So, overnight, the world has another 29 billion barrels of oil after Iraq decided to upgrade its proven reserves from 114 billion to 143 billion barrels based on new evaluations of West Qurna and Zubair fields in the south. That’s pretty much an entire year of global demand right there. Although the details are a more »
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The Economist: The unsung masters of the oil industry In the cut throat business of oil extraction, oilfield services (OFS) companies are becoming increasingly indispensable, The Economist writes in a story that will tickle your inner oil geek. Oil majors like ExxonMobil and BP outsourced mundane drilling chores to technical expert OFS firms in the 1980s, but now, as oil is found in ever harder-to-reach depths of the earth's crust, demand for the snazzy technology and inventive drilling techniques pioneered by OFS firms has never been higher. It's too early to bid Exxon and BP adieu - but with production from mature oilfields falling and global demand for the black stuff rising, the industry's dependence on OFS firms is only likely to increase.