The exploration and production business today faces growing pressure to balance high-risk endeavors with outside uncertainties-such as the forever-vacillating prices of oil and gas-all the while making only average rates of return that track well below those of other industries.
As exploration and production companies increase their use of portfolio management techniques to realize maximum value from assets and projects, measuring and managing risk become essential.
As exploration and production companies increase their use of portfolio management techniques to realize maximum value from assets and projects, measuring and managing risk become essential.
Apache Corp. has reached a critical mass as of late, metamorphosing into a "superindependent" through a succession of carefully selected and acquired assets located in or near its core areas of operation. In doing so, the Houston-based independent has reaffirmed actual and projected gains in production, reserves, earnings, and cash flow.
The US Department of Energy will have about $100 million for fuel cell related programs in the new fiscal year, including $52.7 million for stationary fuel cell programs, $10 million more than the Clinton administration asked.
Chevron Corp. early last week confirmed widely rumored speculation that it and fellow US oil company Texaco Inc. have agreed to a merger based on a stock acquisition valued at about $35 billion.
Chevron Corp.'s 26% stake in energy merchant Dynegy Inc. and Texaco Inc.'s gasification expertise will boost the combined ChevronTexaco Corp.'s options in the "fast-growing gas and power convergence business," Dave O'Reilly, Chevron chairman and chairman of the proposed combined company, said during a press conference Oct. 16.
Escalation of Middle East violence related to the Palestinian-Israeli conflict earlier this month triggered a near 10-year high in some international oil futures prices amid new fears of possible disruptions of oil supplies.
Two months after the European Union acted to enforce liberalization of natural gas markets, industry opinion about the directive is increasingly voluble.
Apache Corp. has reached a critical mass as of late, metamorphosing into a "superindependent" through a succession of carefully selected and acquired assets located in or near its core areas of operation.
Apache Corp. has reached a critical mass as of late, metamorphosing into a "superindependent" through a succession of carefully selected and acquired assets located in or near its core areas of operation. In doing so, the Houston-based independent has reaffirmed actual and projected gains in production, reserves, earnings, and cash flow.
Tests on wire-rope pumping units in two oil fields in China showed that these units eliminated sucker-connection problems, decreased labor requirements, increased effective plunger displacement and pump efficiency, lengthened well repair cycle, and decreased loads on the hanger.
Shell Exploration & Production Co. announced in mid-September its plans to develope two more deepwater Gulf of Mexico discoveries, Oregano and Serrano.
With the help of Bechtel Corp., Phillips Petroleum Co. and Petroleos de Venezuela SA (Pdvsa) completed a revamp of their Sweeny, Tex., refinery to process a heavier crude.
To improve distillate yield and quality, Pennzoil-Quaker State Co. (PQS) recently adopted and implemented the proprietary MAKFining isomerization dewaxing technology (MIDW) in its 7,000 b/d Shreveport, La., refinery.
Saudi Aramco is considering an investment of $600 million in a naphtha cracker project in the Philippines, according to the Organization of Petroleum Exporting Countries News Agency (OPECNA) last month.
In June 1999, after 3 years of construction, Nigeria LNG Ltd. (NLNG), completed its two-train, 5.9 million tonnes/year (tpy) base project on time and under budget. Currently, NLNG has begun work on Train 3.
The Escravos gas project, a joint venture of Nigeria National Petroleum Corp. (60%; NNPC) and Chevron Nigeria Ltd. (40%), has moved nearer its twin goals of reducing the country's gas flaring and finding commercial outlets for the country's huge natural gas reserves.
The article "LNG imports needed to meet growing US gas supply deficit" (OGJ, Oct. 2, 2000, p. 28) is very timely, especially so when the US faces a big shortfall in production and supply of natural gas for heating, power generation, and industrial use.
Thomas Standing's article in (OGJ, Oct. 2, 2000, p. 86) describing oil production decline and expected ultimate recovery at Prudhoe Bay was thought provoking and well written but it was in part, I believe, misleading.
After years of experiencing boom and bust cycles-the most recent one reaching its trough at the latter part of 1998 and early 1999-the oil and gas industry is primed for sustainable growth.
