Sources Of Oil And Gas Essay

Currently Saudi Arabia is one of the leading producers of oil in the world. However, it is losing its foothold on the market. Many countries, like North America, are increasing their oil production and are looking for ways to become less dependent on foreign oil. The increased competition has caused oil prices to decrease. By producing their own oil, countries not only will increase their revenues, but will also reduce their need to rely on foreign oil. By reducing their need foreign an oil a country does not have to worry that their oil supply will be cut off if they go to war.

In 2016, the crude oil price movement prices were unpredictable. The OPEC reference basket dropped 10 percent to $43.22 per pound. The ICE Brent and NYMEX WTI both went down by 8.4 percent with ICE Brent at $47.08 per pound and NYMEX WTI at $45.76 per pound. This showed that there were uncertainties in the petroleum market. The future prices were predicted for 2017 that it would move higher. The World’s economic growth predictions was the same at 2.9% for 2016 but increased to 3.1% for 2017. Because of the 3rd quarter of 2016 in Japan and US, the OCED growth went from 1.6% to 1.7%. The demand for oil growth in 2016 has been increasing slightly to 1.24 mb/d. In 2017, the demand will be predicted with a decrease to 1.15 mb/d. OECD will

Canada has always had extensive deposits of oil sands, and has been a fascination to the explorers and settlers of earliest Canada, when Europeans saw how First Nations people used it to water proof their birch bark canoes. That being said, the majority of oil sands in Canada are contained in Alberta. Alberta’s oil reserves play an important role in the Canadian and global economy, supplying stable, reliable energy to the world. Alberta 's oil sands have been described by Time Magazine as "Canada 's greatest buried energy treasure." (Alberta) Oil sand is a naturally occurring mixture of sand, clay or other minerals, water and bitumen, which is a heavy and extremely viscous oil that must be treated before it can be used by refineries to

The importance of oil in our society is so great that it affects developed and developing countries. It is a huge contributor to economic growth and environmental destruction. Although the Alberta Oil Sands has destroyed acres of local and global (indirectly) ecosystems, it has achieved and ensured that Canada stays as an economic power. The economical, cultural, and political benefits the oil sands give to Canada makes it an irreplaceable asset to our nation and our global community

With shale natural gas now on the horizon in the United States of America, many supporters of the horizontal hydraulic fracturing industry are looking at the economic benefits of fracking shale. The current horizontal drilling abilities provided “23.608 quadrillion Btu [of just shale natural gas alone] in 2011” (Hassett and Mathur 2014). This number in terms of energy production marked the “USA [as] the second largest natural gas producer” (Hassett and Mathur 2014) as of the year 2011. Since 2011, the production of natural gas in the United States has been raised even higher as more and more states lift their moratoriums on fracking and new natural gas hotspots are discovered.

In 1848, James Marshall discovered a single nugget of gold in the American River in California, setting off a massive migration west as hundreds sought to capitalize upon the Gold Rush. Today, a similar situation is playing out. In the late 2000s, new technology enabled workers to extract natural gas from previously inaccessible shale deposits through horizontal hydraulic fracturing. This “shale boom” has had companies racing to capitalize upon the potential of vast natural gas and promises of energy independence and cheap energy. Yet, as the miners during the Gold Rush found upon arriving to California, scientists today are finding that many of the initial claims are not as they seemed. Companies are recklessly continuing, prospecting for natural gas deposits. Hydraulic fracturing is a means of extracting natural gas from deep, previously inaccessible shale deposits. It involves injecting a fracking cocktail mixture of water, sand, and various other chemical fluids into the ground at very high pressures to literally fracture the ground, releasing natural gas that can then be collected. Natural gas is a finite fossil fuel, yet due to the recent fracking boom, many people in the United States have heralded it as the future of America’s energy, the way to energy security.

