Oil Drilling

Oil Drilling Process
Oil drilling process involves drilling oil reservoirs using drilling rigs. There are specific drilling systems and drilling tools involved in the process of oil drilling. Here is a precise overview of the exact oil drilling process.

Effects of Oil Drilling in Alaska
The effects of oil drilling in Alaska are far-fetched and go beyond the industrialization that has generated additional manpower movement to the region. The processes that are a part of the oil drilling activities have generated an imbalance in the unique ecosystem...

Pros and Cons of Oil Drilling
Oil drilling or extracting oil has positive impacts on the economic growth; however, it poses a negative impact on the environment. Read on to know more...

CA Company LS9 Turns Bug Dung into Crude Oil
A former California software exec is heading a campaign to turn bug dung into crude oil.

Alaskan Villages Get Citgo Vouchers for Millions of Gallons of Oil
More than 150 Alaskan villages are taking advantage of an offer by Citgo Petroleum to donate 1 million gallons of heating fuel to poor Americans in rural areas of the state.

North Sea Oil Exploration Firm Collapses
Credit crunch and tumbling price of crude forces Oilexco into administration ? and experts warn of similar failures

Global Oil Supply Will Peak in 2020, Says Energy Agency
Output to plateau much earlier than expected amid collapse in petroleum investment due to credit crisis

Saudi Arabia to Raise Crude Production to Ease Prices
Opec to increase July output in second consecutive rise in the hope it will depress the crude oil price

Weak Dollar and Supply Worries Push Oil to Fresh High of $128
Crude oil price increased sixfold in past eight years, fueling debate about dwindling resources

Weak Dollar and Supply Worries Push Oil to Fresh High of $128
Crude oil price increased sixfold in past eight years, fueling debate about dwindling resources

Oil Hits New Record
World oil prices jump to a fresh record of $127.82 a barrel on the back of a weaker dollar and fears over a shortage of diesel as well as a bullish price prediction from Goldman Sachs

Opec Worries Drive Oil Price to $100 Close
Price of crude oil rises to highest level since trading began in 1983

Oil Closes Above $100 Per Barrel
Crude oil closed at more than $100 per barrel for the first time following a steep rise prompted by jitters in the commodities market

Vanity Trade Sent Oil Price to Record High
A maverick oil trader in New York has aroused the ire of colleagues by enacting a 'vanity trade' which first pushed the price of a barrel of crude over the crucial benchmark of $100

Using the Price Range as a Way of Seeing the Crude Oil Future
There are many forms of fuel that we can use for our lives and businesses. These sources include electricity, solar energy, fossil fuel and of course oil. The oil that we use originally comes from crude oil.

T & K Futures and Options Inc. Believes That Crude Oil Futures Prices May Breach $90 Soon.
The crude oil futures market prices seem to be pricing in tightening global crude oil supplies versus the global demand based on global production capacity constraints.

Alberta Oilsands Enough to Move Oil Prices? Part 1 of 3
This articles will look at the potential impact Alberta oilsands production could have on the world oil market, how the OPEC cartel may respond to this supply, and how America may benefit. The primary market used for examples is the relationship between the United States, Alberta, and OPEC. Crude oil is the only resource under consideration within this article despite other resources available within the oilsands resource.

Canadian Oil Sands – Who Are the Major Players
The Canadian oil sands represent one of the most lucrative investment opportunities to oil and gas investors. With a reserve life of 35 – 50 years the oil sands will be a major source of crude oil for the years to come and will have a dramatic impact on crude oil prices.

Saudis Pledge to Increase Crude Supply As Price Nears All-time High
Saudi Arabia was yesterday forced to pledge an increase in the supply of crude as threats to production around the globe pushed the price of oil to within three dollars of the all-time high reached after Hurricane Katrina last August.

Oil Prices Hit New High
US crude oil prices hit a new high today as most oil and natural gas production in the Gulf of Mexico shut after Hurricane Katrina hit the region.

Oil Prices Surge to Record High
Oil prices today rose above $65 (£36) for the first time as concern over low stockpiles of petrol in the US put further pressure on the markets. US light sweet crude for September delivery was up 33 cents to a record $65.23 a barrel in Asian trade. North Sea oil also broke...

Pipeline Opens New Oil Route to West
A £2.2bn pipeline that will deliver a million barrels of crude oil a day to the Mediterranean Sea, and is set to become a vital gateway for central Asian energy resources to the west, opened yesterday.

Oil Price Surges After 'super Spike' Warning
The cost of crude oil moved into record territory today as markets reacted to a report predicting a 'super spike' in oil prices to $105 a barrel.

Prices Hit High on Us Cold Snap
Oil prices rose to a six-week high yesterday on fears of a cold snap in the United States and lower stocks of crude.

Oil Prices Jump to Record High
Oil prices today hit a new high amid fears over low fuel stocks as winter approaches and renewed concern about the security of supplies. Brent crude futures soared to a record $46 (£25) a barrel, the highest price in the history of the International Petroleum Exchange. Prices began to...

Oil Prices Nudge $45 a Barrel
Oil prices today hit yet another 21-year high despite the stated willingness of Opec to boost production. In an already unsettled market, prices rose on news of a fire at a refinery in the US, with the price of a barrel of crude in New York pushing up 32 cents to $44.73 (£24.54) after...

