Nigeria is currently contributing tremendous amount of oil and recently the Exxon Mobil has extracted more than 750,000 barrels of crude-oil per day from Nigeria. Exxon Mobil is planning to produce more than 11 billion USD as oil investments, towards the energy sector, in 2011.
The company hopes that, these oil investments may foster the development and the production and it is expected to reach around 1.2 million barrels per day. These farms are situated in the shallow waters of Block OML 104. Lion’s share would be yielded from the Erha, and it is expected to deliver more than 150,000 barrels of oil per day. Yoho oil field operated by the Exxon Mobil consists of 400 million barrels of oil and the field is expected to be re-drilled. Nigerian oil sphere is greatly influenced by the Conoco Phillips, Total, Chevron and Agip. From the past several years, the Nigeria has experienced several disputes with Organization of Petroleum Exporting Countries, since they have surpassed the production limits.
Iran has produced 85 billion US dollars as oil investments, according to the reports declared by the oil ministry of Iran. These oil investments would be used for the fifth development plan of Iran. The minister of Iran mentioned that, the approval was sanctioned for 5 billion US dollars as participation bonds and nearly 9 billion US dollars have been authorized for foreign currency participation bonds. Moreover, the oil ministry of Iran could depend on local oil investments for their future crude-oil endeavors. He also mentioned that, many international investors are interested to furnish oil investments for the energy projects in Iran and the country will warmly welcome those foreign investors. Many Western countries conceive that, the imposed sanctions can arrest the functioning of the Iranian fossil fuel industry but the financial crisis, failure of Western countries and other factors could not cease the operation.
Saltpond Offshore Producing Company Limited, widely known for offshore oil resources has purchased more than 800,000 barrels of crude-oil that cost nearly 90 million dollars. The company has not released any funds to the government, for the barrels of crude-oil purchased earlier. The Saltpond oil fields were renovated by Saltpond Offshore Producing Company Limited during 2002 and previously the company was producing around 500 to 600 barrels of crude per day, but currently the company is extracting only 60 to 100 barrels of crude-oil. The bad financial position of the company has led many service providers to look for judicial intervention. They company was supposed to payback the wealth which was rendered to them.
At first blush, most assume all this cash was made on the back of the US Driver. As much as the poplulation seems to believe, the truth is quite the opposite. Very little of the profit generated by ExxonMobil is derived from the sale of gasoline to drivers. The segment of Fuels Marketing (Exxon, Mobil, and On the run Stations) generates very little revenue for ExxonMobil in proportion to all their sources of revenue.
Before someone can put the blame on the ‘oil’ companies, you have to understand what OIL is used for and where are the profits to be made.
Products: Fertilizer, Candles, Detergent, Vitamins. CDs and dvds, Plastic, ink, Film are just some of the examples of regular everyday goods that need oil.
So the next time a person tends to their garden, romances a woman, washes their clothes, tries to live healthy, rents a movie or buys a Cd, has a picnic or buys your child school supplies, make sure you remember you have just contributed to the huge profits of ExxonMobil. As a bonus remember you most likely used your car to go to all these places. So, if everyone in the US stopped driving tomorrow, ExxonMobil would still generate 85-90% of the money they took in this last quarter.
Below is a description of the operations of ExxonMobil:
ExxonMobil’s asset base is large, geographically diverse, and economically robust across a range of business environments. The company holds exploration and production acreage in 36 countries and production operations in 24 countries around the world. In 2007, seven major upstream projects started production. ExxonMobil sells natural gas in almost all major and developing markets to power companies, industrial users, and distributors. Total 2007 oil and gas production available for sale averaged 4.2 million oil-equivalent barrels per day.
ExxonMobil’s network of reliable and efficient manufacturing plants, transportation systems, and distribution centers provides clean fuels, lubricants, and other high-value products and feedstocks to customers around the world. ExxonMobil has interests in 38 refineries located in 21 countries and markets its products through more than 32,000 retail service stations. Our products and services are also provided to nearly 1 million customers worldwide through our three business-to-business segments-Industrial and Wholesale, Aviation, and Marine. In 2007, refinery throughput averaged 5.6 million barrels per day, and petroleum product sales were 7.1 million barrels per day. ExxonMobil is the world’s No. 1 supplier of lube basestocks and a leader in marketing finished lubricants, asphalt, and specialty products. Worldwide, we market products under the Exxon, Mobil, and Esso brands.
