Though it’s a fairly common belief, many scientific studies have shown that fracking does not cause earthquakes. In fact, the Department of Interior and the United States Geological Survey found that the act of hydraulic fracturing did not cause an increased rate of earthquakes. And a recent hearing in Texas agrees. Commissioners in Texas agreed … Continued
Nepal and China have initiated an oil deal, through which oil will be supplied to Nepal by China. Nepal has been undergoing severe shortages of oil whereas China has a surplus. This deal will undoubtedly be beneficial for both countries, but it may have some consequences for India’s monopoly. The Nepalese Oil Restriction Oil is … Continued
The Obama administration recently reported that they would be blocking all new oil drilling in the Arctic. A total of two potential lease auctions in Beaufort and Chukchi were both canceled by the Interior Department, and all requests by companies within the Arctic region to renew their existing leases have been refused. While leasing is theoretically … Continued
Oil and gas assets are significant investments. In fact, beyond oil and gas mining rights, they are the most significant investments that most oil and gas companies have. Asset management has to be done on a proactive, predictive level if assets are to last the full length of their projected service. New technology has made … Continued
Well stimulation is generally accomplished through three major methods: acid injection, explosives, and hydraulic fracturing. Most modern well stimulation is done through hydraulic fracturing, as the technique has proven to be more efficient, effective, and safe than older methods. However, other methods may be used in distinct situations. Dissolving through Acid Injection Acid gas injection … Continued
One of the largest natural gas fields in the world has been discovered just off the coast of Egypt. The oil field, Zohr, is nearly 5,000 feet below the water and covers an area of roughly 40 square miles. Zohr is estimated to hold as much as 30 trillion cubic feet of gas, the equivalent … Continued
Though refracturing remains a niche market, analysts believe that refracking processes could potentially help the oil industry rebound. Refracturing is the process of revisiting previously depleted oil well locations and utilizing superior fracking processes to produce oil that could not previously be captured. Through refracturing, the value of each well site increases and the amount … Continued
Though per barrel prices may still be falling, Texas crude oil production continues to set records. Compared to last year, Texas production is up 15% and on track to break an annual production record over four decades old. Increased and consistent domestic oil production is likely to result in a growth-focused, quantity-focused industry with more resilience to … Continued
Though the price of oil has reached historic lows over the past year, some analysts believe that a price recovery may be on its way. One such expert anticipates that oil prices could go up to as much as $70 a barrel. Demand Remains Strong in the Global Market Though oil is presently in high … Continued
Cameron International Corp. is reportedly being purchase by Schlumberger Ltd. for over $12 billion in cash and holdings. Schlumberger Ltd., the largest oil-field service company in the globe, has been said to have been considering and potentially negotiating this purchase for sometime. The purchase between Schlumberger Ltd. and Cameron International Corp indicates a push towards … Continued