Category: Oil and Gas business

Create a hole in the casing or liner to achieve efficient communication between the reservoir and the wellbore. A specialized crew transports and operates the perforating equipment. Upon arrival to the site, the tools are assembled, then lowered into the well by a wireline unit or conveyed by tubing. Then, a specialized gun shoots small holes into the casing of the producing zone. The perforations allow the oil or gas to flow into the casing or liner. If pressure is sufficient, the oil or gas will rise to the surface.

A mixture of hydrocarbons which is semisolid at room temperature, and it is also odorless, when properly refined

Largest Chinese oil and gas producer and distributor and one of the largest global oil companies, whose core business includes exploration, development, production and marketing of crude oil and natural gas; refining, transportation, storage and marketing of crude oil and oil products; production and marketing of primary petrochemical products, derivative chemicals and other chemicals; transportation of natural gas, crude oil and refined oil, and marketing of natural gas. PetroChina is the company with the largest market value, being the first company with a market cap of $1 trillion.

Term that parallels peak oil but probably bears a closer relation to the facts that stem from peak oil. Peak capability refers to the ability of oil and gas companies to be able to match the earth’s resource endowment on the one hand, with the capability – technology, skills and know-how – required to bring those resources to market on the other. It is generally accepted that the days of ‘easy oil’ are well behind us. For International Oil Companies, and increasingly National Oil Companies too, new resources are harder to reach and tougher to produce. Resources are now found in increasingly challenging environments: reservoirs which lie at greater water depths, at higher temperatures and pressures and require complex drilling and completion designs – in the deserts of the Middle East and North Africa; in the deepest waters of the Gulf of Mexico, West Africa and Brazil; and in the Alaskan and Russian Arctic. Furthermore, many of these resources are controlled by NOCs which do not always have the same capability at their disposal as IOCs. Bringing them into production is going to be difficult. It will require that the capability gap be filled. Turning these resources into reserves and then production is going to require leadership, ingenuity and innovation as well as technology. That is the capability challenge.

The Petroleum Commissioner in Israel is the statutory instance that grants exploration licenses and supervises the fulfillment of the conditions thereof by the licensees

A well completion method in which the producing zone or zones are cased through, cemented, and perforated to allow fluid flow into the wellbore. A well completed by this method.

That time when the maximum rate of petroleum production has been reached and the quantities can thus only decline after this period. There is a conflict between those who claim that that there is a large endowment of resources left in the world and that there is nothing to worry about and those that say that we have already hit peak oil, and there’s little we can do. Since 1980, discoveries have not replaced annual global crude oil production and discoveries are getting smaller and located in more difficult environments, such as the deepwater Gulf of Mexico. US oil production peaked in 1970. North Sea production peaked in 2000. Mexico peaked in 2004. Within the next few years, conventional non-OPEC production will reach a plateau. In fact, it is said that 60% of the world’s oil production is from countries that have already peaked. Total believes for instance that the world will never be able to produce more than 89m barrels a day of oil, due to high costs in areas such as Canada and political restrictions in countries like Iran and Iraq. In November 2009, an anonymous IEA source told the UK’s Guardian newspaper that the peak production figure of 105 million barrels per day of oil was much higher than can be justified and that even a lower figure of 90-95 million bpd would be unlikely

There is a common confusion between peak oil and the extraction of oil reserves: even though there are still vast reservoirs of oil in the world, which can seemingly supply the world’s needs for many dozens of years, the issue is that if one has reached peak oil – which occurs when over a half of the reservoirs have been used, as a result of which the growing gap between higher consumption and lower production, leads to higher prices

International reporting on data and information for the global energy industry. PIW has been publishing for 4 decades and aims to help a busy executive gain a quick and accurate understanding of what is happening in petroleum around the world. It explains why events are important, and how changing trends are likely to affect an executive’s organization, whether that be in the industry itself, in government, or in finance

Subsurface engineering activities related to the oil and gas industry

A device used to perforate oil and gas wells in preparation for production. The gun contains different shaped explosive charges