Buoyed by an earlier decision by other members of the Organization of Petroleum Exporting Countries to boost their production quotas, energy futures markets were slow and weak in reacting to a series of terrorist attacks June 14-16 that effectively shut down oil exports from Iraq.
Libya must find more oil reserves because it has already produced nearly half of its discovered reserves to date, and countries historically have difficulty maintaining stable production once depletion exceeds 60%, said a senior director of Washington, DC-based PFC Energy.
The oil and natural gas industry will spend a total of $189 billion drilling wells offshore over the next 5 years, according to a study released this month by Canterbury, UK-based energy analyst Douglas-Westwood Ltd.
The US Minerals Management Service reported that US oil and natural gas exploration and production companies have made eight new deepwater oil and gas discoveries in the Gulf of Mexico since the start of the year.
The White House's choice to head the US Federal Trade Commission remained stalled earlier this month over concerns by some Senate Democrats that the administration is not doing what it can to prevent high retail fuel prices.
Anadarko planning to sell 25% of production assets
Anadarko Petroleum Corp. Houston, plans to sell properties representing 15% of its yearend 2003 proved reserves and 25% of its current oil and gas production, with after-tax proceeds expected to exceed $2.5 billion.
The beginning of scientific surface geochemical exploration, that is, microseepage as opposed to macroseepage, took place in the 1920s at the prestigious Max Planck Institute in the work of Gunter Laubmeyer.
Development and rapid expansion of new export terminal on the Baltic Sea threaten the traditional dominance of Black Sea ports in the seaborne trade of Russian oil, according to an analysis by the Centre for Global Energy Studies, London.
India: Oil growth prospects changing tanker patterns
Prospects for increased crude oil demand in India bode well for ship owners looking for charters in the region, according to an analysis released last month by New York-based shipping consultant Poten & Partners Inc.