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OIL
GLOBAL OIL PRODUCTION AND CONSUMPTION IN 2012
GLOBAL OIL PRODUCTION AND CONSUMPTION
Pennsylvania oil rush
• The Pennsylvania oil rush was a boom in petroleum production which occurred in northwestern Pennsylvania from 1859 to the early 1870s. It was the first oil boom in the United States.
• Titusville, Pennsylvania, in the Oil Creek Valley when Colonel Edwin L. Drake struck "rock oil" there.
Russian Oil Exports• Western Siberian reserves, which have been exploited since the
1970s and supply two-thirds of Russian oil.
Sumatra Production• new fields then were discovered, such as Kruka, East Java (1887),
Kampong Minyak, South Sumatra (1896), Sumpal, South Sumatra (1897), Sanga-sanga, East Kalimantan (1897), Perlak, North Sumatra (1900)
Spindletop, Texas
• Spindletop is a salt dome oil field located in the southern portion of Beaumont, Texas in the United States
Suez, Crisis• The Suez Crisis, also named Tripartite Aggression, was an invasion
of Egypt in late 1956 by Israel, followed by Britain and France.
Yom, Kippur War• also known as the 1973 Arab–Israeli War, was a war fought by the
coalition of Arab states led by Egypt and Syria against Israel from October 6 to 25, 1973.
Asian Financial Crisis• The Asian financial crisis was a period of financial crisis that gripped much of East
Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
Arab Spring• The Arab Spring is a revolutionary wave of demonstrations and protests (both
non-violent and violent) , riots, and civil wars in the Arab world that began on 18 December 2010 and spread throughout the countries of the Arab League and surroundings.
Consumption and Production (Local)
Source: United States Energy Information Administration
As of end June 2011, the total oil production from the different fields totaled to about 63,208,020.12 barrels. The four (4) existing producers, Nido, Matinloc, North Matinloc and Galoc fields, produced 18,823,407 barrels, 12,137,881 barrels, 2,219,353 barrels and 8,931,848 barrels respectively. The first 3 fields are under the operatorship by Philodrill Corporation while Galoc is being managed by Galoc Production Company (GPC). All of these producing fields under Service Contract No. 14 are located in offshore NW Palawan.
There are two (2) other fields that are being evaluated for rehabilitation, namely; Cadlao and West Linapacan fields that have produced 11,235,334 barrels and 8,528,118 barrels of oil respectively.
Shell Philippines Exploration B.V. (SPEX) produced from the Malampaya field (SC 38) a cumulative total of 1,083,551.282 mmscf of natural gas and 48,191,493.636 barrels of condensate from October 2001 until 30 June 2011. Another field, the Libertad gas field, located in Bogo, Northern Cebu is under development and expected to produce natural gas as fuel to power a 1 Megawatt turbine for domestic electric generation in the area. The Libertad gas field is under SC40 being operated by Forum Energy Philippines, Inc.Source: https://www.doe.gov.ph/fossil-fuels/oil-gas
Oil Price
Source: http://www.indexmundi.com/commodities/
Monthly Price- Index Number
Source:http://www.indexmundi.com/commodities/?commodity=petroleum-price-index&months=12