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When successful, the company is permitted to use the money from produced oil to recover capital and operational expenditures, known as "cost oil". The remaining money is known as "profit oil", and is split between the government and the company. In most of the production sharing agreements, changes in international oil prices or production rate ...
In 2004, oil and gas companies contributed over $25 million to political campaigns, donating 80% of that money to Republicans. In the 2006 election cycle, oil and gas companies contributed over $19 million to political campaigns. 82% of that money went to Republican candidates, while the remaining 18% went to Democrats. Electric utilities also ...
The image below is a schematic flow diagram of a typical oil refinery that depicts the various unit processes and the flow of intermediate product streams that occurs between the inlet crude oil feedstock and the final end products. The diagram depicts only one of the literally hundreds of different oil refinery configurations.
There are more than 12 million acres under lease in the Western and Central Gulf of Mexico, with less than 20% producing oil and gas, according to the U.S. Department of Interior.
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According to the Oil and Gas Journal (OGJ), Venezuela has 77.2 billion barrels (1.227 × 10 10 m 3) of proven conventional oil reserves, the largest of any country in the Western Hemisphere. In addition it has non-conventional oil deposits similar in size to Canada's - at 1,200 billion barrels (1.9 × 10 11 m 3 ) approximately equal to the ...
Oil and gas are key to the economy of North Dakota, where hydraulic fracturing and horizontal drilling began an oil boom in the late 2000s. State officials pegged a preliminary all-time high of ...
Oil field in California, 1938. The modern history of petroleum began in the nineteenth century with the refining of paraffin from crude oil. The Scottish chemist James Young in 1847 noticed a natural petroleum seepage in the Riddings colliery at Alfreton, Derbyshire from which he distilled a light thin oil suitable for use as lamp oil, at the same time obtaining a thicker oil suitable for ...