Everyone in the oil business wants to know when the market will reach bottom. The normal answer would be that the oil market reaches bottom when oil prices quit falling.
Analysts at Pritchard Capital Partners LLC in New Orleans reported a pending shift in the bearish fundamentals of the natural gas market with US production expected to drop because of a 57% decline in the US rig count and sizeable production shut-ins so far this year.
The oil and gas industry continues to develop new technologies to explore for, develop, and produce the energy resources needed for growing global demand.
The 2009 Offshore Technology Conference in its Spotlight on New Technology awards recognized 14 innovations that provide benefits beyond existing technologies.
Despite the emphasis on alternative energy sources in current and proposed government energy policies, the US cannot attain energy independence by 2030, said a majority of oil and gas executives recently surveyed by KPMG LLP’s Global Energy Institute.
US House members who tried to legislatively repeal offshore drilling bans in previous sessions introduced a bill on May 4 to restore a 5-year Outer Continental Shelf plan, which US Interior Secretary Ken Salazar has delayed.
UStrade sanctions have applied to Iran since 1996. One goal of denying that country’s national oil company access to American goods, services, and technology has been to punish its government for allegedly trying to gain nuclear weapons.
The Brazilian government announced plans to overhaul the country’s energy basket with more emphasis on renewable resources, even as it continues with oil and natural gas development plans.
Costa Rican President Oscar Arias, reversing earlier statements of his own government, has declared his opposition to any oil and gas exploration in his country, recently described as a “biogem” by environmentalists.
The UK North Sea could hold millions of tonnes of carbon emissions in saline aquifers and depleted oil and gas fields, but government must support carbon capture and storage (CCS) technology development, a report said.
Operators focused on small and challenging projects in the UK North Sea that are offered investment incentives by Chancellor Alastair Darling in his 2009 budget to unlock 2 billion bbl and enhance indigenous production.
Colorado Gov. Bill Ritter Jr. said that new oil and gas regulations would allow the industry to grow in a sustainable way compatible with the state’s economy as he signed them into law on Apr. 22.
In implementing its field production optimization tool, BP Trinidad & Tobago (BPTT) ran scenarios for tuning, validating, and calibrating the models, as well as multiple optimization scenarios.
Using an oblique shaft to cross slopes in pipeline construction can protect the environment, overcome difficulties related to slope stability, and save construction costs.