According to the Petroleum Law-1952, oil and gas exploration activities in Israel can be carried out in those geographic areas in which an exploratory entity has been given an oil and gas right according to the Petroleum Law. In addition, the Natural Gas Sector law mainly deals with the transmission, distribution and marketing of natural …
A contract between the mineral owner or the lessor on the one hand and a company or the lessee on the other hand. Under the terms of the contract, the lessor grants the lessee the right to explore, drill and then produce oil and/or gas in a specific area for a specified initial term which …
This is an aggregate of all the oil being transported by sea at any given time. It is a useful measure of tanker demand
Gas price parity is defined (as a percentage) as the relationship between gas prices compared to oil prices. Parity = Gas Price divided by oil price * conversion factor When oil is at $100 a barrel, gas price parity with oil would equate to around $17.2 per million British thermal unit of natural gas. Some …
Natural gas and oil prices are influenced by a number of issues, partially psychological in nature (speculative investments, perceived risks, government interference in oil and gas markets in the form of subsidies) and partially due to economic, political or technical factors (higher demand, tight capacity along the whole chain of supply – transport – storage …
A surface location where oil appears, having permeated from its subsurface boundaries and accumulating in small pools.
Companies that provide a broad array of technologies and services to the oil and gas exploration and production sector, generally to upstream oil and gas customers worldwide such as Baker Hughes, Halliburton, Schlumberger, Transocean, WesternGeco, Wood Group, Worleyparsons and others. The services firms – a broad category that includes companies that drill wells, provide equipment …
A formation or horizon of a well from which oil may be produced. The oil zone is usually immediately under the gas zone and on top of the water zone if all three fluids are present and segregated
In the oil sector, there are large oil companies operating known as the majors, independent companies known as IOC and state oil companies known as NOC The term “majors” on its own is used to denote the large global oil and gas companies. Supermajors is used to denote the largest of them. The majors include …
The first oil embargo began on June 6 1967 as a result of the Six Day War. A number of Middle Eastern countries decided to limit their oil shipments to the West, but these were soon replaced by others such as Iran and Venezuela that jumped on the opportunity to increase their supplies. During the …
