When the front-month crude futures contract fell $3.45 to $91.17/bbl Nov. 13—the lowest level in nearly 2 weeks on the New York Mercantile Exchange—after the International Energy Agency reduced estimates of global oil demand for the fourth quarter through 2008, many analysts declared the march to $100/bbl oil had finally fizzled.
At the beginning of the 1990s all producing countries in Latin America permitted limited participation of the private sector in the oil and gas industry.
A US House committee chairman raised new questions about whether the Environmental Protection Agency is effectively monitoring a 2003 memorandum of agreement intended to eliminate injection of diesel fuel into underground drinking water.
More than half of the oil and gas industry’s basic assets in the UK North Sea that have been inspected over the past 3 years are in poor condition, and companies will face closure or prosecution if they do not improve safety standards, warned the UK Health and Safety Executive (HSE) in a report.
Natural gas can play an important role in the 27 European Union member states over the next decades as “a bridging fuel” to a sustainable energy future, said the gas trade group Eurogas in its first evaluation and analysis of the future role of natural gas in Europe.
Chevron Corp. subsidiary Cabinda Gulf Oil Co. Ltd. took delivery Nov. 26 of the giant Tombua Landana platform template, which was loaded from Heerema Fabrication Group BV’s Heerema Vlissingen construction yard in Zwijndrecht, the Netherlands, to a seagoing barge for transport to Angola.
Brazilian Defense Minster Nelson Jobim claims that an oil discovery off Brazil underlines the need for his country to develop a nuclear submarine for protection.
Petroleos Mexicanos may close its Usumacinta oil rig and the Kab 121 oil well in the Bay of Campeche due to a continuing oil and gas leak, according to a senior company executive.
Pioneer Natural Resources Co., Dallas, announced three executive appointments related to continued expansion of its operations in the US, South Africa, and Tunisia.
Modeling offshore energy risk presents a special set of design challenges. Actuarial techniques cannot be applied due to the relative infrequency of events and scarcity of historical loss data.
In the aftermath of the widespread hurricane destruction in the Gulf of Mexico in 2005, the cost of operations dramatically increased with increased demand for support services, but market conditions appear to be slowly reverting to prehurricane conditions.
Robust pricing for oil and gas continue to drive North American fleet growth in the drilling market, and the number of land and marine drilling rigs continues to increase worldwide, according to Grant Prideco’s 54th annual ReedHycalog rig census.
Laboratory experiments and observation of pit growth rates in six operating fields have led to development of a model to predict internal pitting corrosion of oil and gas pipelines.
