Petroleum industry
ExxonMobil Corporation has announced the development and grant of a patent for its field welding technology, used to construct high-pressure X120 ultra high-strength steel linepipe. The patented technology has been licensed to Nippon Steel Corporation, allowing the company to manufacture the proprietary welding wire. This agreement makes Nippon Steel the
Petroleum industry
Russian oil giant Lukoil has escaped penalties in a case brought by the Federal Antimonopoly Service (FAS) involving breach of antimonopoly legislation in the gasoline and diesel fuel markets, according to a source familiar with the regulator's decision. The FAS decided to close the case due to a
Petroleum industry
More than 700 senior executives will attend the IAITAM 2011 Annual Conference & Exhibition, a premier event for IT asset management (ITAM) professionals. The conference, held from October 12-14, 2011, at the Aria Resort City Center in Las Vegas, will feature over 60 speakers from top organizations, including Accenture, BNY
Petroleum industry
Concerns over the state of the US economy triggered a sell-off in oil prices, with crude oil futures settling at their lowest level in over a month. The decline in demand was exacerbated by the American consumer's reduced spending in June, which plunged by 0.2% after a
Petroleum industry
BP's second-quarter profits of $5.3bn (pounds sterling 3.2bn) were not enough to revive the company's fortunes, which have been stagnant in the wake of the Gulf of Mexico oil spill and a failed pounds sterling 10bn deal in Russia. The oil major's
Petroleum industry
Anadarko Petroleum Corporation, one of the world's largest independent exploration and production companies, announced a significant increase in net income and cash flow from operating activities in the second quarter of 2011. The company's profit attributable to common stockholders rose to $544 million, or $1.08
Petroleum industry
Russian oil giant Rosneft is set to lose approximately $750 million by the end of the year due to the abolition of the zero mineral extraction tax (MET) on its Vankor oil field in East Siberia. Vankor, which started production two years ago, was granted a tax break until cumulative
Petroleum industry
Venezuela's proven crude oil reserves exceeded those of Saudi Arabia in 2010, making it the world's largest oil reserves holder, according to the Organization of Petroleum Exporting Countries (OPEC). The boost in reserves, combined with increases from Iran and Iraq, may empower OPEC members who favor
Petroleum industry
Oil futures finished higher on Wednesday, driven by data showing a significant drop in US oil inventories and comments from Federal Reserve Chairman Ben Bernanke suggesting the possibility of further easing. The drop in oil inventories, reported by the Energy Information Administration, was greater than expected, leading to a surge
Petroleum industry
Recently published patent WO/2011/082209 from the World Intellectual Property Organization details novel processes and systems for solvent extraction of bitumen from oil sands. Inventors from ExxonMobil Upstream Research Company and other institutions have outlined a method that employs fines agglomeration to simplify subsequent separation, ultimately producing a high-quality
Petroleum industry
Pakistan's oil market is set to receive a boost with the Economic Coordination Committee (ECC) allowing oil marketing companies (OMCs) to establish furnace oil blending facilities. This move is expected to save the country around $27 million per annum on import costs. Currently, Pakistan imports furnace oil mainly
Petroleum industry
The Caspian Pipeline Consortium (CPC) has marked the commencement of construction works on its pipeline expansion project, aiming to increase its mechanical through capacity from 28 million to 67 million tons per year. The project, expected to be completed by 2015, involves the modernization of five operating oil pumping stations
