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.
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.
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
Turkish Energy Minister Taner Yildiz said on Monday 6.5 million barrels of Iraqi Kurdish crude oil had been shipped to world markets via Turkey's Ceyhan port since exports began and that a seventh tanker was being loaded at the terminal. Yildiz said crude flow on the Kirkuk-Ceyhan pipeline had
In recent years, oil & gas production in Iran has been largely defined by the impact of international sanctions. Here the prospects for the country with a large share of the world's oil reserves are reviewed by Douglas-Westwood in their 'DW Monday' focus.
Mexican regulators on Wednesday granted Pemex the bulk of its acreage request as the nation's oil industry opens to private participation, consolidating the state-led company's status as a major force despite losing its monopoly status
The government supplemented the list of the subsoil sites of federal importance that are available for use without auctions. The Prime Minister of Russia, Dmitry Medvedev, signed the respective decree.The list includes the Pritaymyrsky subsurface site in the Laptev Sea
Advances in drilling technology are reviving the prospects of oil companies in shallow parts of the Gulf of Mexico, helping to squeeze more from older fields while the U.S. shale bonanza lures others onshore. Apache Corp and a handful of smaller independent companies are using seismic surveying
Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the autonomous region's pipeline to the Mediterranean has been shut for the past week.
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
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.
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
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
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
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
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.
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
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