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Posts on ‘February 8th, 2015’

Big Oil Unable To Increase Reserves To Counter Declining Production

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Bidness Etc discusses why major oil firms have been unable to replace their new reserves, despite crude production level falling since last year amid tumbling crude price

By: MICHEAL KAUFMANPublished: Feb 8, 2015 at 8:40 am EST

According to the quarterly results announced during the past few weeks, major oil companies have reported a mediocre performance for last year, as far as exploration and production of crude oil and natural gas reserves is concerned. At the same time, companies have also reduced their capital spending budgets for this year, which might exacerbate their lower production problem.

Over the last decade, some of the biggest oil companies have seen their production drop and their growth of reserves stutter, even though oil price was going up for the most part. Royal Dutch Shell plc (ADR) (NYSE:RDS.A), BP plc (ADR) (NYSE:BP), ConocoPhillips (NYSE:COP), Exxon Mobil Corporation (NYSE:XOM), and Chevron Corporation (NYSE:CVX) are five of the biggest global oil and gas companies, which saw their production drop 3.25% year-over-year (YoY) on average last year, while failing to replace the crude oil and natural gas – they extracted last year – with new reserves. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Oil companies Arctic projects in deep freeze

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Information and graphic sourced from an FT article by Richard Milne in Oslo, Christopher Adams in London and Ed Crooks in New York, published 6 February 2015.

The first of two drilling rigs contracted by Shell will soon leave Singapore and once sea ice has sufficiently receded, will embark on a summer drilling project in U.S. Arctic waters, despite the objections of environmental activists. The Arctic is said to hold nearly a third of the world’s undiscovered gas and 13% of undiscovered oil. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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