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North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea.
Petroleum production in Canada is a major industry which is important to the overall economy of North America. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter. In 2019 it produced an average of 750,000 cubic metres per day (4.7 Mbbl/d) of crude oil and equivalent. Of that amount, 64% was upgraded from unconventional oil sands, and the remainder light crude oil, heavy crude oil and natural-gas condensate. Most of the Canadian petroleum production is exported, approximately 600,000 cubic metres per day (3.8 Mbbl/d) in 2019, with 98% of the exports going to the United States. Canada is by far the largest single source of oil imports to the United States, providing 43% of US crude oil imports in 2015.
Exploration for petroleum in the Arctic is expensive and challenging both technically and logistically. In the offshore, sea ice can be a major factor. There have been many discoveries of oil and gas in the several Arctic basins that have seen extensive exploration over past decades but distance from existing infrastructure has often deterred development. Development and production operations in the Arctic offshore as a result of exploration have been limited, with the exception of the Barents and Norwegian seas. In Alaska, exploration subsequent to the discovery of the Prudhoe Bay oilfield has focussed on the onshore and shallow coastal waters.
Canada has access to all main sources of energy including oil and gas, coal, hydropower, biomass, solar, geothermal, wind, marine and nuclear. It is the world's second largest producer of uranium, third largest producer of hydro-electricity, fourth largest natural gas producer, and the fifth largest producer of crude oil. In 2006, only Russia, the People's Republic of China, the United States and Saudi Arabia produce more total energy than Canada.
In 2006, Cambodia's mineral resources remained, to a large extent, unexplored. Between 2003 and 2006, however, foreign investors from Australia, China, South Korea, Thailand, and the United States began to express their interest in Cambodia's potential for offshore oil and gas as well as such land-based metallic minerals as bauxite, copper, gold, and iron ore, and such industrial minerals as gemstones and limestone.
The petroleum industry in Western Australia is the largest contributor to the country's petroleum exports. Western Australia's North West Shelf (NWS) is the primary location from which production originates. Oil exports are shipped from Port Hedland.
The East Midlands Oil Province, also known as the East Midlands Petroleum Province, covers the petroliferous geological area across the north-eastern part of the East Midlands of England that has a few small oil fields. The largest field in the province is the Welton oil field, the second largest onshore oil field in the UK.
The oil and gas industry plays a central role in the economy of the United Kingdom. Oil and gas account for more than three-quarters of the UK's total primary energy needs. Oil provides 97 per cent of the fuel for transport, and gas is a key fuel for heating and electricity generation. Transport, heating and electricity each account for about one-third of the UK's primary energy needs. Oil and gas are also major feedstocks for the petrochemicals industries producing pharmaceuticals, plastics, cosmetics and domestic appliances.
Shale gas is an unconventional natural gas produced from shale, a type of sedimentary rock. Shale gas has become an increasingly important source of natural gas in the United States over the past decade, and interest has spread to potential gas shales in Canada, Europe, Asia, and Australia. One analyst expects shale gas to supply as much as half the natural gas production in North America by 2020.
New Exploration Licensing Policy (NELP) was conceptualised by the Government of India, during 1997-98 to provide an equal platform to both Public and Private sector companies in exploration and production of hydrocarbons with Directorate General of Hydrocarbons (DGH) as a nodal agency for its implementation. It was introduced to boost the production of oil and natural gas and providing level playing field for both public and private players.
Petroleum licensing or exploration license is the act of giving licenses to a company or a joint venture allowing them to search for commercially feasible deposits for the extraction of petroleum.
Fracking in the United Kingdom started in the late 1970s with fracturing of the conventional oil and gas fields near the North Sea. It was used in about 200 British onshore oil and gas wells from the early 1980s. The technique attracted attention after licences use were awarded for onshore shale gas exploration in 2008. The topic received considerable public debate on environmental grounds, with a 2019 high court ruling ultimately banning the process. The two remaining high-volume fracturing wells were supposed to be plugged and decommissioned in 2022.
