Petroleum industry
Dan Dicker, a seasoned energy analyst, recounts his experiences as an oil trader and sheds light on the significant changes in the oil markets over the past twenty years. In his report, he highlights how the oil markets were dominated by investment banks, energy hedge funds, and managed futures funds,
Petroleum industry
Bharat Petro Resources (BPRL), a wholly-owned subsidiary of Bharat Petroleum Corporation Limited (BPCL), plans to drill 16 oil wells by the end of the current fiscal year (2011-12). The company, led by Chairman R K Singh, has already made discoveries in Brazil, Indonesia, and Mozambique in the previous fiscal year.
Petroleum industry
Treasury Secretary Timothy Geithner appeared on CNBC's "Squawk Box" to discuss the scope of the U.S. economic recovery, the European debt crisis, and President Barack Obama's jobs plan. Geithner emphasized the importance of a unified commitment to solve financial crises, transparency, and the
Petroleum industry
Economic recovery remains a top priority in Washington, with efforts focused on healing damage from the financial crisis and making investments to drive long-term growth. Secretary Geithner emphasized the need for sustained action, stating that the government must "keep at it" to address the economy's short-term
Petroleum industry
BP PLC has announced a significant oil discovery in a previously untested part of its Mad Dog complex of oilfields in the U.S. Gulf of Mexico. The company's latest appraisal well, drilled by BHP Billiton PLC, has significantly increased the estimated oil and gas reserves in the
Petroleum industry
Indonesia's government has announced plans to reduce the country's high fuel oil imports by increasing the construction of oil and petrochemical refineries. The move is aimed at reducing the burden of fuel oil imports and improving the domestic trade system. Chief Economic Minister Hatta Rajasa emphasized
Petroleum industry
The Australian-based Pancontinental Oil and Gas company is planning to start seismic surveys on two exploration blocks off the coast of Lamu later this year, amidst growing interest in Kenya's potential petroleum resources. According to the company, 3D and 2D marine seismic surveys will commence in late 2011
Petroleum industry
Russian energy company Rosneft and US-based ExxonMobil have signed a historic Strategic Cooperation Agreement, outlining their plans to collaborate in the exploration and development of hydrocarbon resources in Russia, the US, and other countries. The agreement aims to leverage the strengths of both companies in offshore business, enhance oil recovery,
Petroleum industry
As Libyan rebels continue to consolidate their control over the capital, Tripoli, and sweep long-serving ruler Muammar Qaddafi from power, international oil companies are gearing up to return to a country they were forced to abandon in February when the rebellion started. Despite the challenges and dangers still present in
Petroleum industry
BP Exploration Operating Company Limited, a UK-based oil and gas giant, has developed a method and system for predicting the effect of microbes injected into an oil-bearing reservoir. According to the invention, a computer-implemented reservoir model is used to simulate the effect of microbe injection in relation to a grid
Petroleum industry
Recent slumping oil prices have led to a decline in shares of several companies in the Oil & Gas Drilling & Exploration sector. Companies focused on offshore exploration, however, seem better positioned to capitalize on the situation, as the percent of oil obtained offshore is likely to increase. The Bedford
Petroleum industry
Brazil's largest oil company, Petrobras, is likely to record a deficit in 2011 due to increased domestic demand for oil derivatives, particularly gasoline. According to Paulo Roberto Costa, Petrobras' Supply and Refining director, the company has already recorded a deficit of 1.1 billion reais (approximately US$
