US oil giants have pledged USD 23 million for disaster relief operations to help Gulf Coast residents recover from Hurricane Harvey, one of the most destructive storms in US history that killed at least 50 people. Harvey has soaked Texas with the heaviest rainfall in US history. Texas officials said more than 185,000 homes were damaged and 9,000 destroyed as 42,000 people remain in shelters amid overflowing rivers and reservoirs. Chevron Phillips Chemical Company, a major refiner, pledged USD 1 million to the storm victims. The company will give USD 500,000 to the United Way and USD 250,000 in matching donations for storm victims, according to a company release. "Houston and southeast Texas are where we live and work and we are in this together," the company's CEO Mark Lashier said in a statement. "While Chevron Phillips Chemical is a global company all our thoughts are with Texas this week." The Texas coast is home to nearly 30 per cent of US refining ...Read More
Statoil ASA’s ambitions to develop an Arctic oil hub were dealt a blow when its best prospect in the Barents Sea off Norway yielded no more than a non-commercial natural-gas find. Korpfjell, close to the maritime border with Russia, was billed as Norway’s most exciting exploration well in years. While partner Lundin Petroleum AB had talked of its billion-barrel potential, the well found only 6bn to 12bn cubic meters of gas, the equivalent of 40mn to 75mn barrels of oil, Stavanger, Norway-based Statoil said in a statement last week. “We were trying to prove many hundreds of millions of barrels of oil – we didn’t do that,” Jez Averty, Statoil’s head of exploration in Norway and the UK, said in a phone interview. “But it’s far too early to write off the Barents sea southeast.” Statoil plans to repeat this year’s drilling campaign, with another five wells in the Barents in 2018, including one in a deeper part of the Korpf...Read More
JM Financial Ltd. has been appointed as the transaction advisor to the government’s over Rs 37,000 crore stake sale in Hindustan Petroleum Corporation Ltd. (HPCL) to Oil & Natural Gas Corporation Ltd. (ONGC). Besides, Cyril Amarchand Mangaldas has been selected as the legal advisor for handling the stake sale. With ONGC and HPCL under the administrative control of the oil ministry, the latter has appointed Protocol Valuers Ltd., for suggesting valuation at which the government’s 51.11 percent stake in HPCL should be sold to ONGC, people with knowledge of the matter said. The process of selection of transaction advisor was kicked off by the Department of Investment and Public Asset Management (DIPAM) in July and as many as five consultants - including JM Financial, EY, PwC, ICICI Securities and Rothschild (India) Pvt. Ltd. had submitted expression of interest (EoI). The other law firms who were in the race as legal consultan...Read More
Oil giants donate USD 23 mln for Harvey victims US oil giants have pledged USD 23 million for disaster relief operations to help Gulf Coast residents recover from Hurricane Harvey, one of the most destructive storms in US history that killed at least 50 people.
Statoil strikes out at biggest Arctic prospect off Norway Statoil ASA’s ambitions to develop an Arctic oil hub were dealt a blow when its best prospect in the Barents Sea off Norway yielded no more than a non-commercial natural-gas find.
JM Financial To Advise Government On HPCL Stake Sale To ONGC JM Financial Ltd. has been appointed as the transaction advisor to the government’s over Rs 37,000 crore stake sale in Hindustan Petroleum Corporation Ltd. (HPCL) to Oil & Natural Gas Corporation Ltd. (ONGC).
Oil has been used by people for over 5,000 years, once used as a medicine for treating ailments such as gout and frostbite. The ancient Sumerians (roughly 4,000 BC) and Babylonians (roughly 1894 BC) were thought to have used crude oil.
The U.S. has 4% of the world’s population but uses 25% of the world’s oil.
Crude oil was first pumped from the ground in Sichuan, China 2,500 years ago. Today, alongside coal and natural gas supply, oil makes up 88% of the world’s energy demands.
The first recorded use of pipelines to transport natural gas was in 500 BC, in china.The pipelines were made of bamboo and used to boil sea water and separate the salt from the water.
In the past 25 years, there have been more than two dozen oil spills in the US. The Deepwater Horizon, an oil rig located in the Gulf of Mexico, exploded in April of 2010. This is one of BPs biggest oil disasters. The explosion dumped 210 million gallons of oil. The effect on the Gulf of Mexico and surrounding communities is felt to this day.