China’s discovery of shale gas in its Eastern Sichuan province on December 6th this year could represent a drastic shift for the nation’s energy policies, said the chairman of the country’s second-largest oil company, Sinopec, at the World Petroleum Congress on Wednesday.
Brazil has imposed a hefty $28 million fine on Chevron for an offshore oil spill, punishing the oil company of being ill-prepared in managing the crisis.
The hefty fine comes a day after the local branch of Chevron took responsibility for the spill. Ibama, or the Brazilian Institute of the Environment and Renewable Natural Resources called the incident which began on the 7th of November an “environmental crime”.
Several nations are contesting the South China Sea’s offshore resources. China has stepped out to warn that it is not to be provoked, while countries like the Philippines and Vietnam are hoping that international law would provide some backing for its claim to oil. But no one is raising any eyebrows; after all billions in oil profits are at stake here.
Oil Industry Venezuela is a very important name in the world of oil industry as it produces a lot of oil for itself as well as for other countries to which it exports oil. The Oil Industry Venezuela is among the founding members of OPEC or Organization of Petroleum Exporting Countries and is also known as the key supplier of oil to United States of America.
It is said that the Oil Industry History is more than five thousand years old and the people from the Middle East used the oil that sipped out of the ground to make their boats water proof, to paint their belongings and also to medicate for certain kind of diseases.
The oil of whale was used to light fire much later to this. Oil has always been a very important thing to human beings and more so nowadays as it not only itself serves various purposes but its hike in price influences price hike for most other objects as well.
