On May 20, its first day in the front month position, the July contract for benchmark US sweet, light crudes escalated $1.94 to $62.04/bbl on the New York Mercantile Exchange, marking the first closing above $60/bbl since early November.
The oil and gas industry joined other industries that responded critically after the US House Energy and Commerce Committee approved a bill May 21 to address global climate change by instituting a cap-and-trade system.
Unconventional sources including biofuels could provide nearly half of the growth in global liquid fuel supplies during 2006-30, the US Energy Information Administration said on May 27 in its latest International Energy Outlook.
Brazil’s President Luiz Inacio Lula da Silva, on a state visit to Turkey, said his country’s state-operated Petroleo Brazileiro SA (Petrobras) should not hesitate to invest in overseas oil and gas projects.
Production of 20,000 b/d of oil from Indonesia’s Cepu block, which the government had hoped would play a major role in boosting the country’s output, may take longer than expected, lawmakers have been told.
An attempt has been made using seismic and well data to predict the possible overpressure zones and pore pressure estimation for the principal reservoir, the Sui Main limestone formation, at Qadirpur, a producing gas field in Pakistan’s Central Indus basin.
Identifying unmitigated microbial-influenced corrosion (MIC) rather than mitigated or even unmitigated CO2 corrosion as the highest risk to infield oil transport pipeline integrity has led to a change of emphasis in corrosion control, with the emphasis placed on water cut control at slow flow rates and optimization of the pigging program.