Oil Prices Hit New High
Motorists were today told to expect petrol prices to remain above 80p a litre for the "foreseeable future" as oil prices soared to a new high. Oil prices reached record levels for the second day in succession as the price of a barrel of crude in New York broke through the $44 (£24) mark...

US Sidles Up to Well-oiled Autocracy
Opposition activists in Azerbaijan accuse America of double standards on rights.

Opec Set to Raise Production
Opec has agreed in principle to boost production in an effort to ease pressure on prices, a senior oil official said today. As the cartel met in Beirut to discuss raising crude output quotas by up to 2.5m barrels a day, the UAE oil minister, Obaid al-Nasseri told Reuters: "In principle we...

US and Uk Call for Oil Production Boost
Britain and the US today put pressure on Opec to increase oil production as prices in New York hit a fresh high of $42.4 (£22.9) a barrel. With crude oil futures today reaching the 21-year high before falling slightly to $41.84, the chancellor, Gordon Brown, was contacting oil ministers...

Oil Prices Rise Following Saudi Siege
Oil prices today rose by almost 2% after a bloody siege in the Saudi Arabian oil city of Khobar, carried out on Saturday by suspected al-Qaida militants, left 22 people dead. In morning trading, US light crude was up 72 cents, standing at $40.6 a barrel as business resumed after a...

Saudi Siege Fallout Threatens Oil Prices
Oil traders are braced for big price rises when the markets reopen in London and New York this morning in the aftermath of the deadly attack by armed militants at Khobar, the Saudi oil producing region. In Japan, where the market was open yesterday, prices of crude rose by more than 2%...

Oil Prices Reach Record Highs
Oil prices today hit new highs as political tensions in the Middle East and instability in Iraq sapped confidence in the security of supplies from the region. With high demand from China and the US also putting pressure on energy prices, the price of US light crude rose by 10 cents to a...

US Unions Threaten Action As Bp Cuts Health Bill
BP has angered trade union leaders in America by revealing plans to cut its contribution to health care schemes in a move affecting 25,000 staff and 50,000 retirees. Britain's biggest company, which is heading for record profits this year on the back of high crude oil prices, said it will...

Oil shocked
A desire to loosen Opec's stranglehold on petroleum prices lies behind Bush's interest in Africa and his plans for Iraq, writes Randeep Ramesh.

Oil Prices Rise Over War Fears
Oil prices today hit their highest levels since the start of the war in Iraq amid concerns about the loss of momentum in the military campaign and a sharp cut in Nigerian supplies. Brent crude, a benchmark for world prices, this morning rose 56 cents to $27.38 a barrel, with prices...

Oil well fire teams mobilise
Oil well fire specialists were preparing to fly to southern Iraq last night to extinguish wells blown up by Iraqi forces. As clouds of thick black smoke billowed across the main oilfield area behind Basra, Admiral Sir Michael Boyce, chief of the defence staff, revealed that the Iraqi forces had set alight only seven wells, much fewer than the 30 estimated by the defence secretary, Geoff Hoon, earlier in the day.

Price of crude expected to drop
War fever has kept the price of crude bubbling at historic highs of about $30 per barrel, but oil company shares generally have fallen in line with the bear market.

Oil prices rise as Iraqi wells set ablaze
Oil prices jumped this afternoon following TV reports that oil wells in southern Iraq were burning out of control after apparent acts of sabotage.

Oil Prices Rise As Iraqi Wells Set Ablaze
Oil prices jumped this afternoon following TV reports that oil wells in southern Iraq were burning out of control after apparent acts of sabotage. The market reacted to a report by Fox News, based on information from military personnel in Kuwait, that fires south-west of the city of Basra...

Opec: No Plans to Raise Oil Production
Opec, the oil cartel, today said that it has no plans to raise output as the US launched air strikes against Saddam Hussein. Officials from the cartel said that there was no need for such a move as oil prices have dropped to a three-month low. London's benchmark Brent crude oil fell to...

Hopes of victory force oil down
The price of oil dropped by almost two dollars a barrel yesterday - its biggest fall in 16 months - as the markets anticipated that a quick victory against Saddam would flood the markets with Iraqi crude.

Oil drilling in wildlife park gets nearer
With public attention diverted by Iraq, George Bush is poised to push one of his most cherished and controversial measures past strong opposition on Capitol Hill and into law.

Supply Fears Push Oil Prices Higher
Oil prices today hit a new two-year high amid nervousness of a supply shortage as war appears imminent in Iraq. The price of Brent crude hit rose 27 cents to $34.37 a barrel, its highest level in 29 months, while US light crude rose 23 cents to $38.11 a barrel in Asian trade, $3.04 below...

Opec Pledges Flood of Oil in Event of Conflict
Oil producers will flood the world market with crude supplies if the US attacks Iraq to prevent spiralling energy costs from strangling global growth, sources in Opec promised yesterday. The 11-member exporters' cartel will lift production-limiting quotas and "pump at will" should...

US oil stocks evaporate to 27-year low
Crude oil stocks in America have run dangerously low, raising fears that the government will be forced to tap its strategic reserves even before any full-blown conflict with Iraq.

Blood and Oil
Europe and America are taking increasingly divergent approaches to the unreliability of the Middle Eastern petroleum supply - one green, the other unrepentantly black, writes Randeep Ramesh.

Senate vetoes oil drilling in Alaska refuge
The US Senate threw out one of President Bush's most controversial proposals yesterday: the plan to drill for oil in the huge Arctic national wildlife refuge in Alaska.