Oil and Gas

Located to the east of the Dominican Republic and to the west of the Virgin Islands, the Commonwealth of Puerto Rico is renowned for its exotic locations, white sandy beaches, mountains, valleys and various natural splendours. Classified by the World Bank as a high income economy and as the most competitive economy in Latin America by the World Economic Forum, it also boasts the highest GDP per capita of any other nation in the Caribbean.

One of the select few oil companies in the world to operate through the length and breadth of the industry, from exploration and distribution through to the commercialization of the end products, Petroleos Mexicanos, or PEMEX as it is better known, is Mexico’s biggest enterprise, the largest taxpayer in the country and one of Latin America’s largest companies.

The ban had been in place since the 2010 Gulf of Mexico oil spill that followed an explosion on the company’s Deepwater Horizon rig. It has been lifted after BP agreed to a detailed set of safety, operations and compliance requirements. The move will allow BP to enter into new contracts with the US government, including in the Gulf of Mexico.

The growth of Colombia's oil and gas industries is attention-grabbing by any standards. As recently as 2007 the country was producing around 500 million barrels of oil equivalent per day (boed) the first half of last year that figure topped a billion. Though there is an increasing number of outside players involved, the lion's share of this production boom has been achieved by the largely government-owned petroleum business Ecopetrol, today one of the 25 largest petroleum companies in the world.

“In the time since we last spoke towards the end of 2012 attendance at our Diving School has increased by around 40 percent,” states Bridget Thomson, Managing Director of SEADOG Commercial Diving School. “This increase sees us today operating at maximum capacity, which for a business that has been around for a relatively short period of time is extremely good news indeed.”

It was in 1975, two years after the members of the Organization of Arab Petroleum Exporting Countries (OAPEC) proclaimed an oil embargo sparking a five month oil crisis, that the concept of a State Energy Corporation was first mooted within Jamaica.

The sale, which will cost Vitol $2.6 billion, includes Shell’s refinery in Geelong, 870 service stations, its bulk fuels and chemicals unit, and part of its lubricants business. The move comes at a time when Shell is looking to dispose of various assets as part of its strategy to change the emphasis of the company in 2014.

Other recent disinvestments by Shell include the sale of refineries across Europe in the UK, Germany, France, Norway and the Czech Republic. The firm has also offloaded its downstream businesses in Egypt, Spain, Greece, Finland and Sweden.

Dr Cornelius’ new firm, Nebula Resources, has been awarded three licences in the Irish Sea, where he believes large volumes of offshore shale gas could be extracted. If the firm was to be successful in such a venture it would result in the first such project in the world.

The area covered by the Nebula licences stretches west from Blackpool into Morecambe Bay. Based on existing geological data, Dr Cornelius believes that up to 250 trillion cubic feet of gas may be in place here, while there is also the possibility of finding oil.

Since its formation in 2003, Offshore Marine Management (OMM) has grown within the renewable energy, subsea telecoms and oil and gas sectors, expanding from providing personnel for offshore projects to taking on turnkey cable installation contracts. Indeed, OMM’s ability to adapt to ever changing market conditions has allowed it to flourish even in times of economic uncertainty.

The economy of Cyprus in recent years has largely depended on tourism and financial services. The fundamentals of these industries are still sound despite the well documented financial and banking crisis that affected the island in 2012 and Cyprus is now making every effort to restore its economic stability.