The Earth’s gravitational field, or the attractive force produced by the mass of the Earth. Variations in the gravitational field can be used to map changes in the density of formations in the Earth. Gravity surveys can be used to map the extent or depth of sedimentary basins or even individual hydrocarbon prospects
The Group’s principal activities are the exploration, local purchase, import, marketing, distribution and transportation of crude oil and thickened hydrocarbonic gas. It is also involved in the manufacture and sale of motor oils, industrial oils, petrol, chemicals, paints and coatings. Its other activities include the operation of public petrol stations and investment in real estate for renting
Originally intended to prevent black people from voting in the US (if a person’s grandfather was not permitted to vote, neither was he). The term has come to refer to the fact that certain laws may not be applicable in certain circumstances due to preexisting facts.
In the context of resource contracts, a stabilization clause seeks to address a party’s concerns that the state may, in the future, reverse policies upon which the agreement was entered into, for example, the petroleum laws or taxation regime. The clause attempts to maintain the original contract equilibrium.
Thus, O&G companies who work in developing countries often seek the grandfathering of regulations, tax treaties, etc. or namely a state guarantee that they will not suffer unduly if regulations change . The stabilization clause in fact restricts a future government’s ability to change tax rates or pass any new law which affects the oil and gas company’s profits
Gas field located 130 km off the northwest coast of Western Australia (Chevron is the operator) which contains some 40 tcf of gas and is Australia’s largest undeveloped gas field
The requirement for ‘good prospect’ originates from the approved code of practice in relation to the 1995 Prevention of Fire, Explosion and Emergency Response (PFEER) regulations issued by the UK Government. These regulations in conjunction with the Manning and Administration Regulations (MAR) and Design and Construction Regulations (DCR) are the key pieces of legislation that implement the findings and recommendations of Lord Cullen, who presided over the Piper Alpha Disaster inquiry. ‘Good prospect’ equates to the ability to rescue personnel from the sea and recover them to a place of safety, in all but the most severe of weather conditions, within prescribed survival time limits. Traditionally, this work has been undertaken by SSVs (standby safety vessels) or a mixture of SSVs and helicopters. The critical issue is how long a person can survive at sea (e.g. the north sea) after escaping from a rig >
Goldman Sachs is the world’s largest securities firm that is also one of the world’s oil price prognosticators and the most active investment bank in the energy market. These companies are also oil industry analysts
Theory that the temperature of the earth is being increased due to man-made, but also non-made made, emissions of GHGs (greenhouse gases).
The greenhouse effect is caused by molecules that absorb infrared radiation released from the Earth’s surface, trapping heat in the atmosphere.
It is, however, a long time scientific fact (not connected to man-made emissions) that greenhouse gases, mainly CO2 but also methane, contribute to warming the Earth. Without the approximately 34°C temperature increase due to these gases, the Earth would be very cold instead of an average observed global temperature of ~15°C. Thus, the human contribution is merely changing the greenhouse gas warming from 34°C to say 36°C. But even a tiny extra 2°C will cause big problems.
IEA’s 2008 forecast for global oil demand stands at 86.5 million b/d and OPEC’s forecast is 87.07 million b/d. IEA forecasts global demand to average 98.5 million b/d by 2015. Global demand for oil will increase to 106 million b/d by 2030. The main centers of increasing demand are in Indian, China and the other Asian countries, although continuously high prices, environmental concerns and renewable energy may have a significant influence on decreasing demand for petroleum
Russia has the world’s largest proven reserves of natural gas, followed by Iran and Qatar. Qatar is the world’s largest supplier of LNG. Other major gas exporters include Algeria (8th largest reserves in the world), Brunei, Indonesia, Malaysia, Norway, Nigeria, Oman, Australia and Turkmenistan. At the end of 2006 global natural gas reserves were as follows (in trillion cubic meters): Middle East (73.4), Europe and Eurasia (64.13), Asia Pacific (14.82), Africa (14.18), North America (7.98), South & Central America (6.88).
Owner Tova Luskin, an ultra-Orthodox Jew. Givot Olam is an Israeli O&G partnership traded on the Israeli Stock Exchange which believes in biblical prophecies of finding oil and gas in the holy land. The main asset of Givot Olam is 99% of lease # I/11 Rosh Haayin containing the Meged Oil Field and covering 243,000 dunam. Their other asset is License #330 Maccabi covering an area of 110 dunam. This License contains the southern extension of the Meged Oil Field. During 2006 Givot Olam invested 4.6 million shekels and concluded 2006 with a net loss of over 7 million shekels. In May 2007 Givot Olam entered into an agreement with an American company called Shayar that will invest $50 million for Givot Olam to carry out 50 exploration drills in Israel. Under the terms of the agreement, Shayar will receive 65% of the proceeds until it recuperates its investment after which proceeds will be shared equally between Shayar and Givot Olam. Givot Olam is undertaking the development of the Meged Oil Field in the Rosh Ha’ain area and the drilling of Meged 5.
The three Meged Oil Wells drilled by Givot Olam between 1994 and 2004 have discovered in the Triassic Mohilla A Formation, a structure with a gross oil column of over 400m thick containing several layers of porous, oil-saturated reservoirs in which a continuous oil reservoir approximately 20 meters thick was proven by testing. Based on seismic and well information the areal extent of the oil accumulation is app. 200 km² at the depth of 4,500m. The Meged oil is of good quality, 38° API and contains a substantial amount of petroleum gas (based on report by Givot Olam).
On 10th January 2010 Givot Olam completed their exploratory drilling at the Meged 5 drilling near Rosh Haayin and reached a td of 4,697 meters. After this they moved to the phase of analyzing the electric logs. This phase was completed on the 18th January. A first analysis of the electric logs showed the presence of an oil column of 600 meters in length, out of which 50-100 meters show a potential for production. Final results will only be available after the electric logs have been fully analyzed as well as all the other data.
The Meged 5 drilling on the hills at the Rosh Ha’ayin site is based on a prospectus that was put together by a national exploration company in the 1980s under the direction of Dr. Charlie Druckman. Structures similar to the one at Rosh Ha’ayin exist at five other spots in Israel; each has been drilled, and, up to now, each has been a disappointment.
