Oil reserves

the geothermal, oil and gas energy industries including exploration and production of energy. It is one of world's largest oil companies. The foundation of the company goes back to 1879. The company was performing under the name of Pacific Coast Oil Company back then. Despite of company's well performance, the domestic reserves were not enough to satisfy the demand of oil. Therefore Chevron started looking alternative ways to solve the problem. The company decided to use the oil sources outside…

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 is a fossil fuel used in everyday lives, yet this abundant resource is not infinite so requires new pockets to be continually found. Worldwide concerns have sparked many controversies over whether oil has been reached its maximum extraction known as ‘peak oil’. There is also a worldwide concern towards on what will happen when in Marion King Hubbert graph reaches the declining period. In the social aspect it could lead to even more political instability between countries and cause conflicts…

When you think of Florida you think of beaches. So does everyone else. If oil companies are allowed to drill offshore there will be oil spills. Now think of a tar covered beach littered with death animals with a smell that you don’t ever want to think about. Off-shore Florida must be protected from oil companies to persevere the eco-tourism industry, defend the environment and secure fishing for years to come. In particular, tourism must be sustained. One of the many reasons people from all…

this is almost irreversible. If the economy is hampered the national security is directly under a real threat obviously. Energy raw material or fossil fuels are not evenly distributed globally that makes national security of any country with such reserves of natural fossil fuels under a real threat. The resources are a real asset but for the other countries presence of such resources can be an invitation to come and invade that land, thus natural resources are asset but they can also be a threat…

technology was first discovered in the United States in 1950s as an experimental technology, and was used in over 3,000 wells. By the 1970s, the Organization of the Petroleum Exporting Countries (OPEC) imposed a regulations on petroleum exports and oil production in the United States, leading to rising gasoline prices in the United States. During this time, the U.S. Department of Energy initiated funding for projects related to the production of unconventional natural gas sources, which lead to…

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…

economies, it also produced a new, looming threat to marine wildlife and coastal economies. In 1967, the first major oil spill occurred off of the coast of the Isles of Scilly, when 38 million gallons of oil were spilled into surrounding waters. Including this incident, 36 major spills have occurred since 1967, exposing marine environments to at least one trillion gallons of oil (Oil). Now, it is being debated about whether or not to drill for natural resources off of the Southeastern Coast. In…

work, and owning more than one car per household. During the 1950’s alone, oil consumption by Americans rose over fifty percent (Verrastro and Caruso). Moving into the 1970’s, crude oil production was big, but the demand was even larger. Following the start of the Yom Kippur war in the Middle East, many Middle Eastern countries declared an embargo on the United States, cutting all crude oil exports. During this embargo, oil prices soared as foreign production was slashed, and many gas stations…

clogged hole of a reservoir in order to allow the continued flow of oil or gas. However, as the demand for natural gas increased in the 1980’s, federal tax credits were offered for production of gas from unconventional sources, allowing companies to offset their own expenses and thus unleash an explosion in the number of wells applying the hydraulic fracturing method (Lane). Initially widely utilized in the Barnett shale reserves of Texas, gas production by means of fracking increased by 3,000…