ExxonMobil is a leader in the petrochemical industry with interest in 49 wholly owned and joint-venture facilities around the world. We hold strong positions in many of the largest-volume and highest-growth petrochemicals in the global economy. The company is one of the largest producers of olefins, the basic petrochemical building block. We are also one of the largest producers of polyolefins, which include polyethylene, the largest-volume plastic, and polypropylene, one of the fastest-growing polymers. More than 90 percent of chemical capacity is employed in businesses where we rank first or second in worldwide market position.
A quick look at their 2007 (2008 is not yet available) Annual report sheds light on where the money is coming from. ExxonMobil’s ‘Upsteam’(see above for definition) operations pulls in the most revenue, specifically, operations outside of the US. In other words, ExxonMobil is making their money from the sale of oil, not the sale of gas at the retail level. As the market pushed the price up, so went margins. As world demand ramped up, so did the price of oil.
Those on US soil often forget or are too ignorant to realize ExxonMobil is a global company and the rest of the world is catching up in demand for oil. China and India have growing middle classes equating to the size of the entire US population. Just like the Middleclass in the US, they are buying “stuff”, cars and more ‘stuff’.
This article was not meant to defend the oil companies, many of their currupt actions have encouraged the dependency North Americans have on their product. However, in order to attack an enemy or place blame, one must be fully be enlightened.
When it comes down to it, North Americans should demand a quicker conversion to alternative fuels from their governments and industry. Do not be angry with the OIL companies, be angered by the lack of action taken by your government and yourself. Being angry at the ExxonMobil’s of the world would be as illogical as a crack addict being mad at their dealer.
In the United States, fuel efficient SUVs and cars are foreseen to set a record of more than 14 million unit sales this 2012, after achieving 12.8 million last year and 10.4 million the year before. The figures are optimistic, as well, in the United Kingdom, with 46.8% of 2011′s car sales comprising of units with a fuel economy of 130 grams per kilometer. Ever since the green movement’s popularization in 2006, people have now turned to the use of hybrid cars and suburban vehicles like the Ford Escape, Hyundai Tucson and Toyota Prius. Much of this shift in preference has been attributed to the following reasons:
1. Helps decrease CO2 emissions. The United States ranks second in the list of countries that have the most CO2 emissions. As record states, it has contributed as much as 18.11% of the total global greenhouse gases in the atmosphere, which is equivalent to 5,461,014 metric tons. This is largely the reason why violent climatic changes have occurred over the past ten years. With the use of fuel efficient vehicles, less gas volume is used up; fewer smog-producing by-products are released, leading to cleaner tail pipes and inevitably, cleaner air.
2. Gets better gas mileage. A more fuel efficient car runs further with a smaller amount of gas. Therefore, you can go as far as 30 miles for just one gallon. This naturally translates to more savings, since you only need to spend money just enough to get you where you want to go. You will, more or less, get the same results, whether you are driving on the highway or in the city.
3. Insurance discounts and federal tax credits. There are a lot of insurance companies today that offer discounted coverage rates for those who buy fuel efficient cars. Since they are less powerful, there are fewer tendencies for drivers to go out of control and engage in risky driving practices. Hence, insurance agencies don’t impose steep premiums for them. There are also a selected number of green cars that receive federal tax credits in the country, as endorsed by the President.
4. More affordable repair costs. This is attributed to its compact size and less complicated structure. Since they have smaller parts and less-complex features than a Ferrari or a Rolls-Royce, you can expect lesser expenditure for engine and drivetrain replacements.
5. Assists in preserving the national energy security. Since fuel efficient SUVs and cars do not use that much gasoline, countries are not anymore obliged to rely on the support of foreign oil suppliers or remove their natural resources to mine fossil fuels. This makes them more economically stable and less politically influenced, since they do not have to feel threatened of cutbacks and hoarding.
These are just some of the advantages. One should also take note about the safety features, as well as the advanced technology most of these hybrid cars offer. With all of these points in consideration, it comes as no surprise why people are now transitioning to green and practical SUVs and cars.
