Showing posts with label Petroleum. Show all posts
Showing posts with label Petroleum. Show all posts

Saturday, May 1, 2010

Deepwater Horizon oil spill.

The Deepwater Horizon oil rig owned by Transocean has drilled the deepest oil well in history (35,050 feet) in September 2009 in the Gulf of Mexico. In January, the rig started operation at a British Petroleum project, approximately 41 miles offshore Louisiana on Mississippi Canyon block 252. On April 20 a fatal explosion occurred on the rig. Of the 126-member crew, 115 were safely evacuated. Despite exhaustive rescue efforts, eleven crew members lost their lives, nine of which were Transocean employees. After an unsuccessful effort to douse the fire, the remains of the rig sank to the ocean floor 5,000 feet below.
The cause of the incident is not known at present. It is assumed that a minor blow-out has occured. Oil and gas, was flowing from the formation into the wellbore and was rising undetected up to the rig floor where the gas was ignited. After the explosion it was not possible anymore to shut the well by activating the underwater blowout-preventer (BOP). It was reported that the rig had apparently just finished cementing steel casing before the well was to be suspended. The plan was to re-enter the well later with another rig to complete the work and bring the well into production.
The Transocean Deepwater Horizon is a floating rig that moves with the waves. The pressure control equipment sits on the seabed and is controlled remotely from the platform. Although there are enormous safety measures in place to prevent drilling incidents the risks are always present in the industry. Transocean is one of the industry's most safety-conscious and experienced deep-water company that has recently moved head quarters to Zug, Switzerland.
A catastrophic amount of oil is spreading over the ocean and threatens land, wildlife and the seafood industry. An oil spill quite this bad had not been seen since the Exxon Valdez incident some twenty years ago.

Thursday, January 15, 2009

Canadian oil-sand mines stuck as crude price plummets - Times Online

Canadian oil-sand mines stuck as crude price plummets: "Canada's once booming oil sands industry is cooling fast as the plunging oil price undermines investment. More than US$60 billion (£41 billion) worth of projects to extract oil from the bitumen-rich sands of northern Alberta have been delayed in the past three months, according to a study of industry figures by The Times."...............read article

The Athabasca Oil Sands (or Athabasca Tar Sands) are large deposits of bitumen and extremely heavy crude oil, located in northeastern Alberta, Canada.

Picture:
Syncrude Canada Ltd.

A Recent History of Oil Prices.

A Recent History of Oil Prices. - Scitizen: "On September 15 the $100 psychological barrier was again broken, but in reverse, when the price fell below $100 for the first time in seven months. On October 11 there occurred a massive crash in the value of global equities, with a barrel of oil falling by 10% to $77.70. In consequence of further economic slowdown the price continued to slide and today (December 4, 2008) it is trading at around $45 a barrel. Rather than the $200 predicted last summer some analysts are now predicting a $20 barrel sometime during 2009. I must stress, however, that even if this does happen it will be a short-lived event, because the facts of geological limits to production, increased production costs to obtain more difficultly recovered oil and that demand is still rising (demand is simply rising less steeply during this economic recession, but it is still in the ascendant)."..........read the original article

Wednesday, January 14, 2009

'Green' Gasoline On The Horizon

http://www.sciencedaily.com/
Jan. 13, 2009. University of Oklahoma researchers believe newer, more environmentally friendly fuels produced from biomass could create alternative energy solutions and alleviate dependence on foreign oil without requiring changes to current fuel infrastructure systems. According to Lance Lobban, director of the School of Chemical, Biological and Materials Engineering, the development of “green” fuels is an important part of the world’s, and Oklahoma’s, energy future..........read

Arctic oil production not profitable at present oil prices

http://www.barentsobserver.com
2008-11-18. Researchers from the Russian Federal Institute of Oil and Geology conclude that only a minor part of Russia’s oil and gas fields will be profitable with current oil and gas prices.
In last week’s Arctic Shelf conference in Murmansk, Ludmila Kalist from the Federal Institute of Oil and Geology (VNIGNI) said that only about one percent of Russia’s Arctic shelf hydrocarbons can be profitably extracted with the current oil and gas prices.
The one percent includes only the most easily available fields on shelf, Oilru.com reports with reference to Rbc.ru.
Arctic oil production will be profitable with minimum oil prices of 100 USD per barrel and socalled tax holidays for the petroleum industry, the researcher says. The development of offshore fields is considered at least 50 percent more expensive than land-based fields."
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