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It was created on January 27, 1987, in Lagos, Nigeria, to serve as a platform for cooperation and harmonization of efforts, collaboration, sharing of knowledge and skills among African oil producing countries. The headquarters of the organization is in Brazzaville in the Congo. The Organization changed its name from African Petroleum Producers ...
The nationalization of oil supplies refers to the process of confiscation of oil production operations and their property, generally for the purpose of obtaining more revenue from oil for the governments of oil-producing countries. This process, which should not be confused with restrictions on crude oil exports, represents a significant ...
The Mountain Valley Pipeline (MVP) is a completed natural gas pipeline constructed from northwestern West Virginia to southern Virginia. The MVP is 303 miles (488 km) long, and there is also a proposed Southgate Extension which will run 75 miles (121 km) from Virginia into North Carolina. [1] The completed pipeline has a capacity of 2 million ...
A drop in oil production in the wake of the Iranian Revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, [2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m 3).
The Congo is the sixth largest oil producer in sub-Saharan Africa. [3] As of 2021, the Congo has 1,811 million barrels of proven crude oil reserves. Their crude oil production is measured at 267 thousand barrels per day. [2] The accompanying downstream oil industry is an important element in the country's economy.
Sonatrach is the 12th largest oil consortium in the world, with 154 subsidiaries operating over the entire oil value-chain from upstream, to midstream, and downstream activities. [6] In 2002, its gross sales was 1,530 billion Algerian dinars for a net income of 175 billion. With approximately 120,000 workers, the company produced 30% of the GNP ...
The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq ...
Chester Edward Norris, Jr. (December 1, 1927 – November 15, 2016) was U.S. Ambassador to Equatorial Guinea from 1988 to 1992. [1] His tenure there saw the first contracts negotiated between American energy corporations and the EG government, a process that would make EG a site of vital interest to the US, and transform it into a major African oil producer.