asia beyond its historical role as a "regional supplier (primarily to western Europe)," said Simon G. Kukes, president of Tyumen Oil Co. (TNK), Russia's fourth largest oil producer.
The $6.75 billion deal that BP PLC announced Feb. 10 to join its Russian interests with that of the Alfa Group and Access-Renova (AAR) "proves" that production-sharing agreements (PSAs) are not necessary to encourage foreign investment in that country, said Mikhail B. Khodorkovsky, chairman and CEO of OAO Yukos.
Plains Exploration & Production Co. has inked a deal to acquire 3TEC Energy Corp. for a total of $432 million in cash and stock. As part of the agreement, each 3TEC stockholder will receive $8.50 in cash and 0.85 share of Plains E&P common stock for each share of 3TEC stock held. Both companies are based in Houston.
The question is often asked as to what influence changes in reservoir properties may have on the number of reservoirs and the percent of recoverable reserves in oil field reservoirs.
New web-based tools allow centralized operations centers to monitor and control remote activity, and these centers also provide sites for collaborative efforts for planning and data analysis.
