Category: Oil and Gas business

The United Arab Emirates is a member of OPEC since 1967 and is an important oil producer with the fifth largest proven oil reserves in the Middle East and the fifth largest proven natural gas reserves in the world. It possesses nearly 10% of the world’s oil reserves

A well located high on a structure where the oil-bearing formation is found at a shallower depth

Those areas of the sea over which the UK exercises sovereign rights of exploration and exploitation of natural resources

Unconventional hydrocarbons is a term that covers a wide-ranging array of resources, such as heavy oil, tight gas, shale oil, coal bed methane

Not sufficient supply to meet world energy demand

The exploration and production portions of the oil and gas industry.

Includes natural gas from deep wells, coalbed methane, tar, shale, tight sands and other sources that are more difficult and costly to develop than conventional sources. Indeed, tightening global oil supply, regional tightening in gas supply and demand growth have resulted in an ever increasing interest in the exploitation of unconventional hydrocarbons. The development of deepwater offshore fields and tar sands require prices of $60 – $80 a barrel to be viable