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

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

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

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

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

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

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

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

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