World oil reserves increased in 2012 (+2% vs 2011), gas reserves remained almost flat (+0.4% vs 2011) World production of oil and gas is rising (+2.9% and +1.8% vs 2011) World oil consumption is growing (+1% vs 2011), but not in Europe World gas consumption is also rising (+2.3% vs 2011) LNG trade dropped for the first time in 40 years Eni presented the twelfth edition of World Oil and Gas Review, the annual statistical review of the world oil and gas market and the refining system. Oil and gas reserves continue to rise, confirming that operators are able to replace reserves put into production and to find new ones: a comparison of 1995 reserves with those of 2012 reveals an increase of almost 40%. In the past year, however, despite a 2% increase in oil reserves, those for gas remained largely flat (+0.4%). In 2012 a +2.9% increase for world oil production was recorded, higher than in recent years, thanks to the recovery of output from Libya and record production levels in Saudi Arabia. This pushed production to historic highs, offsetting shortfalls in other countries, primarily Iran. There was a noteworthy increase in U.S. production, which went up by 12% in a single year due to the strong development of tight oil. Also thanks to gas associated with tight oil production the U.S. became the world's top gas producer, overtaking Russia.
Russian President Vladimir Putin prioritized the construction of oil platforms and tankers in the shipbuilding sector. Projects are being implemented for the construction of platforms for the development of oil and gas fields on the continental shelf, and a definite class of tankers, Putin said, opening a meeting devoted to shipbuilding industry issues. Russia, which holds the world's largest natural gas reserves and is among the top 10 countries in terms of oil reserves
Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd. He said that development on the field, which is close to the Iraqi border
Mexico plans to invest $470m in technological development to aid its oil and gas search over the next five years, state-owned energy company Pemex said recently according to a Reuters report. Pemex, which has proven oil reserves to last about nine years, will reportedly put up most of the money, along with funding from state universities and the country's Petroleum Institute. Much of Mexico's possible reserves that could yield decades more oil are deep beneath the Gulf of Mexico.
Petrobras said that it would contract to build 10 offshore oil production platforms in the coming eight years for a newly found pre-salt oil field. The 10 new units, to operate in ultra-deep waters, will tap the pre-salt oil reserves discovered recently off the country's southeastern coast. According to the company, the first two units will be chartered from third parties. Each will have a daily production capacity of 100,000 barrels of crude and 5 million cubic meters of natural gas.
Colombia's oil reserves had risen 2.9 percent to 2.445 billion barrels by the end of 2013, up from 2.38 billion barrels a year earlier, taking reserves to their highest despite a missed exploration target, the energy ministry said on Monday. Foreign investment into the Andean nation's oil and gas sector has surged in recent years and the government is preparing to tap non-conventional or shale resources offering such blocks in its 2014 oil auction which concludes in July.
Any oil company wishing to tap into the oil reserves off the coast of Barbados has to comply with some strict guidelines the Government is laying down. In introducing the draft National Energy Policy to the House of Assembly, Minister of Energy and the Environment, Elizabeth Thompson, stated that a number of oil companies, including the big multinationals, smaller operations and some newcomers, had expressed an interest in getting involved in Barbados' oil industry.
A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said according to an AP report. The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable light crude, sending Petrobras shares soaring and prompting predictions that Brazil could join the world's "top 10" oil
With Vast Natural Energy Resources Russia is an energy superpower and the country has vast and rich natural resources. Besides gas and coal reserves (some of the largest in the world), Russia today is ranked as the world’s biggest oil producing nation accounting for well over 12% of the global output. Moreover, the country exports more than 70% of its oil to the world markets. That said, Russia’s output of oil amounts to a third of what collectively the
Five Japanese companies – Mitsubishi Heavy Industries, Ltd. (MHI), Imabari Shipbuilding Co., Ltd., Namura Shipbuilding Co., Ltd., Oshima Shipbuilding Co., Ltd. and Mitsubishi Corporation – have agreed to acquire a stake in ECOVIX -Engevix Construções Oceânicas S.A. (ECOVIX), a leading Brazilian shipbuilder. A Share Purchase Agreement (SPA) between the Japanese consortium and the Brazilian partners has been signed by the parties
Mexico on Friday put into effect an agreement signed in 2012 with the United States to allow companies to exploit deep water oil resources in the Gulf of Mexico that straddle the countries' maritime boundaries. The deal, published in the government's gazette
The Obama administration on Friday approved a plan that would allow companies to assess oil resources off the Atlantic Coast, angering environmental groups that worried the plan will harm marine life and open the door to offshore drilling.
Italian oil and gas group Eni said it signed a deal to explore for hydrocarbons in the Republic of Congo's coastal basin, expanding its foothold in sub-Saharan Africa's No. 4 oil producer. At a signing ceremony in capital Brazzaville
Oil companies were bidding on Wednesday for 95 oil areas Colombia is offering for exploration and production in an effort to raise output from around 1 million barrels per day and increase stagnant reserves. Rights for the onshore, offshore and nonconventional or shale oil areas will be awarded
The Republic of Paraguay is a landlocked country in South America bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. The Paraguay River runs through the center of the country from north to south
1806 - Spring pole cable drilling developed in US. 1844 - Fluid circulating rotary well drilling patented in England. 1845 - Circulated fluid used to remove drill cuttings for first time. 1860 - Fluid circulation rotary diamond coring drill developed in France.
Russian President Vladimir Putin said on Tuesday that Moscow saw no need for counter sanctions against the West, but could reconsider the participation of Western companies in its economy, including energy projects. "We would very much wish not to resort to any measures in response
Qatar Petroleum (QP) announced plans to invest over 40 billion Qatari Riyals (QAR) in the re-development of the existing Bul Hanine offshore oil field located about 120 kilometers to the east of the Qatari coastline. The project, which is currently at the pre-FEED stage
An EPC contract for a production unit can easily exceed $1 billion – and $3 billion for an FPSO has recently been breached. Overall, this is a $20 to $30 billion annual market. But, as described below, the sector is hitting some headwinds that could impact future business
DNV GL has been recognised by the Society of Petroleum Engineers (SPE) as the organisation that has contributed most to asset integrity in the Middle East at the 2014 SPE Asset Integrity Workshop entitled “Changing the Culture, Raising the Bar” held on 13-14 May in Abu Dhabi
U.S. House Republicans will continue delving into the Obama administration's creation of an emergency gasoline reserve in the Northeast, after a briefing by the Department of Energy failed to quell concerns about the stockpile, a committee aide said on Tuesday.
Taking part in a round-table discussion in St. Petersburg on the efficient and safe development of the Arctic, Rosneft's President and Chairman Igor Sechin, informed that the Arctic contains 20% of the world’s oil reserves, and that his company will invest around $400bln in its Arctic
Repsol has made two new discoveries in the Russia’s Karabashsky blocks, in the West-Siberian Ouriyinskoye field. The recoverable resources from the Gabi-1 and Gabi-3 wells are estimated by the Ministry of Natural Resources and Environment of the Russian Federation at 240 million barrels of
Brazil's Petrobras estimates it will save costs for 18,000 million dollars between 2015 and 2021 findings with direct contracting to explore four oil surplus subsalt areas of the country, the company said Friday . The company expects investment required would be for about 26
Rosneft President Igor Sechin held talks with the Minister of Popular Power for Oil and Mining and President of Petróleos de Venezuela, SA (PDVSA ), Rafael Ramirez Carreno. The parties discussed a wide range of issues regarding current cooperation between the companies