Cautious start in search for new oil wealth

Article Abstract:

The government of the Falkland Islands has met 41 petroleum concerns to discuss oil exploration licenses for offshore fields. There are political uncertainties attached to such projects and high costs could also prove to be a problem. Infrastructure will have to be set up and northern blocks are in deep-water. There may also be environmental issues due to the proximity of some blocks to the Antarctic. Companies will be given five years' exploration time and corporation tax will be 32.5% with royalties at 9%.

Offshore Oil & Gas, Licensing agreements, Offshore oil fields, Falkland Islands

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Traders boost oil on new Iraq crisis

Article Abstract:

Petroleum companies should benefit from a resumption of hostilities in Iraq. This conflict has led analysts to believe that petroleum prices are not likely to drop sharply. There has been concern that prices could drop once Iraq started resuming exports. The United Nationms resolution permitting limited exports on humanitarian grounds has been suspended. Share prices of petroleum companies should be boosted, especially since world inventories are at low levels.

Crude petroleum and natural gas, PETROLEUM AND COAL PRODUCTS, Crude Petroleum, International trade, Iraq, War, War economy

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High cost of Shell U-turn

Article Abstract:

Shell has decided against disposing of the Brent Spar oil platform in the sea, and this decision could affect other petroleum companies which have 50 platforms scheduled for decommissioning. Land disposal for the Brent Spar platform will cost some 46 million pounds sterling, while sea disposal costs some 11 million pounds. Shell has stated that foreign governments influenced the company's decision, rather than pressure from Greenpeace, an environmental group.

Oil & Gas Fields, Natural gas fields, Oil fields, Environmental policy, Royal Dutch-Shell PLC

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