Mexico's state-owned Petroleos Mexicanos plans to drill five deepwater exploratory wells in the Gulf of Mexico during the next 7-10 years, a company official indicated at a deepwater technology conference in Houston in mid-September.
The good news is that US drilling activity is up a record 41% from year-ago levels, but the best news is that day rates are up, too, and likely to continue rising with the available rig fleet at an all time low, reported officials of Reed-Hycalog, a unit of Schlumberger Ltd., in its annual rig census.
New permitting requirements, primarily under US federal operating permits program of Title V of the 1990 Clean Air Act, and the changing scope and extent of air policy and rulemaking have affected US oil terminal operations and challenge today's terminal operator.
As the country debates President Clinton's decision to release 30 million bbl of oil from the Strategic Petroleum Reserve (SPR) and we wait to see what effect, if any, it will have on heating oil prices, it might be worthwhile to take a look at what may happen a year from now.
At an Organization of Petroleum Exporting Countries summit meeting outside Algiers in March 1975, the conference host, Algerian Pres. Houari Boumedienne, proclaimed that oil was "not merely a fuel, but the source of life itself."1 That rhetoric, while grandiose, contains more than a grain of truth.
Instead of the oft-predicted global surplus in supply of methanol and resulting soft prices, the market has seen a tightening supply-demand balance that occasionally yielded spot prices higher than the prices for volumes under contract-a good indicator of a robust market.
In a world that should see continued robust growth in oil and gas demand for the next 20 years, Latin America offers some of the most appealing prospects for petroleum company investment, according to Jon L. Thompson, president of Exxon- Mobil Exploration Co., the chief upstream unit of supermajor ExxonMobil Corp.
So fundamental has the North Sea industry's contribution been to Europe's oil and gas supply-and economies-over the last 30 years, that one can become blinkered to the broader significance of hydrocarbons being produced in the waters off more than 130 countries worldwide.