BIAS Peak

production is following bell-shaped curve of rise – peak – and decline. After the maximum rate of petroleum oil is being extracted, it will reach a certain point of oil will reach peak and then slowly start to decline regardless of the demand. Hubbert said that by the year 1970 the world would reach this peak point which is started with companies extract the easy oil first and after that drawing oil will become harder and harder and production will reach peak point then start to decline.…

1. Introduction Ekofisk Oil Field is the North Sea’s first giant oil field which was discovered by Philips Petroleum in 1969 and approved for development in 1972. Ekofisk oil field is an oil field in block 2/4 which located at the Norwegian Continental Shelf of the North Sea (Figure 1.1). The total recoverable reserves of Ekofisk Oil field originally were 3, 324.2 million bbl oil, 156.1 bn ccm gas and 14.5 million tonnes of NGL. As of December 2012, the remaining recoverable reserves are…

Introduction: British petroleum is one of the world’s largest firms that deal with discovering and extracting oil, refining oil, and selling oil and gas. Since, these products are supposed to be provided to certain many consumers around the globe therefore, it incorporate with many people in the diverse societies along with the many of the diverse organizations with which it works. These incorporations require maintaining several many ethical and societal issues in relation to both the people…

This informative article by Lutz Kilian discusses shale oil and its effect on oil prices in the United States. Shale oil is a term used by the oil industry for oil that is obtained from low-permeability rock, and it has caused a resurgence of oil production in the United States. This type of oil production was not available until quite recently, because of several technological advances in the industry. Currently, shale oil production, mostly from western states, accounts for a sizeable amount…

Introduction: Business was started by Shell in Nigeria in 1937 as Shell darcy and was given a license of exploration .Olioberi was the first commercial oil field discovered in the Niger Delta. Prior to discovery of oil, Nigeria depended on agricultural exports to other countries. The largest fossil fuel company in Nigeria is Shell Petroleum Development Company, which operates over 6000 kms. The villages’ individuals surrounding facilities of oil production occasionally drill holes into pipelines…

Introduction For the past three years—due to the global surplus of crude oil production resulting in lower crude prices—oil & gas industry has become a dynamic marketplace and the constant drive for survival and excellence has put the companies on toes to modify their strategies for the next round of competition. Consequently, cost optimization is the near-term strategy in the whole oil & gas industry, and Qatar Petroleum (QP) is no exception. As part of cost optimization, QP examined all the…

The Crude Oil Market is a very lucrative market because of the fact that just about every nation in the world needs oil and its also a non-renewable resource making it scarce. Oil is a very profitable resource as well, and influential when it comes to the power of nations. Major players in this industry are those who were lucky enough to have been placed above large oil reserves. As of now many countries, including the United States can produce large amounts of oil, but yet countries like Saudi…

Oil drilling in environmentally sensitive areas is a very controversial topic. Oil is very important and we depend on oil for many daily uses. Although we have developed other alternative sources of oil, such as solar power, solar power only operates when receiving power from the sun. People depend on oil even with the use of solar power. The use of oil has been the number one source of energy since the early 1900’s. People generally do not realize how much they truly depend on oil. Without the…

New York-based rolling paper and CBD oil company Hemp Americana has announced a critical shareholder update as it has recently made a major addition to its Portland, Maine facility. Hemp Americana wishes to report details related to its recent move to sharply reduce outstanding share count, as well as plans for a major strategic revival of its online presence and sales channels. The reduction of 2.25 billion shares will lower the count down from 6 billion to 3.75 billion, which they tend to…

Colombia is a Spanish speaking nation, located to the South of Venezuela. Colombia, as of 2016, has a population of 48,481,028 people. The Official Colombian currency is the Peso. The Peso is worth a miniscule 0.051 American dollars. Colombia’s main export is petroleum, with coffee and coal not far behind. Colombia’s main imports are most mechanical, and technological products. The United States, the main trade partner of Colombia provides most of these imports. The capital of Colombia is Bogota…