Eighty-five dollar crude oil is obscene! The traders on the New York Mercantile Exchange are gambling with the economic health of the US and the world.
“This is a sad day for the American public,” wailed Senate Energy Committee Chairman Jeff Bingaman (D-NM) about a court decision favoring an oil company in a royalty dispute with large implications.
Crude prices swung sharply during the trading week of Oct. 29-Nov. 2, fluctuating at record levels of $93-95/bbl that had many analysts anticipating $100/bbl oil within weeks.
Environmental stewardship and employee safety ranked high among issues major oil companies addressed in the lengthy, nonfinancial disclosures for 2006 that some companies call sustainability reports and others, corporate social responsibility reports.
Onshore oil and gas activity in the Rocky Mountains is threatening public health and the environment in producing areas, witnesses told a US House committee on Oct. 31.
US Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-NM) said he does not expect to see a reworked 2007 federal energy bill to appear before the Senate takes its Thanksgiving recess in 2 weeks.
China and India are expected to continue using coal as a major source of energy supplies, which would greatly increase the world’s carbon emissions, with drastic consequences for climate change, the International Energy Agency warned in a bleak picture looking at energy supply and demand until 2030.
Wood Mackenzie Ltd., Edinburgh, expects 13 million b/d of crude distillation capacity to be built within the next 5 years out of the 20 million b/d proposed worldwide.
For the oil industry, the news from Sudan is anything but good. Indeed, while using the Darfur problem to keep his grip on the country’s oil-rich south, Sudanese President Omar al-Bashir blames the US, the UK, and France for his problems.
Producers should seek to double oil recovery efficiency worldwide and pursue the target through effective use of technology and wise management, says a former head of reservoir management at Saudi Aramco.
A former US senator who helped formulate federal deepwater leasing incentives in the early 1990s warned that imposing price thresholds now on 1998-99 Gulf of Mexico leases could create major legal problems, delay further leasing, and encourage other countries to break agreements with US producers.
Within a broad context, the applicability of the assortment of improved oil recovery and enhanced oil recovery technologies depends by and large on two factors: the API gravity of the oils and the depth of the reservoirs.
For the past several years, a study led by the National Oceanic and Atmospheric Administration (NOAA) has developed procedures for independent estimation of flared gas volumes worldwide using satellite remote sensing.
A company’s safety performance and avoidance of catastrophic events is a direct result of the organization’s corporate culture, according to Carolyn Merritt, Former Chairman of the US Chemical Safety Board (CSB).
