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Commercial use in US of oil from oil shale deposits at least a decade away
The commercial use of oil from US oil shale deposits is likely at least 10 years away and will require technological advances to get past hurdles standing in the way of its commercial use, US Interior Secretary Ken Salazar said
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Topics : Oil and Gas Oil
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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Topics : Oil Oil and Gas
Which is the eral oil price?
Which one should we look at when we talk about ?oil prices?? Proponents of using U.S. West Texas Intermediate figure it?s still the best global benchmark. The U.S. is the biggest oil-consuming nation, and trading volumes for New York crude dwarf other varieties. Brent supporters figure that oil?s global reach make it a more reliable benchmark. And OPEC does account for 40% of global oil production, making the price of OPEC oil somewhat important, too. - Read More
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