Sentences with phrase «own oil reserves»

It zoomed into hydrogen, only to put on the brakes in the mid-2000s after regulators found that Shell vastly overbooked oil reserves, a scandal that prompted Shell to refocus on what it saw as the part of its business that really counted.

But Waghorn says Hess's wide range of oil reserves, including fields in Guyana, will help diversify its revenue sources in case prices stall at current levels.

Just this week, Venezuela launched a new cryptocurrency called the petro, which is supposedly backed by the South American country's oil reserves.

In California, oil companies are pressing for further exploration of the massive Monterey Shale, a 1,750 - square - mile area extending from the agricultural Central Valley to the Pacific Ocean that federal energy officials say could ultimately comprise two - thirds of the nation's shale oil reserves.

Note that by some peculiar coincidence, the U.S. occupies the very heart of the oil reserves and the nation which lies between China and the oil.

AZERBAIJAN: Azerbaijan's major oil reserves and decade - long economic boom make it an attractive potential partner for the EU, which needs to diversify its energy sources away from a heavy dependence on Russian gas.

Alberta has the world's third largest oil reserves, with 170 billion barrels of proven reserves.

An audit of Saudi Aramco's oil reserves - an essential part of the preparatory work for its planned initial public offering - has found the state oil giant to have higher reserves than it previously reported.

Prior to the technological revolution in U.S. energy production, 81 percent of the world's proven oil reserves were located in OPEC member countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 66 percent of the OPEC total.

A 2008 U.S. geological survey pegged oil reserves north of the Arctic Circle at 90 billion barrels — or 13 % of the projected undiscovered oil in the world — and 44 billion barrels of natural gas liquids.

That's bad news for an industry that's seen its access to the world's 1.34 trillion barrels of recoverable oil reserves shrink to about 20 % as governments from Russia to Venezuela progressively nationalize their oil industries.

President Trump has also banned Americans from buying the Venezuelan government's «Petro» cryptocurrency, which is supposedly backed by the South American country's oil reserves.

Canada's oilsands represent nearly two - thirds of the world's oil reserves available for private - sector investment.

Alberta's unconventional oil reserves are big enough to meaningfully increase world oil supplies — and lower crude prices for everyone — if they're fully developed.

Saudi Arabia is converting Aramco, the holding that controls the world's biggest oil reserves, into a joint - stock company and plans to list a stake of up to 5 % on stock exchanges in Riyadh.

Blessed as we are with the world's third - largest oil reserves, Canada's mission was to help fill America's growing gap between domestic supply and demand.

For nearly a century, the Kingdom of Saudi Arabia has relied on the country's expansive oil reserves to power its economy.

That power squarely rests with oil - rich nations that hold most of the world's oil reserves and the Wall Street banks and hedge funds that speculate and make markets in the oil trading game.

With the oil reserves in the Middle East threatened, the world could also turn to Canadas energy resources as a haven for a world in conflict.

Apart from the destruction and loss of life, Saudi Arabias oil reserves are bombed, the U.S. is poised to enter another Middle East conflict and, in the end, Irans nuclear capabilities are only set back by a couple of years.

After spending hundreds of millions of dollars developing the process, which promised to liquefy and upgrade bitumen underground without the use of steam or natural gas, Petrobank is now debating whether to develop its oilsands and other heavy oil reserves using tried - and - true methods.

This underscores their efficiency and innovation in drawing on oil reserves that were largely out - of - reach as recently as 10 or 12 years ago.

Libya and its growing crude oil output became a major worry for OPEC in the last few months when attacks on fields and pipelines largely subsided, allowing the country holding Africa's biggest oil reserves to recover its production to over 1 million barrels.

In January 2018, the opposition - led Venezuelan parliament invalidated the petro, calling it an illegal attempt to mortgage the country's oil reserves.

The manual is highly technical and outlines concerns specific to the industry, including accounting rules for oil reserves, how to review engineering reports, environmental issues such as potential oil spills and other risks.

If oil reserves were easy to tap, oil prices would still be at $ 20 instead of $ 100.

Right now, U.S. oil reserves are almost in parity with those of Saudi Arabia.

The oil sands are the third - largest oil reserves in the world.

Revolving credit lines are based on the value of a company's oil reserves, which are generally revalued and adjusted twice a year, around April and October.

An international independent audit of the oil reserves of Saudi Aramco has more than confirmed the official figures released by Riyadh for three decades, putting the number at 270 Continue Reading

It will completely blow up the oil reserves shale players are claiming to have and destroy their asset values.

The IHS study says that the Permian still has a gargantuan 60 to 70 billion barrels of technically recoverable oil reserves.

JULY 2012: Mitchell Anderson, as part of a larger project in collaboration with Tides Canada reporting on Canada's transition to cleaner energy, travels to Norway and a files widely read stories on how that nation has gained far more wealth from its oil reserves than has Alberta.

Consider in particular the technological progress that enabled producers to tap tight oil reserves.

ExxonMobil and Chevron — both exploring Kurdish oil reserves since 2012 - have so far failed to develop any oilfields.

In addition, Canada is estimated to have close to 200 billion barrels in oil reserves, the highest after Saudi Arabia and Venezuela.

The ongoing oil price collapse is having a severely negative impact on the wealth of those who own oil reserves.

However, the underlying constraints in oil reserves are expected to re-emerge after a few years, with both ABARE and Geoscience Australia expecting oil production to decline again after 2007.

2012 wasn't their best year although they have vast proven oil reserves in Trinidad and Tobago as well as other interests in Colombia, Texas, Georgia and Puntland (Somalia).

But those supply gains will taper off to 2.5 per cent next year and average less than 2 per cent annually through 2030 as pipeline and regulatory hurdles curtail investments in the world's third - largest oil reserves, CAPP said.

Venezuela has the largest oil reserves in the world.

Just north of Fort McMurray sit oil sands that contribute to Canada's oil reserves, the third largest globally.

I'm waiting for Kenney's $ 11 trillion in oil reserves number to be blasted all over the internet.

Venezuela is home to the world's largest crude oil reserves, but its production has steadily declined to a 13 - year low after companies halted some operations because of unpaid bills.

Laredo Energy, a company engaged in the acquisition and development of natural gas and oil reserves in South and East Central Texas, has raised $ 130 million in private equity commitments from Avista Capital Partners and Liberty Energy Holdings

Some analysts think that China and Saudi Arabia have accumulated far more gold than they're reporting and are accumulating still more gold surreptitiously — China to hedge its dollar foreign exchange surplus, Saudi Arabia to hedge both its dollar surplus and the depletion of its oil reserves — but that China and Saudi Arabia can't acknowledge this accumulation lest they spook the currency markets and devalue their dollar surpluses before those surpluses are fully hedged.

Crude oil reserves here in the U.S. are currently at levels not seen since 1972.

The International Monetary Fund (IMF) expects the South American country — which has the largest proven oil reserves in the world — to contract 10 percent this year and has declared it the worst - performing economy in the world right now.

shale oil may be a bubble but countries like Libya Iraq Iran produce nothing compared to their potential / production capacity + there is always offshore exploration recently Morocco seems to be in the spot light not to mention the arctic sea / north pole especially Russia where a new Koweit is to be found and also south China sea Venezuela's tight oil if all the types of oil are included venezuela must be a heaven with a quarter of global oil reserves with +300 billion barrels more than 260 bbls of Saudi Arabia that can still produce more than 10/11 million barrel / day that it's procucing today.

The reason for such stagnant market performance comes down to the cost of both discovering new oil reserves and getting it out of the ground.