Author: bomuo

The 1973 oil crisis began on October 17 1973 when the members of OPEC announced as a result of the ongoing Yom Kippur war that they would not longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt. At the same time, OPEC members decided to use their leverage over the world price-setting mechanism for oil in order to raise world oil prices

Includes oil for sales to drilling companies, pipelines or other related oil companies not engaged in the selling of petroleum products. Includes fuel oil that was purchased or produced and used by company facilities for the operation of drilling equipment, other field or refinery operations, and space heating at petroleum refineries, pipeline companies, and oil-drilling companies. Oil used to bunker vessels is counted under vessel bunkering. Sales to other oil companies for field use are included, but sales for use as refinery charging stocks are excluded.

The vertical height (thickness) of an oil accumulation above the oil-water contact

Continuous volume of rock containing voids, pores, or a network of cracks, and in which fluids (hydrocarbons, water, and inert gases) can circulate.

Amount of oil or gas in a reserve that can be produced

A contract between the mineral owner or the lessor on the one hand and a company or the lessee on the other hand. Under the terms of the contract, the lessor grants the lessee the right to explore, drill and then produce oil and/or gas in a specific area for a specified initial term which is then extended as long as hydrocarbons are being produced commercially. The oil and gas lease is granted by the lessor in exchange for the lessee paying royalty payment to the lessor

Exploration offshore Israel focused on six main plays: Syrian Arc anticlines; Mesozoic platform-edge, structural-stratigraphic traps; the Dead Sea graben; Early Mesozoic structures; Saqiye Group biogenic gas; and Hula Group biogenic gas.