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
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.
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
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.
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
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
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.
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
Keppel Kazakhstan LLP (Keppel Kazakhstan) and its consortium partner Ersai Caspian Contractor LLC, Kazakhstan (Ersai Caspian Contractor), have secured a contract from Teniz Burgylau LLP (Teniz Burgylau), an indirect wholly-owned subsidiary of JSC NC "KazMunayGas" (KazMunayGas) of Kazakhstan, for a KFELS B Class jackup rig worth US$242 million. Scheduled for delivery in 1Q 2015, the jackup rig will be deployed in the Caspian Sea when completed
By Alex Lawler and Peg Mackey, Reuters Iraq is reclaiming its rank as the world's fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving OPEC market share rivalries down the road. Despite worsening violence due to spillover from the war
By Ayesha Rascoe, Reuters The Obama administration on Thursday laid out a framework for assessing the amount of crude off the Atlantic coast, another step toward possibly allowing oil production in an area that has been out of reach for decades.
Reuters - The U.S. offshore drilling regulator on Thursday laid out potential mitigation measures companies may need to take to carry out seismic testing off the Atlantic coast to gauge oil reserves. The measures were a part of the Bureau of Ocean Energy Management's final environmental review
Gazprom says it has started producing oil from the Prirazlomnoye field, which is the first Russian project for developing the Arctic shelf and the commencement, they say, of their large-scale activities aimed at creating a large hydrocarbon production center in the region.
The U.S. House of Representatives has overwhelmingly passed the Water Resources Reform and Development Act, which lays out the way the United States improves and maintains vital ports and waterways. The bill authorizes construction of the proposed Sabine-Neches Waterway channel improvement project
The Chinese firms, China National Offshore Oil Corporation ( CNOOC) and China National Petroleum Corporation (CNPC), have a 10 percent stake each, with Shell and Total taking 20 percent each, and Petrobras the remaining 40 percent share.
Protestors are rallying against the Brazilian auction of the Libra oilfield site discovered in 2010 roughly 140 miles off the coast of Rio de Janeiro. Multiple Sources reported that some 1,100 troops have already been deployed by the Brazilian government as a preventative measure after protests
In general the floating production sector looks healthy and growth remains strong. But the sudden expansion of shale oil and tight oil production could disrupt the growth trajectory in the deepwater sector. Deepwater The underlying drivers for deepwater development point toward continued
Eni announces that first oil from the giant Kashagan oil field has been produced. The oilfield is located in the North Caspian Sea, approximately 80 kilometers southeast of Atyrau, in Kazakhstan. Eni holds a 16.81% stake in the consortium for the development of Kashagan and through Agip KCO is
Statistics suggest an industry shift to permanent positions accompanied by inflation in packages worldwide as recruiters attempt to stem the global skills gap. OilCareers.com announced that it has seen a significant rise in the amount of roles offered by recruiters in relation to unconventional
GE Oil & Gas has signed an $84-million agreement with PEMEX Exploration and Production to supply and install subsea wellheads for PEMEX’s deepwater and ultra-deepwater drilling projects in the Gulf of Mexico. The Gulf of Mexico is a strategic zone for the hydrocarbon industry
US's Duma Energy Corp. says it has received new 3D seismic data in its search for deeper oil reserves in its Galveston Bay producing fields. This new data, which covers three of Duma's fields in Galveston Bay, is part of a broader effort by several other large independent oil companies to
The crew of the 'Maersk Deliverer' has achieved a ‘One-Year Free of Accidents’ award during operations offshore West Africa. Maersk Deliverer has been operating in six different countries in West Africa for eight different clients over the past two years and is currently on a two year
Aberdeen-based Hydro Group Plc, a global design and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications, sets sights on further international growth with opening of new Singapore office.
‘Clean Sky’ design Kamsarmax project moves industry far beyond the concept stage for gas powered bulk carriers. Lloyd’s Register has provided approval in principle (AIP) for the new ‘Clean Sky’ bulk carrier design incorporating an LNG-as-fuel system