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beside of
falling hits much the crude oil production is still constant, the reason behind that are:
The crude oil supply is inelastic, and it is a fact that if for the first year the production is 100% then it will
fall to only 98% the secong year that is 2-5% of fall year on year, so a company or a digging firm can plan
for 50 year investment and also for the same reason the Crude oil price is more oftion decided by the
DEMAND factor, also the variable cost of the field hover around 20-30$ a barrel so the company or a
firm may continue to produce the crude even if it falls to 50-60$
For Shale gas the decline is of around 72% in a year hence it is required to search for the new fields, it is
found that the Breakeven cost for shale gas is around 65$
US crude production totaled 9.13 million barrels a day last week, up about 1 million barrels
from a year ago and 49,000 from the OPEC meeting in November.
Exports, still limited by law, reached a record 502,000 barrels a day in November, according to
the Energy Information Administration.
The price decline will cost all 12 OPEC members a total of $US257 billion in lost revenue this
year,
Venezuela has a 93 per cent chance of defaulting on its debt over the next five years,
according to data company CMA
The global oversupply is 2 million barrels a day, or 6.7 per cent of OPEC output, Qatar
estimates.
BPCL plans to invest Rs 13,000 crore in energy exploration and production in Mozambique
and Brazil over the next four years, the company had said in September 2014.
BPRL
Videocon sold its Mozambique gas field to Indian government-owned ONGC Videsh and Oil
India for close to $2.5 billion. After its exit from Mozambique, the company focused on Brazil.
In 2013-14, ONGC paid Rs.56,384 crore as subsidy which was a record. Under-recoveries
during the current fiscal are pegged at around Rs.73,000 crore. Of this, about Rs.51,000 crore
have already been accounted for in first-half where ONGC paid Rs.26,841 crore subsidy, OIL
Rs.4,085 crore and GAIL Rs.1,000 crore. Government provided cash subsidy to cover the rest of
it.
Data from the International Energy Agency (IEA) show the demand-supply imbalance of the
third and fourth quarters of calendar year 2014 at roughly 500,000 barrels a day is not out of
line with previous quarters.
Russia is hugely dependent on oil and gas production, with oil revenues making up 45 per cent
of the government budget. Russias economy is expected to shrink 4.5 per cent next year if oil
stays at an average $60 a barrel
2 trillion Dollar are at midway for USA Banks.