<a href="http://youngpetro.org/2013/03/06/how-is-it-possible-to-produce-oil-from-sand/"><b>How is it possible to produce oil from sand?</b></a> <a href="http://youngpetro.org/2011/10/09/people-engineers-and-spe-members/"><b>People, Engineers and SPE Members</b></a> <a href="http://youngpetro.org/2012/12/19/if-i-were-a-prime-minister/"><b>If I Were a Prime Minister…</b></a> <a href="http://youngpetro.org/2012/12/26/polish-shales-delayed/"><b>Polish shales delayed?</b></a> <a href="http://youngpetro.org/2013/01/11/russia-continues-the-policy-of-states-companies-monopoly/"><b>Russia continues the policy of state companies’ monopoly</b></a>

Big money at play and new workplaces in the Beaufort Sea?

Big money at play and new workplaces in the Beaufort Sea?

The Inuvialuit Regional Corporation, organization established by the agreement between the Government of Canada and the InuvialuitInuit of Canada’s Western Arctic people, says that Beaufort Sea Oil and Gas Licences shouldn’t be held foreverLocal institute believes that the federal government should allow corporations to extract hydrocarbon reservoir discovered in this region over 50 years ago! They are consider that it could change the lives of the local population. 

The problem is that the companies want to change contract that their nine-year licences to explore for oil in the deep waters of the Beaufort Sea can be extended to 16 years. Corporations also explain themselves that they have too little time to complete the necessary documents and to work out optimal for this region extraction technology. Companies know that there is a lot of money because of that Imperial Oil and BP gave the government security deposits about $445 millions. Federal goverment agreed with it provided that there will be drilling in otherwise a part of this amount is lost

However, the situation in this area is much more complicated. The facts are that companies currently hold the rights to 48 significant discoveries covering almost 200,000 hectares in the Beaufort Sea, but there is no oil production.

Where is the real problem? Maybe, according to the Northern Oil and Gas Report, some discoveries may not be immediately economic to produce because of the lack of optimal technology? Perhaps the reason is the lack of agreement between federal government and comapnies? We have no answers to these questions. Undoubtedly oil production in the Beaufort Sea would help the oil industry in the fight against the crisis and for the ‘Young Petro People’ means new workplaces which is very positive information. 

Sources: www.cbc.ca


Image: www.news.utoronto.ca

North Sea Oil and Gas Industry during the global crisis of low raw materials prices

North Sea Oil and Gas Industry during the global crisis of low raw materials prices

Low oil and gas prices mean a difficult time for the entire industry. North Sea Oil and Gas Industry must find a way to survive the crisis, because the current costs are too high. Analysts say that even 146 oil platforms in the waters of the UK may be scrapped over the next decade.

The solution may be to embrace a new marketplace. Some oil companies are investing in the military industry, creating military equipment for example thermal imaging cameras detecting pipelines.

However, the main objective is to reduce costs and increase efficiency . Some commentators argue that the oil industry does not use its potential , eg. computer hardware and the only way to solve this problem is to restructure .

Another solution sees Mr Ewing, president of Industry Leadership Group (ILG): “While it is clear that the oil and gas industry faces severe challenges from a low global oil price, there are still opportunities that Scotland can capture from new discoveries and through our world-class supply chain.”

Many experts and industry analysts wondering how to solve the current problems associated with the low raw materials prices. There are many ideas that are supported by the government of the UK. The companies bring new technologies into new markets. Let’s hope that these actions will help to survive the crisis.

Could the price of oil rise in 2016?

Could the price of oil rise in 2016?

This week, Morgan Stanley (Global Financial Services Firm) has published a report which shows that the price of a barrel of oil could fall to $ 20. Analysts estimate that the price will fall by around 10-25 percent. Conversely the political tension between Saudi Arabia and Iran, which are important exporters of oil, is still present.

According to the data for 2014 Saudi Arabia is one of the biggest, just behind the United States, oil producer in the world. Daily extraction of raw materials reaches 11.6 million barrels there. In comparison to Iran on account of production is the seventh in the world. Every day 3.4 milion barrels are extracted.

In January 2016, Saudi Arabia and Iran suspended diplomatic realations. The conflict between this two countries can provide to reduce extraction of oil. Increasing political conflict can destabilize the world’s prices of oil.

It’s worth mentioning that, in addition to high supply of raw materials, even in case of any politacal conflict between Saudi Arabia and Iran the supply of raw materials will be provided safely. The situation stabilizes cheap oil from the United States. Additionaly experts evaluate that the particular problem we are likely to reach in 2016 is the lack of place to such big amounts of oil. Some of analysist consider that, prices can be expected to drop to a very low prices only $10 per oil barrel.

Marked increase of prices is not likely to occure but present situation in the Middle East is very unstable and it can completely change today’s oil market.

Sources: www.ourfiniteworld.com, www.forbes.pl, www.tvn24bis.pl

IMG: www.biznes.interia.pl