Complications of Establishing an Oil Field Establishing an oil field can be a herculean feat of logistics, and can be a risky prospect if an oil field proves be less productive than anticipated. Exploration will often include establishing the basic infrastructure necessary for what can be decades of extraction, production, and maintenance. Integrated oil companies often contain entire divisions that are responsible for infrastructure construction and specialized services that are required to operate a profitable oil field.
Oil fields are dotted with a variety of extraction equipment which includes drilling rigs, offshore platforms, pump jacks, and more. There may also be exploratory wells probing the edges, pipelines to transport the oil elsewhere, and support facilities. In recent years, new technologies in oil exploration and production have dramatically increased the productivity levels of oil fields. These include horizontal drilling, hydraulic drilling, hydraulic fracturing , or "fracking", and the use of the material proppant.
Proppant is a mixture of water and sand used to keep the fractured pathways to the wellbore clear. These technologies, coupled with advances such as seismic monitoring, have helped to increase oil field efficiency rates and contributed to a glut in oil supply, which drove oil prices down. Companies that work in oil fields remain focused on technological development to lower their production costs in the current price-pressured environment.
Example of an Oil Field Ghawar Field in Saudi Arabia, which started production in , is by far the largest oil field uncovered to date. It has yielded more than 80 billion barrels of "black gold" through Located in the Persian Gulf off the Saudi Arabian coast, the Safaniya field is thought to hold more than 50 billion barrels of oil.
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Learn more about how Alaskans successfully worked together to convert the state's non-renewable resources into the state's largest, renewable financial resource for the benefit of generations to come. Establishing the Fund Ten years after Alaska achieved statehood, oil was discovered on the coast of Alaska on state land. While there was a significant amount of debate at the time as to whether some or all of the money from the lease sale should be saved, ultimately the proceeds were used to support infrastructure and social programs throughout the young state.
Placing the founding language for the fund in the Constitution had the added benefit of helping protect it from being spent by the Legislature without a vote of the people. A Constitutional Amendment requires a majority vote of the people of Alaska and one establishing the Permanent Fund was approved 75, to 38, in Alaska Permanent Fund.
At least twenty-five percent of all mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments and bonuses received by the State shall be placed in a permanent fund, the principal of which shall be used only for those income-producing investments specifically designated by law as eligible for permanent fund investments.
All income from the permanent fund shall be deposited in the general fund unless otherwise provided by law. Investments consisted almost entirely of bonds, while the Legislature had a four-year public discussion regarding whether the Permanent Fund should be managed as an investment fund or as an economic development bank.
One of the goals when creating the Corporation was to protect the fund from political influence through the establishment of a six-member Board of Trustees, who serve as fiduciaries. Also in , the Legislature approved the Permanent Fund Dividend program. The Legislature begins four years of public discussions regarding whether the Permanent Fund should be managed as an investment fund or as an economic development bank.
APFC is officially established as a state entity and the Board of Trustees is entrusted with oversight of the Corporation and the fiduciary responsibilities of Fund management. This program is ruled unconstitutional by the United States Supreme Court because individual dividend payments varied based on length of residency. The Legislature pays this first dividend, not with Fund income, but with surplus oil revenues. APFC is functioning as a strong, viable, and independent organization.
For the first time, the Trustees are establishing long-term goals for rates of return and are formally developing an asset allocation policy designed to achieve their goals. Investments are being made in U. Total annual throughput of oil in the trans-Alaska pipeline peaks at 2 million barrels per day.
The Alaska Legislature grants the Trustees authority to invest in non-U.
Full Bio Thomas J.
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