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– An Introduction to the Oil and Gas Industry

Dr Adrian Wood / kevin

Session: Petroleum Formation and Distribution
By the end of this session you should be able to:

• Undertake a critical review of recent news from the petroleum industry; • Provide a review detailing the formation, discovery and extraction of crude oil.
• Offer a balanced commentary on the cost of oil/gas discoveries and subsequent extraction

Energy companies are racing to export natural gas from the U.S. as they search for more-profitable markets amid a continent-wide gas glut that has depressed prices to the lowest levels in a decade.

A consortium including Exxon Mobil Corp., ConocoPhillips Co. and BP PLC said it is moving forward with plans to export natural gas from Alaska's
North Slope in a project that could cost as much as $65 billion.

The Shale Gas Boom: How Scared is the Kremlin?
Gazprom should be scared. The US has overtaken Russia as the largest producer of natural gas courtesy of the fracking revolution, the EU suddenly feels bold enough to rebel, and Moscow could very soon lose its grip on its European gas markets.
In mathematical terms, the EU has rather belatedly decided that things aren’t adding up. While Russia is selling its gas for about $10 a unit, the US is selling the same for about $3.
And as we now know: The US has become self-sufficient in natural gas and this has led other countries to shift exports of LNG destined for the US market to the European market.

Be aware of the bigger picture, it is very important if you hope to understand and contribute to a giant like the Petroleum Industry.

Brent Crude Oil is still above $100 mark, but why?

What recent factors have caused a stagnation of oil prices over the year?

A stronger dollar
The US dollar has rises against both the euro during the past few months.
The value of the

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