World Bank Downgrades forecast Oil price to $53 PB WASHINGTON, October 20, 2015 –In its latest commodity update, the World Bank is lowering its 2015 forecast for crude oil prices from $57 per barrel in its July report to $52 per barrel. The revised forecast reflects a further slowing in global economic performance, high current…
Green Innovation, Solar Power to Power Oilfield in Oman A solar-powered process called Enhanced Oil Recovery is about to power one of the world’s largest solar parks at an oilfield in Oman, set to be fully functional by the end of 2017. The project will transform water into steam for injection into the Omani oilfield,…
TranOcean Settles $20 Million With Alabama for Oil spill The owner of the drilling rig involved in the 2010 Gulf of Mexico oil spill is paying Alabama $20 million to resolve legal claims related to the disaster. Gov. Robert Bentley’s office announced the settlement Thursday with Transocean, owner of the Deepwater Horizon rig. The governor…
Pipeline Leak detection industry for the Oil and gas will grow say industry experts According to a study by TechSci Research, the global oil and gas pipeline leak detection industry is expected to surpass $1.8 billion in the next five years. This is in part due to the increase in oil and gas leaks over…