Fracking has become a contentious environmental and health issue with Tunisia and France banning the practice and a de facto moratorium in place in Quebec (Canada), and some of the states of the US.
The petroleum fiscal regime of a country is a set of laws, regulations and agreements which governs the economical benefits derived from petroleum exploration and production. The regime regulates transactions between the political entity and the legal entities involved. A commercial or legal entity in this context is commonly an oil company, and two or more companies may establish partnerships to share economic risks and investment capital.
Shale gas in the United Kingdom has attracted increasing attention since 2007, when unconventional onshore shale gas production was proposed. The first shale gas well in England was drilled in 1875. As of 2013 a number of wells had been drilled, and favourable tax treatment had been offered to shale gas producers.
Fracking in Canada was first used in Alberta in 1953 to extract hydrocarbons from the giant Pembina oil field, the biggest conventional oil field in Alberta, which would have produced very little oil without fracturing. Since then, over 170,000 oil and gas wells have been fractured in Western Canada. Fracking is a process that stimulates natural gas or oil in wellbores to flow more easily by subjecting hydrocarbon reservoirs to pressure through the injection of fluids or gas at depth causing the rock to fracture or to widen existing cracks.
The Petroleum and Submarine Pipe-lines Act 1975 was an act of the Parliament of the United Kingdom which addressed the licensing, ownership, exploitation, production, transportation, processing and refining of petroleum and petroleum products in the UK. Enacted in 1975 when the UK’s first North Sea oil was produced, the act aimed to provide greater public control of the oil industry. The act established the British National Oil Corporation and a National Oil Account; modified the conditions of petroleum licences; controlled the construction and use of underground pipelines; and controlled the development of oil refineries.
The Petroleum Royalties (Relief) and Continental Shelf Act 1989 is an Act of the Parliament of the United Kingdom which abolished petroleum royalties for gas fields in the southern basin of the North Sea and onshore, and enacted an agreement with the Republic of Ireland on the extent of the continental shelf.
Brunei Energy Services & Trading Sdn Bhd (BEST) is a company based in Bandar Seri Begawan, Brunei Darussalam. Established in 2012 as PB Trading Sdn Bhd, it was previously a subsidiary of Brunei National Petroleum Company Sendirian Berhad, also known as PetroleumBRUNEI. Following a restructure of PetroleumBRUNEI and its subsidiaries, the regulatory authority is now known as Petroleum Authority, whilst the trading and services arm of PetroleumBRUNEI was renamed as BEST, and is now under the purview of the Ministry of Finance and Economy. BEST also provides the manpower and resources to its sister companies, Brunei Energy Exploration Sdn Bhd and Brunei Energy Production Sdn Bhd (BEP).
The oil industry in Scotland was largely created upon the discovery of North Sea oil. The country is one of the world’s leading oil producers, and in 2020, oil and gas contributed £13.8 billion to the Scottish economy and supported 100,000 jobs. Commercial extraction of oil on the shores of the North Sea dates back to 1851, when James Young retorted oil from torbanite mined in the Midland Valley of Scotland.
References
- ↑ British Geographical Survey (2011). "Onshore Oil and Gas, Mineral Planning Factsheet" (PDF).
- 1 2 Oil & Gas Authority. "Oil & Gas Authority onshore". Oil & Gas Authority. Retrieved 19 September 2020.
- ↑ "Scotland Oil and Gas". gov.scotland. Retrieved 20 September 2020.
- ↑ Department of Energy & Climate Change. "Onshore oil and gas exploration in the UK: regulation and best practice" (PDF). publishing.service.gov. Retrieved 19 September 2020.
- ↑ UKOOG. "UKOOG". UKOOG. Retrieved 19 September 2020.
- ↑ Department of Trade and Industry (1994). The Energy Report. London: HMSO. pp. 23–98, 133. ISBN 0115153802.
- ↑ "Humbly Energy".