It’s great if you’ve bought yourself a fuel efficient car like Toyota’s Prius or a Hyundai Accent. But, when you have to make do of a Range Rover with a fuel economy rating of 15 mpg, you have to just learn your way around on how to get the best gas mileage cars can give. Of course, you won’t be taking away the same amount of savings as you would if you were driving a hybrid. But with these tips, you will be able to get the most out of your car without compromising its performance.
The first thing you ought to do to secure gas savings without having to trade your gas guzzler vehicle is to buy the fuel during the coolest time of day. This ensures you that you get more gas volume for your money, since they are densest at this time. Then, you should mix it with your car manufacturer’s recommended motor oil, so you could enhance your gas mileage by 2%. It wouldn’t hurt if you could submit it for regular tune ups, since that could save about 4% of your gas use. If you think you have a dirty air filter, replace it immediately, so you could up your gas mileage by 10%.
It is also important to remember not to prolong starting the car since that is wasting fuel. If you can, travel light, and before you leave home, see to it that the tires are pressurized just right, so movement does not require too much fuel use.
When you are on the road, avoid having to stop and start your car repeatedly. Try not to allow your car to be still for a long period of time while the engine is on, because that pushes you to consume gas without getting to where you’re supposed to be. When you’re in highways, utilize your cruise control, so the speed and gas consumption is temperate. Don’t assume that when you drive fast, you actually save on fuel. You actually consume more in that state. It would be best to keep your speed at 55 mph, and that should enable you to conserve about 21% on your gas mileage. If, by instance, you get caught up in traffic or stopped by a traffic light, cool down your transmission by setting it to neutral. This will minimize the loss. If you are thinking about accelerating, only do so when you are nearing a hill and are going up. The momentum will help you cut on the needed gas consumption to get to the top. If it is possible, try not to drive on rough roads with big fuel consuming cars, as it can significantly drop your gas mileage by 30%. Finally, keep windows and sunroofs closed when driving, to decrease resistance, which forces the engine to use up a lot of gas.
These are practical tips on securing the best gas mileage cars can provide, and they can be done without any complication. The worst thing you can take away from pursuing them is a few compromised preferences. But with the rising gas prices, it really doesn’t matter if you get to show off your cars’ features.
A strategic alliance between Exxon Mobil and Russia’s Rosneft for developing oil and gas fields in Russia, the United States and other countries will give a new podium for development and growth. After the pact signed at a ceremony in the coastal city of Sochi by Russian Prime Minister Vladimir Putin, the $3.2 has been granted to initiate the process of exploration near offshore blocks in the Kara Sea and Black Sea.
These companies clarified that the agreement allows Rosneft to earn equity interest in Exxon Mobil exploration projects in North America along with the deepwater Gulf of Mexico, oil fields in Texas and other projects of unspecified countries. Although Exxon Mobil didn’t mention the U.S. holding that can be opened to Rosneft according to the deal. However, the company is one of the largest lease-holders in the Gulf of Mexico with 2.2 million net acres of exploration areas.
In accordance to the pact, Exxon Mobil and Rosneft will accomplish a joint study of developing tight oil resources in Western Siberia. They will set up a form (known as the Arctic Research and Design Center) for Offshore Developments in St. Petersburg. This form will be staffed by workers from both companies. The agreement has been broadened in the view of developing more of the domestic oil and gas resources, particularly in demanding areas such as the Arctic and the deepwater Gulf of Mexico. It has given a cushion to Russia that was facing challenges and limitations in technology and capital.
The partnership will offer strong footholds to both companies. However, Exxon Mobil will get huge benefits and it can establish a strong base in Russian oil and gas resources that are mainly controlled by the government. As a result of intervening foreign technology and capital, Russian government will have to become more liberal, especially in the regulations. Since Exxon will be the very first company so it can position its leg firmly in Russia.
The Exxon Mobil-Rosneft pact has a wide prospect. They are also looking for enlargement and development, but there are many questions that have to be answered. Whatever, the questions remains unanswered, it is quite clear that they are planning for a very big project. As soon as the project will start, both companies will have to share advantages and disadvantages. This deal may also affect the prices on oil in Russia as well oil price of the other countries.