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By Samuel A. Van Vactor

"To the informal observer, the oil enterprise turns out consistent and unchanging. The familiarity of the oil industry's shops mask amazing alterations in how the engages in its 4 fundamental sectors of task: discovering and generating crude oil, transportation, refining, and marketing."--Product Description.

summary: "To the informal observer, the oil company turns out consistent and unchanging. The familiarity of the oil industry's stores mask striking alterations in how the engages in its 4 basic sectors of task: discovering and generating crude oil, transportation, refining, and marketing."--Product Description

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Extra resources for Introduction to the Global Oil & Gas Business

Example text

Oil tends to be located in remote places and often in a harsh environment. There are a few amusing exceptions. There was something of a minor celebration when royalties from logos of Beverly Hills School 90210 outpaced oil royalties. Generally, however, oil has been hard to find, and once found it is often quite a distance from its market. Figure 2–5 illustrates the distribution of oil production in 1973 and 2008. A remarkable feature of the distribution is how little it has changed in 34 years.

This way of looking at the world, however, depends on diversified ownership of the low cost fields and open access to resource development. If the control of the most prolific oil fields and undeveloped resources rests in the hands of a few, the orderly path of exploitation may become decidedly rocky. That has indeed been the case, where most of the prolific oil fields are in OPEC member countries, and further investment has been limited and uneven. Returning to Professor Mead’s parrot, the bird has wised up.

The controversy swirls around the issue of oil field decline and the reliability of data that supports the competing analyses. One way to form an opinion about future oil supplies is to compare current thinking to previous forecasts. In the 2004 International Energy Outlook, the EIA forecast world oil (liquid) production of 121 million barrels per day in 2025 based on a price of slightly over $30 per barrel (in 2006 USD). In 2008, the EIA forecast total liquid production of 107 million barrels per day in 2025, at prices that averaged around $80 per barrel (in 2006 USD).

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