Oil Production - News, Trends, Oil Production Links
World will not produce more than 89 mill barrels per day
world will never be able to produce more than 89m barrels a day of oil, the head of Europe?s third-largest energy group has warned, citing high costs in areas such as Canada and political restrictions in countries such as Iran and Iraq. - Christophe de Margerie, chief executive of Total,
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Topics : Oil and Gas Oil Natural Gas
Big Oil's Production
Big Oil's production mainly comes from Alaska, Gulf of Mexico, and the North Sea. But there are problems owing to maintenance cost increasing and decreasing reserves
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Exxon replaced 103% of oil produced in 2008
Exxon said it replaced 103% of the oil it produced in 2008, marking the 15th straight year Exxon has replaced more than it has pumped. Exxon said it added 1.5 billion barrels of proved reserves, and 2.2 billion oil-equivalent barrels to its resource base last year. Half the company?s new resources came from a single source: ?Reserves additions from the Kearl Phase 1 oil sands project in Canada totaled 1.1 billion oil-equivalent barrels,? Exxon said. - Read More
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Costs of oil production from Azerbaijan , Venezuela
For Western firms, it can cost as little as $5 to $7 a barrel to pump the most easily accessible oil from places like Venezuela or Azerbaijan...but the costs don't stop there...The costs don't stop there. On top of the $5-$7 production costs, there's also the the money it took to build the pumping facility. At several billion dollars a pop, capital costs typically add another $5 to $7 a barrel. In more expensive fields, the cost in the high teens or low twenties...2007 data - Read More
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World's cheapest oil at $2 per barrel
The world's cheapest oil to extract comes from Saudi Arabia and costs $2 a barrel. But that oil, over 8 million barrels a day, is pumped mostly by the Saudi national oil company and is largely off-limits to Western oil firms. - Read More
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