Recoverable Crude Oil News

Conservative estimates put the size of recoverable crude oil and natural gas offshore USA the equivalent of nearly 35 years of Saudi Arabia's production. U.S. government estimates suggest federal lands (onshore and offshore) alone hold technically recoverable resources of roughly 116 billion barrels of crude oil and 650 trillion cubic feet of natural gas. That is enough crude oil to power about 225 million consumer vehicles for nearly 17 years and enough natural gas to heat 60 million homes for nearly 160 years. To grasp this historic opportunity, the U.S.

Three more available blocks off Myanmar's southern Tanintharyi coast are under natural gas exploration with test wells being planned for drilling by Malaysia 's Petronas Company. A geophysical site survey at blocks M-16, M-17 and M-18, with areas ranging from about 13,000 square-kilometers (sq-km) to 14, 000 sq-km, has begun this week and the survey will last over a month until late March. Recent years have seen foreign oil companies increase engagement in oil and gas exploration in Myanmar. Thailand's PTTEP, for example, has covered a number of blocks including M-3, M-4, M- 7, M-9 and M-11 under contracts. Besides, a consortium comprising South Korea's Daewoo International…