After bumping above $50/bbl in intraday trades earlier in the week, the near-month benchmark crude contract closed above $50/bbl Oct. 1, at $50.12/bbl, for the first time in the 21 years that crude futures have been trading on the New York Mercantile Exchange.
Threats to Nigeria's oil production pushed crude futures to a record high of $50.47/bbl in after-hours electronic trading Monday on the New York Mercantile Exchange, surpassing for the first time the "psychologically important" $50/bbl level.
Mapping subsurface fractures using their elastic nonlinear response
Natural open fractures and joints play an important role in production from carbonate and consolidated sandstone fractured reservoirs because the fluid flow is strongly influenced by the fracture orientation and the fracture density.
Investors and analysts trying to decipher the significance of reported oil and natural gas reserves could benefit from broader disclosures by companies, a credit ratings agency suggested.
The American Association of Petroleum Geologists and the Society of Petroleum Evaluation Engineers recently formed a joint committee to consider a voluntary certification program aimed at giving investors more confidence in industry estimates of oil and natural gas reserves.
While the oil and natural gas industry has made progress in voluntarily reducing greenhouse gas (GHG) emissions, it also must develop technology that accelerates environmental improvement while meeting growing energy demand, government and industry representatives suggested Sept. 29 in Washington, DC.
Oil supply seen threatened by limited E&P opportunities
Strong oil demand growth, high oil prices, and dwindling spare production capacity are making the oil industry, its customers, and financiers question the source of tomorrow's oil, reported World Markets Research Centre in a September report.
Brazil to triple natural gas consumption by 2010, minister says
Brazilian energy officials expect their country to consume 117 million cu m/day (cmd) of natural gas by 2010, compared with today's average of 35 million cmd. By 2007, gas consumption is expected to reach 50 million cmd.
ConocoPhillips said it plans to purchase 7.59% of OAO Lukoil for $1.99 billion and join the Russian company in a strategic alliance outlining how ConocoPhillips might increase its interest to 20%.
ChevronTexaco Corp. and OAO Gazprom announced a memorandum of understanding calling for a 6-month feasibility study concerning joint oil and natural gas projects in Russia and the US.
The emergence of a more fluid LNG market and growing demand for lean LNG (low calorific value), especially in the US and UK, are forcing LNG producers to address new gas quality issues.
Saudi Aramco's Haradh gas plant, dedicated earlier this year as part of the country's Master Gas System, reached full design inlet capacity of 1.6 bcfd by late summer, more than double its initial 450 MMcfd rate, according to a company publication last month.
Three large refrigerating compressors for the barge-mounted process plant at Statoil's gas liquefaction facility on Melkøya in northern Norway were finally ready for delivery early last month, nearly 6 months late, said a company statement.
