Category: Oil and Gas business

Production from oil and gas wells can be increased using compression to provide reduction of backpressure in well bores, increased pressures into sales lines, and recovery of valuable hydrocarbon vapors from stock tanks. Often changes in the pressure will dramatically increase oil and gas production from low volume wells

A method of improved recovery in which water is injected into a reservoir to remove additional quantities of oil that have been left behind after primary recovery.  Waterflooding usually involves the injection of water through wells specially set up for water injection and the removal of water and oil from production wells drilled adjacent to the injection wells

Between 6,000-10,000 feet. As fields are discovered in ultra deepwater (6,000 – 10,000 ft), the oil and gas industry is searching for floating production systems (FPS) that can economically develop those fields. Choosing the right FPS depends on the water depth, hull motions, and the type of riser system desired

An O&G company can assess individually significant unproved properties for impairment of value on a quarterly basis and recognize a loss at the time of impairment by providing an impairment allowance. In determining whether a significant unproved property is impaired they consider numerous factors including, but not limited to, current exploration plans, favorable or unfavorable exploratory activity on adjacent leaseholds, geologists’ evaluation of the lease, and the remaining months in the lease term.

All the necessary approvals for developing the oil or gas field have been obtained and development of the project is underway

U.S. Geological Survey maintains the world has 3.7 trillion barrels of oil, both tapped and untapped, rather than the 1.7 trillion barrels estimated by some peak-oil theorists. It is now said that the Arctic holds 22% of the world’s untapped oil resources or that estimates that there are 18 billion barrels of untapped oil and 76.5 trillion cubic feet of untapped natural gas in the portion of the OCS of the US which had hitherto been off limits to oil and gas production until President Bush lifted the moratorium in July 2008

New generation of drilling rigs to be commissioned around 2010. These are drilling ships designed to drill in water as deep as 12,000 ft