Mexico’s state owned petroleum company. Petroleos Mexicanos is the biggest enterprise in Mexico and Latin America and the highest fiscal contributor to the country. Pemex is involved in upstream, downstream and final product commercialization
There are two main types of onshore drilling for natural gas. Percussion /cable tool drilling, consists of raising and dropping a heavy metal bit into the ground, effectively punching a hole down through the Earth. Cable tool drilling is usually used for shallow, low pressure formations. The second drilling method is known as rotary drilling, and consists of a sharp, rotating metal bit used to drill through the Earth’s crust. This type of drilling is used primarily for deeper wells that may be under high downhole pressure.
Used to insulate LNG tanks
Intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The 5 Founding Members were later joined by 9 other Members: Qatar (1961); Indonesia (1962); Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) — suspended its membership from December 1992-December 2007; Angola (2007); and Gabon (1975–1994). OPEC supplies about 40% of the world’s oil. In Mai 2008 Indonesia stated it would leave OPEC after its imports of fuel products became higher than its exports. OPEC’s income for the first half of 2008 was 645 billion dollars. The average price of oil during this period was $111.1 a barrel
The more moderate and pro-Western states within OPEC like Saudi Arabia and the United Arab Emirates understand that high energy costs are hurting demand and might push consumers to seek alternatives to oil and are thus keen to keep oil at around or even below $100 a barrel, in order to also ease the political backlash against the cartel. Another group, composed of OPEC’s traditional price hawks, such as Iran and Venezuela increasingly need high prices to finance a wide range of social and political policies and to maintain their power play and influence in their respective regions.
The project design consists of a liquefaction plant with capacity up to 9 million tons per year of LNG from two processing trains, condensate and gas liquid processing, handling and storage facilities, and a 36-inch natural gas pipeline from supply sources. First supply of LNG is targeted to commence by 2012
This document makes the farmee a party to the operating agreement and amends the participating interests of the parties
The right to receive a percentage of production or production revenues without having to invest in the cost of production. An overriding royalty is usually paid on the gross production revenues, namely before any expenses have been reimbursed and before even royalty has been paid to the state
As oil prices increase, the US and Europe are putting pressure on OPEC to increase production in the hope that it will decrease the price of oil. OPEC, however, is mostly resisting the trend to increase production, saying that speculators and a weak dollar are responsible for the price of oil climbing to nearly $120 a barrel in the beginning of 2008 rather than a tight oil market
