Oil Price

10Jun 2019

The Libyan conflict continues unabated eight years after Gaddafi’s ouster. We look at the cause, major players and the reasons behind the ongoing humanitarian crisis. STEVE AUSTIN | 2019/06/10 Not long ago, we heard of Libya’s long drawn path to freedom. Remember Gaddafi and the civilian uprising in the country? The Arab spring, as it […]

18Feb 2019

Ebbs and flows of oil prices continued to oscillate throughout 2018 at a greater rate than before. And yes, we had predicted it. TOM THERRAMUS | 2019/02/18 Consider some recent headlines: “World Bank Warns Of Extreme Volatility In Oil Markets”, “International Energy Agency Head: Oil markets are entering an era of unprecedented volatility” and “Oil […]

22Jan 2019

Chinese used bamboos for oil pipelines. JERICAN | 2006/10/28 That the Chinese used oil from natural seeps as fuel to boil salt brine into salt. Initially bamboo was pounded vertically into oil containing seeps and removed by suction. With time this led to drilling for oil, as they needed to penetrate deeper and deeper into […]

22Jan 2019

Oil recovery by CO2 injection JERICAN | 2006/10/29 It is often assumed that most of the oil can be pumped and recovered from an oil pool. Unfortunately this is rarely possible even with the use of horizontal wells. Oil wells drilled in the Southern United States have an initial recovery rate of 20 percent. Enhanced […]

22Jan 2019

Seismic oil discovery: 1. Signal emitted by vibrator truck 2. Reflected waves received by geophones 3. Data transmitted to laboratory truck JERICAN | 2006/11/12 In 1924, the discovery of an oil field beneath the Nash salt dome in Brazoria County, Texas, was the first to be based on single-fold seismic data. Before that, oilfield exploration […]

22Jan 2019

Various offshore oil drilling platforms JERICAN | 2006/11/13 Until recently, seismic images from below deep salt formations were muffled and largely useless. New advanced mathematical formulas and other new technology allow interpreting the images, bringing potential new discoveries of oil and gas from the depths of the ocean. Chevron Corp. and partners Devon Energy Corp. […]

22Jan 2019

Whale, saved by crude oil JERICAN | 2006/11/25 A clean-burning kerosene lamp invented by Michael Dietz in 1857 saved the whales from extinction. Prior to the 1800s, torches, candles made from tallow, and lamps which burned oils rendered from animal fat were in popular use. In the late 1700s sperm whale oil was popular for […]

22Jan 2019

Oilfield drill bit. JERICAN | 2006/11/26 The Jack Field oil discovery was greeted by the American news media with euphoria. On September 6,2006, The New York Times carried this big headline, “New Oil Field in Gulf May Yield Billions of Barrels“. Initial resource estimates touted by CNBC and other main-stream financial outlets declared that somewhere […]

22Jan 2019

Henry Ford, who caused the petroleum era. JERICAN | 2006/12/28 In 1878 Thomas Edison invented the first electric light bulb. This single invention proved to be so popular that it caused a major recession in the oil industry. Since 1856 kerosene lamps were used in homes and street lamps. Historians state that the introduction of […]

22Jan 2019

Oil shale deposits. JERICAN | 2006/12/29 This may sound like a fiction story but it is true! While total world resources of oil shale are conservatively estimated at 2.6 trillion barrels, US sits on close to two trillion barrels of crude. Possibly more than all the crude than was ever produced worldwide since petroleum age […]