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B Section
C Section
D Section
E Section
F Section
G Section
H Section
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Section_B Briefly
Rock Well Petroleum Rock Well Petroleum, a Canadian company headquartered in Calgary, has acquired the rights to develop about 3,000 acres of mineral interests in the Pleasantville area. “This is (Rock Well’s) first expansion outside of Wyoming, and they chose the birthplace of oil,” said Randy Seitz, president and chief operating officer of the Oil Region Alliance of Business, Industry and Tourism. Rock Well’s plans call for about 50 jobs in the area initially. The firm produces oil categorized as non-recoverable by other industry participants, according to a company fact sheet. The core of the business involves developing old, depleted oil fields by using a technique for recovering stranded oil from mature reservoirs. Highland Gas Highland Gas and its wholly owned subsidiaries, all based in Franklin, own and operate more than 400 oil and gas wells in western Pennsylvania. They are located in Erie, Crawford, Venango, Warren, Clarion, Butler and Armstrong counties. Highland is actively drilling and developing new wells in Clarion County, and 2008 drilling plans call for further development there. The company is vertically integrated, owning and operating its own well service rigs, trucks, pipeline crews, dozers and other equipment. Oil is dominant Oil continues to claim most of the energy market share even as the price per barrel dips and dodges in the record-breaking sphere. About 40.4 percent of all global energy needs are met by crude oil. Natural gas claims the second spot at 22.9 percent. Coal is slightly lower at 22.5 percent of the market share. Nuclear energy accounts for 8.3 percent of all energy needs while hydro, wind and other power sources finish out the distribution at 5.9 percent. Despite oil’s predominance in energy provision, industry analysts report the growing energy source is natural gas because of increasing residential use and high demands for electric power providers. Reserves are mixed The United States is sixth on the global list for its amount of proven reserves for natural gas. The U.S. has 5.5 trillion cubic meters in untapped but known reserves, and that accounts for 3 percent of the world’s natural gas reserves. On the oil side, the U.S. is 11th on list for proven reserves at 29.3 billion barrels, or about 2.2 percent of total world oil reserves. It is a big distance behind Saudi Arabia and Iraq which account for one-third of the world’s proven petroleum reserves. Proven U.S. reserves of natural gas increased slightly (3.3 percent) in 2006 compared to the previous years. It was a different story, though, for proved oil reserves in the U.S. They fell by 3.6 percent. Largest refineries Venezuela boasts the largest refinery in the world. The Paraguana Refining Center at Cardon/Judibana has a capacity of 940,000 barrels. The largest refinery in the U.S. is located at Baytown, Texas. The ExxonMobil plant has a refining capacity of 567,000 barrels. The top 20 refinery list also includes four other plants with a 400,000 barrel or higher capacity — ExxonMobil at Baton Rouge, La.; BP at Texas City, Texas; Citgo Petroleum at Lakes Charles, La.; and BP at Whiting, Ind. |
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