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The Stages of Oil Production

A close examination of the entire period from 1870 to 1970 reveals that predominantly administered pricing (i.e., unmediated accounting calculations) and cartelized practices were the rule. Such a framework, however, had begun to lose its effectiveness in the 1950s and 1960s, as proliferating market forces did overcome the Achnacarry networks of the International Petroleum Cartel (IPC) The 1928 Achnacarry Agreement inaugurated a new era of cartelization since the US antitrust law of 1911, which had led to the breaking up of Rockefeller’s Standard Oil Trust. This was in response to the worldwide irreconcilable price wars that were in full swing at the time when there was no adequately developed global oil (capitalist) structure that would objectively mediate and manage all this perpetual chaos into a forcible, regulating reconciliation.  This time, the control of oil meant cartelization of oil under the tutelage of a leviathan, from ocean to ocean, across the entire geography ...
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Drilling Rigs

  Rigs are classified according to type (bottom supported, floating), environmental capacity (harsh, moderate), water depth, and specification (standard, premium). MODUs are classified as bottom-supported or floating rigs. In bottom supported units, the rig is in contact with the seafloor during drilling, while a floating rig floats over the site while it drills, held in position by anchors or equipped with thrusters using dynamic positioning. Bottom supported units are used for shallow-water drilling and include barges, submersibles and jack ups Floaters are used for deep water drilling and include semisubmersibles and drill ships Jack ups, drill ships and semisubmersibles comprise the majority of the offshore fleet. Rigs are classified as harsh or moderate environment units. Harsh environments are characterized by frequent and severe storms as occur during winter in the Northern Hemisphere (North Sea, Norwegian Sea, North Pacific, Eastern Canada).  In the Gulf of Mex...

Contracts

                                                                 Contracts The actual well costs are divided into Fixed costs: casing and tubulars, logging, cementing, drill bits, mobilization charges, rig move Daily costs: contractor services, rig time, consumables Overheads: offices, salaries, pensions, health care, travel. A fairly significant charge is usually made by the drilling contractor to modify and prepare the rig for a specific drilling campaign. This is known as a mobilization cost. A similar charge will cover ‘once off’ expenses related to terminating the operations for a particular client and is called a demobilization cost. These costs can be significant, say 5–10 million US$.  the actual costs of a well show considerable variations and are dependent on a number of factors, for example: type of well (exp...