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

Posted in Oil News | Tagged , , , , | Leave a comment

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

Posted in Oil Investments, Oil News | Tagged , , | Leave a comment

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

Posted in News, Oil News | Tagged , , , , | Leave a comment

Iraq Building a New Army to Defend Its Oil

Iraqs Al Basrah Oil Terminal (ABOT) (Credit: US Navy)

Iraqs Al Basrah Oil Terminal (ABOT) (Credit: US Navy)

Iraq is assembling a 27,000 powerful army of security personnel to defend its oil and energy plants from possible attacks by Islamic State insurgents (also known as ISIS). Continue reading

Posted in Oil News | Tagged , , , , , | Leave a comment

A Drilling Rig Strikes Oil in the South Atlantic Ocean Near Falkland Islands

Oil (Creative Commons/Simmon Johnston)

Svilen Petrov reported on May 30, 2015 in a brief article posted on the website of Maritime News Maritime Transport and Shipping Journal that a significant oil deposit has been located beneath waters lying off the coast of the Falkland Islands. An offshore oil rig, the Eirick Raude, struck oil in an area where the chances of making a successful strike had been considered low by many oil business experts. It is unclear what, if any, impact the discovery will herald for oil pricesContinue reading

Posted in Oil News | Tagged , , , , | Leave a comment

How California Oil Spill Could Hurt “Galapagos of the North”

Ecologists are trying to estimate how Santa Barbara oil spill could hurt California’s Channel Islands which are known as “Galapagos of the north” because of their biological diversity. Continue reading

Posted in Oil News, Oil Resources | Tagged , , , , , | Leave a comment

Gulf Oil Spill Could Last 100 Years

The most famous American oil spill in recent history was in 2010 when BP oil rigs reported a massive, long-lasting leak. It took many months to finally stop the flow of crude oil into the Gulf of Mexico. Farther back there was another oil spill in the Gulf caused by Hurricane Ivan in 2004. Now, over a decade later, it is suspected by government officials that there has been, and still is, a leak from those wells knocked over in the hurricane. Taylor Energy Company is responsible for fixing their problems and cleaning up the constant oil slicks in the area from their wells. More stringent restrictions on oil companies seem to be a new, positive trend but the problem is on-going and probably will be long-term.

Posted in Oil News | Tagged , , | Leave a comment

China is world’s Biggest Crude Oil Importer

dd4c7642436f20e6c99fc3b6812b_medium

China is known to be the top most energy consumer in the whole world. Here, oil is the most consumed fuel as well as the most traded commodity in the market. This country has even beaten the United States as far as importing crude oil is concerned. Continue reading

Posted in Oil Prices, Oil Resources | Tagged , , , , | Leave a comment

The Cleanup From Royal Dutch Shell To Begin Soon

An oil slick from the oil spill
The Royal Shell oil industry plan is to pay out 55 million pounds, $83.4 million dollars in restitution for two oil spills in Nigeria which occurred in 2008. This was decided after conceding to a conclusion with the affected people. Continue reading

Posted in News, Oil Resources | Tagged , , , , , | Leave a comment

Sinopec, PetroChina deny merger rumours

Sinopec HQ Chaoyang
The stock prices of two of China’s oil industry giants soared Monday on speculation that the government might call for consolidation in the oil business. Continue reading

Posted in News | Tagged , , | Leave a comment