Of course, this does not include such amenities as drilling exploratory wells, the cost of pipelines and floating facilities, such as oil platforms from which most of the drilling takes place. However, several important advantages linked to this discovery and to similar oil endeavors is that oil companies "will have to pay the U.S. less taxes, royalties, oil payments and other levies" as compared to drilling for oil within the national water boundaries of other oil-producing nations" (Gold, 2009, Internet), many of whom are members of OPEC. In addition, there are plans for exploring a second Lower Tertiary site in the Gulf of Mexico known as the Chinook and Cascade Prospects which was discovered by a Brazil-based oil exploration company earlier in 2009. However, as compared to the BP discovery, this site will require a hugely expensive floating production platform which will be used for storage and as an off-loading facility, referred to as a FPSO. Obviously, as pointed out by Michael C. Lambert, drilling for oil in the Gulf of Mexico is a very risky business, due to the fact that even after exploratory wells are drilled, potential oil reservoirs may not be as large as expected, thus making all efforts...
But in the case of this new discovery by BP, if it turns out to be as large as estimated, the U.S. may profit handsomely and may be on its way to eliminating, at least to some degree, its dependence on foreign oil.
It was in this backdrop of economic instability that economic nationalism also reared its ugly head. International crooks and foreign multinational companies rushed in and used both legal and illegal methods to gain contracts for supplying all sorts of stuff like stock fish, frozen chicken and meat, cars, and custom-made wine. Outlandish contracts were even given for supplying water and firewood to military barracks and prisons. Foreign governments and
Oil and the Silk Road The global supply of oil is depleting at unprecedented levels despite the efforts of many developed nations to deal effectively with the problem. National dependencies on oil have created ripple effects in the global economy that are manifested primarily by restructured world oil markets and the political aspirations of producer and consumer nations with regard to oil exploration, refinement, transportation, and pricing ("Annual Energy Review," 2012). Just
structure o the global oil industry b. The structure of the global gas industry. The integrated oil and gas companies (IOCs) are vertical, tall, or centralized structures where producers refined 100% of their production and then marketed refined products through their retail outlets. Production and distribution was downward. Today many of these IOCs combine verticality with a certain horizontalness with many spreading their tasks over various fields and involved in
A large body of literature has treated many different aspects of these influences on Asia, Europe and the United States (Busser & Sadoi, 2003). The importance of the study relates to the current trends taking place in Libya where aggressive steps have been taken in recent years to normalize relations with the international community. For example, Libya opened up its programs to develop weapons of mass destruction to international
Oil and Gas Development of Two Important Materials in Earth's Early History According to scientists, Earth began its life 4.6 billion years ago, when cosmic dust collided to form increasingly large particles. These particles, after millions of years of colliding and increasing in mass, eventually formed the Earth, with a mass similar to what it is today (5.9736 x 1024 kg or 5,973,600,000,000,000,000,000,000 kg) . Soon, the Earth's atmosphere began to form,
International Environmental Laws on Oil/Gas Production Effects of Oil and Gas Production to the Environment in Norway Over the years, oil and gas production companies have been a serious global concern. This is due to impacts on the environment associated with its production. International principles setup aims at governing the extraction and usage of such sources of energy. Norway is located in Europe, located near North Sea. Its high level of
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