Posts by Chester

Dana Gas has announced that its well Azhar - 1, in the Egyptian Nile Delta is also set to produce 100 billion cubic feet (16 million barrels of oil equivalent).

Dana Gas Upstream Executive Director Mr. Ahmed Al-Arbeed said: "The discovery at the Azhar-1 well represents our fifth consecutive discovery from our 2008 2009 drilling campaign. A preliminary estimate of the exploration reserves of Azhar-1 discovery is in excess of 100 billion cubic feet (bcf) of gas and additional wells are planned for other potential hydrocarbon bearing zones that might increase the total reserves up to 150 bcf gas".

The other wells recently discovered in the same region are the dry gas discovery at the West Manzala-2 well and three gas and condensate discoveries at the El Basant-1, El-Basant-2 and Salma-1 wells. These discoveries are the direct result of Dana Gas's aggressive drilling campaign in Egypt, which began in 2008 and continues to yield results in 2009.

Just for the record, excerpts from the Obama-Biden, New Energy Plan for America..

• Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families.

Obama and Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills.

• Crack Down on Excessive Energy Speculation.

Barack Obama and Joe Biden will close energy industry market loopholes and increase transparency to prevent traders from unfairly lining their pockets, while driving up oil prices at the expense of the American people.

• Swap Oil from the Strategic Petroleum Reserve to Cut Prices.
  

With oil prices doubling in the past year, Barack Obama and Joe Biden believe we have an economic emergency that requires a limited, responsible swap of light oil from the Strategic Petroleum Reserve (SPR) for heavy crude oil to help bring down prices at the pump.

• A “Use it or Lose It” Approach to Existing Oil and Gas Leases.

Obama and Biden will require oil companies to develop the 68 million acres of land (over 40 million of which are offshore) which they have already leased and are not drilling on.

• Promote the Responsible Domestic Production of Oil and Natural Gas.

An Obama-Biden administration will establish a process for early identification of any infrastructure obstacles/shortages or possible federal permitting process delays to drilling in the Bakken Shale formation, the Barnett shale formation, and the National Petroleum Reserve-Alaska.

• Prioritize the Construction of the Alaska Natural Gas Pipeline.
  As president, Obama will work with stakeholders to facilitate construction of the pipeline. Not only is this pipeline critical to our energy security, it will create thousands of new jobs.

• Eliminate the Current Imports from the Middle East and Venezuela within 10 Years

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Worldoils Notes : https://www.worldoils.com/jobs

Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back somewhat to trade at $123.77. Just a week back, Oil prices had reached a 7 month low of $91 a barrel, having previously seen an all time high of $147 a barrel in July.

The $25, highest one-day price jump ever, was mainly due to investors seeking a safe place to invest their money which was threatened by a $700 billion bailout plan to stabilise America's financial crisis. Investments also drove down the value of the dollar against other currencies, and as oil trading is done in dollars, a decrease in the dollar lead to frenzied oil buying, which in turn jacked up the oil prices.

Another reason for Monday's price hike seems to be a phenomenon called Short Squeeze. Oil is traded in futures, i.e. the oil is bought for a specific price for a particular month in the future. The Oil contract for October expired on Monday, and hence the buyers, who were hoping for a decrease in the oil prices before the expiration date were forced to buy contracts which led to the price being pushed up even more.

Was just browsing through the oil forum and found a link to the WorldOils events page, which I clicked on happenstance. And well, I have to say, it just took me by surprise. The page http://worldoils.com/oilevents.php, lists down worldwide events related to the Oil and Gas Industry.

Well, so whats special about a listing ? Well, for one the organiser and contact details are just a click away with a direct link to the event home page. Secondly, the link "Map" , opens an instance of Google Earth which points you to the exact location where the event is to be held. Helped me when I was wondering where in the world Almaty was.. ,and thirdly, the site links to events both recently past, present and all the way to the future ( last listing is for 14Oct 2009 and today is 1st Sept '08 )

You can also see oil and gas trainings at http://worldoils.com/oiltraining.php. The whole website seems to contain comprehensive information about the oil and gas industry. Just took a second and added it to my favourites.

Kudos to the guys who are updating this site. Keep up the good work.