How Plummeting Oil Prices are Affecting Oil Lease Sales

Gulf of Mexico oil productionThe oil lease sale held for tracts off the Texas coast at the Mercedes-Benz Superdome in the United States saw only five bidders, all thanks to the low oil prices deviating interests of buyers. It was the lowest oil lease sale to ever take place in the Gulf of Mexico and one of the lowest in the entire Gulf. The sale attracted only 33 bids with each bid for a single tract, for a total of $22.7 million. Not all bids end up on the balance sheet, as nearly 3 percent are rejected or withdrawn. But oil experts had expected this scenario because oil prices were so low. Continue reading

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IEA Predicts Oil Glut Despite Growing Demand

Creative Commons/Trevor MacInnis

Creative Commons/Trevor MacInnis

Low oil prices and economic growth have helped drive up consumer demand for oil at its fastest pace in the last year five years. However, the excess of oil on the global market will last through 2016 according to a report by International Energy Agency. Continue reading

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Oil As An Investment

Oil dropMany a times investors have had the option of buying oil and making it their business investment but the questions that hang in their heads have often stopped them from pursuing their dreams. This article seeks to take you through the procedure of having this kind of investment and making it their normal life investment. To start it up, we must first of all, acknowledge that it is a worthy business and if goodly managed it is guaranteed to earn you back as fast as you would want a normal business too. Continue reading

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Libya Conflict Affecting Production of Crude Oil

The production of crude oil in Libya has fallen below 40,000 barrels are a day as a result of the ongoing conflict in the country. Continue reading

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Crisis in Oman Because Of Low Oil Prices

The recent weakening of oil prices means Oman has to face increasing unemployment and curtailed public spending. On the other hand, the crisis also has increased pressure to diversify the economy rather than be solely dependent on oil exports.

Credit: Creative Commons/Juozas Šalna

Credit: Creative Commons/Juozas Šalna

The recent fall in oil prices may be a blessing for many European countries, but it has spelt doom for countries like Oman whose massive 77% of the country’s budget comes from oil revenue. Continue reading

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World’s Biggest Solar Heat Plant To Aid in Oil Recovery

Two companies are now working together to construct one of the biggest solar plants in the world. The companies are Glasspoint and PDO (Petroleum Development Oman). The plant will be called Miraah. Miraah will be located in South Oman, and will become a thermal facility that will work to harness the rays of the sun to ultimately produce solar steam. The solar steam will then be used in the process of thermal EOR, this process extracts the heavy and dense oil. The oil will be extracted from the Amal Oilfield. The goal of this project is to deliver the world’s largest solar energy production using this solar plant. Miraah will deliver a solution for EOR steam that is sustainable. The EOR solution used now is the burning of natural gases. Once this solar plant is complete it will save 5.6 trillion BRUs of natural gas per year. The managing director of PDO said that Miraah will provide a large portion of the steam that is in demand at Amal, and will prove to be an important plant in the solar industry community. Continue reading

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Shell’s Plans to Explore the Icy Arctic Waters

Credit: Creative Commons/Olav Gjerstad

Credit: Creative Commons/Olav Gjerstad

Shell is going where no other oil company has probably gone before – the icy waters of the Arctic Ocean. The Dutch company is just a few days away from drilling in the Arctic Ocean hoping to find enough oil that will justify the risks it has taken. Continue reading

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Tar Oil Sands Contribute More to Global Warming Than Conventional Crude Oil

Tar-sands-collage

Tar oil sands contribute more to global warming than conventional crude oil, according to a new study by the U.S. Department of Energy’s Argonne National Laboratory, which was conducted in collaboration with Stanford University and the University of California at Davis. Their report has added more fuel to the controversial development of tar sands oil. Continue reading

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Petrobras Mulls Sale of Brazil’s Pre-Salt Areas

The discovery of Tupi field meant that Brazil’s economy would prosper by producing oil and join the league of countries that have the well-developed economies courtesy of oil business. However, this has not been the case due to corruption scandals that have marred the exploration of petroleum, expenses incurred and complexity of pre-salt areas contract conditions. Continue reading

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Technip to assist Floating Production System in Gulf of Mexico

Gulf of Mexico oil productionTechnip, a Paris-based gas and oil industry leader in project management, engineering, and construction has landed a contract with Chevron North America Exploration and Production Company to decommission the brownfield development and new installations. Continue reading

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