Alaya Legal presents its second issue of Petroleum: Information and Updates. This edition covers significant legal and market developments from the global petroleum sector. Previous editions categorized countries based on proven petroleum reserves. This issue focuses on medium concentration petroleum reserve countries and major developments in India and around the world.
Medium Concentration Areas include Libya, Nigeria, Kazakhstan, China, Brazil, Algeria, Mexico and the United States.
GLOBAL SCENARIO
Petroleum Statistics – Medium Concentration Countries
- Libya: Approximately 47.1 billion barrels of proven oil reserves, the largest in Africa.
- Nigeria: Approximately 37.2 billion barrels of proven oil reserves located primarily in the Niger Delta and offshore regions.
- Kazakhstan: Approximately 30 billion barrels of proven oil reserves, including the Kashagan field.
- China: Approximately 20.4 billion barrels of proven oil reserves and production exceeding 4 million barrels per day.
- Brazil: Approximately 14 billion barrels of proven oil reserves, largely concentrated in offshore basins.
- Algeria: Approximately 12.2 billion barrels of proven oil reserves, primarily onshore.
- Mexico: Approximately 10.2 billion barrels of proven oil reserves and one of the largest non-OPEC producers.
MARKET UPDATES – GLOBAL
Griffiths Energy Targets Chad Oil Production
February 2, 2013
Griffiths Energy planned commencement of pipeline shipments from the Badila and Mangara oil discoveries in southern Chad.
CNPC Acquires Stake in Mozambique Asset
March 15, 2013
China National Petroleum Corporation acquired a 20% interest in ENI’s Mozambique asset for approximately USD 4.2 billion.
Non-OECD Nations Overtake OECD Oil Consumption
April 2013
Non-OECD countries consumed more liquid fuels than OECD countries for the first time in history.
Azerbaijan Approves Gum Deniz 3D Seismic Survey
March 13, 2013
Partners in Bahar Energy approved the first-ever 3D seismic survey for the Gum Deniz oil field.
Deepwater Gulf of Mexico Activity Rebounds
May 5, 2013
Exploration and production activity in the Gulf of Mexico showed strong recovery following the Deepwater Horizon incident.
REPUBLIC OF INDIA
Jindal Petroleum Discovers Oil in Georgia
April 25, 2013
Jindal Petroleum announced a crude oil discovery in Georgia and planned further investment in development activities.
HPCL Seeks Partners for Vizag Petrochemical Project
May 29, 2013
Hindustan Petroleum approached global energy companies to revive its refinery-cum-petrochemical project in Andhra Pradesh.
India Continues Oil Imports from Iran
April 11, 2013
India indicated it would maintain energy ties with Iran while ensuring favorable commercial terms.
India Considers Preferential Trade Arrangement with Iran
April 23, 2013
India explored a preferential tariff arrangement to strengthen bilateral trade and facilitate crude oil transactions.
ONGC Announces ₹4,051 Crore Offshore Investment
March 21, 2013
ONGC approved major investments for refurbishment of western offshore facilities and production infrastructure.
HPCL Signs Rajasthan Refinery Agreement
March 7, 2013
HPCL entered into an agreement to establish a refinery and petrochemical complex in Rajasthan.
NEW OIL FINDINGS
Lundin Petroleum Discovers Oil in North Sea
April 8, 2013
Lundin Petroleum discovered oil on the western flank of the Utsira High offshore Norway.
Ecopetrol Confirms Heavy Oil Discovery in Colombia
April 2, 2013
Ecopetrol reported successful testing of the Venus-2 exploratory well in Meta Province, Colombia.
LEGAL DEVELOPMENTS
Libya’s Proposed Petroleum Law
Libya initiated drafting of a comprehensive petroleum law to define the role of national oil companies and align the sector with international legal principles.
Supreme Court Stays Proceedings Against Diesel Decontrol
May 14, 2013
The Supreme Court stayed legal proceedings challenging the Government’s diesel pricing reforms and bulk consumer pricing policies.
Oil was first discovered when a homemade drilling rig reached a depth of approximately 70 feet near Titusville, Pennsylvania. The rig was owned by Colonel Edwin L. Drake and is considered one of the earliest commercial oil discoveries.
SOURCES
- Norwegian Petroleum Directorate
- U.S. Energy Information Administration
- The International Energy Agency
- Economic Times (India)
- Natural Gas Asia and Europe
- OPEC
- Oil and Gas Journal
DISCLAIMER
The information contained in this private circulation is not legal advice and should not be treated as such.
The information is sourced from public domain materials and is intended solely for private and non-commercial purposes.
No representation is made regarding the accuracy, completeness or reliability of the information provided.
This disclaimer shall be governed by and construed in accordance with the laws of India, and any disputes shall be subject to the exclusive jurisdiction of the courts of the Republic of India.
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