In a recent development for Kazakhstan oil and gas industry, Mittal Investments Sarl has entered into a preliminary contract that allows them to explore oil and gas resources at Satyapev region, which is located near Caspian Sea Kazakhstan. This deal was announced on 24th of January 2009. KazMunaiGaz, which is a publicly held oil and gas of Kazakhstan is other signatory of this oil and gas exploration contract.
Oil extraction or petroleum extraction is the extraction of usable crude oil from regions having suitable surface and underground configurations.
The primary challenge in oil extraction is to find ways to minimize upfront costs and optimize the extraction process to yield maximum profitability. Establishing an oil extraction system should be both technically feasible and economically viable.
Major factors that affect oil prices by impacting the extraction process and cost are:
As per latest reports of Philippines oil and gas industry Philippine based unit of Royal Dutch Shell and BHP Billiton are trying to bid for 20 percent ownership of oil and gas exploration project initiated by Philippine government.
As per reports of New Straits Times, Petronas, which is a state owned company of oil and gas industry of Philippines would put in $194.8 million in energy sector of Uzbekistan. This money would be invested for a period of three years.
In January 2009 Saudi Arabia oil and gas industry has been able to discover three new natural gas fields and five new oil fields. This information has been provided by Ali bin Ibrahim-al-Naimi who is minister of petroleum and mineral resources of Saudi Arabia. Saudi Aramco, which is a state owned oil and gas company of Saudi Arabia, has declared that its major investments would not be affected by financial problems across globe.
Mexico Oil and Gas Industry has witnessed a mixed result ever since post-nationalization. Mexico is sixth biggest producer of oil in world having seventh largest natural gas reserve in western hemisphere. Petróleos Mexicanos (PEMEX), Mexico’s state-owned petroleum company, which is a major force of oil and gas industry of Mexico, intends to pull in more bids from drilling contractors for 500 new development wells on Chicontepec field. Higher output from Chicontepec field is expected to compensate falling production from other fields of oil and gas industry at Mexico.
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.
