US Oil and Gas Industry
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As per latest information on US oil and gas industry, Total, which is a major oil and gas company of France, has announced on 14th January 2009 in a company statement that it would purchase 50 percent in American Shale Oil. American Shale Oil is a sister concern of IDT, which is a diversified telecommunications services provider based in New Jersey.
As per latest information on US oil and gas industry, Total, which is a major oil and gas company of France, has announced on 14th January 2009 in a company statement that it would purchase 50 percent in American Shale Oil. American Shale Oil is a sister concern of IDT, which is a diversified telecommunications services provider based in New Jersey.
American Shale Oil is among three companies of oil and gas industry in US to have a lease of ten years, which has been granted by US Bureau of Land Management. This lease permits them to assess, show and examine possibilities of production of shale oil on a commercial basis in western Colorado area.
As of January 2009 companies of oil and gas industry of US are going through a tough phase. They are supposed to declare financial results for fourth quarter of 2008 fiscal and it is being assumed that results would not be good.
Much of this could be blamed on lowering of prices of oil throughout 2008. However, financial experts have assumed that companies of oil and gas industry at US, that have sufficient financial reserves, are likely to benefit from depreciation in value of stocks in 2009. Much of this decrease would result from mergers and acquisitions in US oil and gas industry.
Petro Hunt, a major company of American oil and gas industry, has auctioned off its licenses in both banks of river Ikpikpuk in Alaska. In another development in US oil and gas industry some environmental groups have registered a case against an oil and gas licensing auction that was to be staged at Utah by US Bureau of Land Management in December 2008.
BP Exploration Alaska, which is a subsidiary of British Petroleum declared on 2nd December 2008 that in 2009 it would pump in $1.2 billion in various oil and gas projects in Alaska. This budget is 33 percent more than 2008 when British Petroleum had spent $900 million.
An appeals court in US has revoked a permit it had given regarding drilling of Beaufort Sea. This has put several plans of Royal Dutch Shell in jeopardy. Previously this company had hoped to expand its business in offshore locations in Alaska.
