As a consequence of the deferred decision on Condition 19, the Company advises that it anticipates operations to drill the Holmwood conventional oil
exploration well will now commence in H1 2018.
That committee submitted its report to the state government in 2012, which confirmed the presence of conventional oil
and gas in the basin.
The conventional oil
and gas drilling process involves the boring of a well, a reservoir that has pressure, from which oil flows out of the ground.
Light tight oil is much more expensive to produce than conventional oil
Many energy economists who have observed the way these price-hawk OPEC/NOPEC exporter states have behaved since the 1971 Nixon Shock concerning the US$'s convertibility to gold (see the Nixon Shock in Google) are saddened to see most of them still over 90% dependent on conventional oil
He also acknowledged the clear and growing challenges posed by shale oil to conventional oil
Commenting on the announcement, chief executive Samir Brikho said: "We continue to see good growth in conventional oil
and gas, with new contract awards, such as the PS68m contract to deliver the hook-up and commissioning services for the two new Clair Ridge platforms for BP and its co-venturers, boosting activity in the North Sea, in particular.
The partnership has already agreed to buy certain conventional oil
and natural gas activities in East Texas and North Louisiana from a unit of BG Group Plc (LON:BG) for USD132.
The transaction saw the newly-established venture acquire all of EXCOa[euro](tm)s conventional oil
and natural gas assets in West Texas plus some in the eastern part of the state as well as in North Louisiana for about USD725m (EUR543m).
Unconventional oil and gas resources are often located in the same sedimentary basins as conventional oil
and gas fields.
The world will have to wait at least 10 years before seeing big supplies of tight oil similar to the US shale gas revolution, Opec said, but reserves of tight oil could eventually rival the conventional oil
reserves of Saudi Arabia.
State Department will approve construction of the Keystone XL pipeline which would take tar sand from Hardisty, Alberta through six states, picking up conventional oil
along the way, and depositing the tar and oil at Gulf Coast refineries.
At the rate we're going, the Department of Energy expects conventional oil
production to peak in 2050.
This far exceeds Canada's conventional oil
The implications of this geological fact are profound precisely because conventional oil
is such a unique resource, and because we rely so heavily on it to fuel not only our transportation services globally, but our economy, as well.