The Marcellus Shale formation located in western Pennsylvania, New York, and Ohio is projected to supply an equivalent of 45 years of the United States current energy consumption. Worth an estimated five hundred billion, this can translate into cheaper and wider “variety of products such as plastic, agrochemicals, and pharmaceuticals.” It can also relate to an “increase [in] the supply of fertilizer, ensuring the availability of food and reducing…the conversion of forests to agricultural farms” (Sovacool 252). The fracking industry will only increase in size in future years, so much so that reclamation of shale gas is called the “eminent shale gas revolution. British Petroleum [BP], for instance, expects global shale gas

The Marcellus Shale formation located in western Pennsylvania, New York, and Ohio is projected to supply an equivalent of 45 years of the United States current energy consumption. Worth an estimated five hundred billion, this can translate into cheaper “variety of products such as plastic, agrochemicals, and pharmaceuticals.” It can also related to an “increase [in] the supply of fertilizer, ensuring the availability of food and reducing…the conversion of forests to agricultural farms” (Sovacool 252). The fracking industry will only increase in size, so much so that reclamation of shale gas is called “eminent shale gas revolution. British Petroleum [BP], for instance, expects global shale gas production to grow six-fold from

Klare argues that discovery of a natural resource, for instance, oil, result in producers seeking and exploiting the most desirable, best quality and those closest to markets. Over time, these “easy” resources become scarce, of poorer quality, harder to extract and extend into areas further away from the market. This subsequent need to extract “tougher” resources has catalyzed an age of discovery that energy experts call the “shale revolution.” Daniel Yergin, an author and energy optimist describes the “natural gas

Natural gas is one very important fossil fuel and from its various uses, its numbers have continued to dwindle. Supply and demand has taken a toll on this very precious commodity. Ordinary vertical drilling of natural gas has ceased to produce much and this once prevalent method may eventually end up becoming obsolete. In the 1990’s a different method that was being used, but wasn’t common, caught some attention and is called horizontal hydraulic fracturing or fracking for short. Since the method of fracking was first used in 1940, it has gradually changed and is now combined with a new strategy of drilling horizontally. This new way of drilling helps to reach vast amounts of previously inaccessible gases and oils that are stuck in shale. According to oil industries Devon energy, Chesapeake, and Halliburton’s estimates, around 827 million cubic feet of untapped gases and oils are under the U. S. but may not be as easily accessible as once thought (Mooney 80-85).

Shale gas is a natural gas that is found deep in the earth’s crust. This type of natural gas usually forms in shale deposits and can be released with a drilling technique known as fracking. Shale gas has become the most important source of natural gas in the United States. Scientist and researchers have always known of shale gas, but none have had the technologies to reach it till now. In early 2000, shale gas compensated for one percent of the United States supply of natural gas resources, but by 2010, shale gas accounted for over twenty percent of the United States supply of natural gas.

This paper presents an initial argument regarding the presently booming economy of shale gas extraction within the United Kingdom. The extraction of shale gas, as it has been in the United States, has not been without its due challenges. Hence, it is imperative to consider the views of the government regarding this arising economy change. Moreover, in this paper, the regulatory framework present to maintain and control the extraction of shale gas and all of its supplementary practices has been presented in this paper. A qualitative methodology of examination has been suggested for the evaluation of the research questions presented and it is recommended that such an examination is likely to add to the knowledge of the policymakers and the investors. The study concludes with pointing out the implications for the aforementioned stakeholders.

A few pro’s associated with the emerging Shale gas energy source. Firstly, the Department of Environmental Protection is regulating the exploration, development, and recovery of Marcellus Shale natural gas reservoirs in a way that will protect the environment and the commonwealth national resources (Pennsylvania Department of Environmental Protection, 2016). With the extra push from compliance, the additional assistance helps to prevent incidents that may harm the environment. The additional assistance provided also includes preventative workshops for the industry to help applicants as needed to address environmental matters for construction of a well site (Pennsylvania Department of Environmental Protection, 2016). Moreover, the Department of Environmental Protection is also beneficial to Shale gas energy because they work to instruct and advise operators and well drillers on the best management procedures and practices for waste management and environmental control (Pennsylvania Department of Environmental Protection,

crude oil allowed in at the bottom of the tower at a time so that the

The oil and gas industries involve a high amount of documentation for both transportation as well as extraction and field services. Activities are highly regulated, and subject to oversight from Federal Energy Regulatory Commission (FERC), the Department of Transportation (DoT), the Environmental Protection Agency (EPA), and the Department of the Interior (DoI). That said, the process of regulation is trending toward a more digitized system, with organizations like FERC having their own submission portals that implement a “fill-in-the-blank” platform to complete forms. However, not all forms have yet been converted to digital submission even in agencies with online portals, and other agencies still remain reliant on