Oil and Gas Drilling, Summarize in 2009 All Around the World
1.American Drilling Drops
American drilling drops, due to weak demand and lower prices. The price of oil and gas has fallen to two thirds of their summer 2008 levels. It’s unprofitable for many oil and gas producers. So many of them, cut back on oil and gas production also the investments.
2.Russian Drilling Increases
Oil prices in the second quarter amounted to over $ 60 a barrel. In response to growing international drilling company, Halliburton (HAL), Weatherford International (WFT) and Schlumberger NV(SLB). In particular, the company Halliburton (HAL) reported 27% growth in sales in Russia and a double-digit growth in Mexico, Norway and China.
It helps that the area is geologically complex; with many quarries and offshore oil probably deep underground. Or that many countries have seen deposit wars and unrest. Somalia remains a non-go zone, Ethiopia and the Ogaden region in the east is a violent uprising against insurgents fighting. And during the civil war in Mozambique ended in 1992, it took time for them to fully recover.
Saliva Explorers mainly on prospects for peace in Somalia. Stocks in oil block licenses for two small oil companies, Africa and Oil Range Resources will hold 10 billion barrels. Nobody talks about oil production in Somalia in the near future, but analysts believe that oil companies may be less intimidated by the political risks that would be in the past.
They point to the oil production in southern Sudan, where the risk of a 20-year civil war ended in 2005, to be rekindled. In any case, there is a feeling that is to discover, said Aly Khan Satchu, a financial adviser who manages Rich management in Nairobi. The reality and the perception of risk can be reduced.