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Oil Reserves

Eni Presents World Oil and Gas Review

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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.


Putin Prioritizes Oil Platforms, Tankers

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 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


Oil Discovery in Brazil

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


Pemex to Invest $470M in Oil Technology

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 Approves Contracts to Build 10 New Units

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.


Barbados Sets Conditions for Offshore Drilling

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.


Keppel, Consortium Secure Jackup Contract

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


An Energy SuperPower

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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


Japanese Shipbuilders Take Stake in Brazil's ECOVIX

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


US to Hold Test Sale from Emergency Crude Oil Reserve

Reuters  - The U.S. Energy Department said on Wednesday it would conduct a test drawdown and sale of crude oil from the Strategic Petroleum Reserve. The department will offer up to five million barrels of sour crude oil for sale, with bids due by March 14.


Ousted Libyan PM Flees Country After Tanker Escapes Rebel-Held Port

Libyas now ousted Prime Minister Ali Zeidan (AFP file photo, Mahmud Turkia)

By Ulf Laessing, Reuters Former Libyan prime minister Ali Zeidan has fled to Europe after parliament voted him out of office on Tuesday over his failure to stop rebels exporting oil independently in a brazen challenge to the nation's fragile unity.


Kuwait in Talks on Russian LNG Imports

LNG carrier credit Gazprom

Gazprom informs it has hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Abdulaziz Al-Adwani, Ambassador Extraordinary and Plenipotentiary of the State of Kuwait to the Russian Federation to discuss prospects for bilateral


U.S. oil reserves highest since 1970s

Source: U.S. Energy Information Administration

U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013.


Unconventional Reserves Fuelling Recruiter Needs

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


First Oil Produced From Kashagan Field

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


Shale Oil Is it a Threat to Future Deepwater Development?

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


Brazil’s Libra Oilfield Auction Stirs Protest

Security personnel line up outside Hotel Windsor, the auction site for Libra offshore oilfield will take place, in Rio de Janeiro. (Photo: Reuters)

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


Chinese Firms in Winning Libra Field Bid, Offshore Brazil

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.


Sabine-Neches Waterway Improvement Authorized

Sabine-Neches Waterway: Photo credit Port Beaumont

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


Despite Protests Gazprom Starts Arctic Oil Production

Prirazlomnaya offshore platform: Photo courtesy of Gazprom

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.


BOEM Opens Door to Assess Atlantic Oil Reserves

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


Survey Guidelines Bring US Closer to Atlantic Oil Reseves

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.


Iraq Returns as World's Fastest-Growing Oil Exporter

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


Divorce Costs Could Sour Scotland's North Sea Hopes

By Karolin Schaps, Reuters Scottish nationalists are betting $2.5 trillion of hydrocarbons trapped miles beneath the North Sea could bankroll an independent Scotland, but winning control of the European Union's largest oil reserves would be no blank cheque.


 
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