Oil
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Oil consists of various hydrocarbons. It is produced by the anaerobic decay of organic material under the surface of the earth. Both oil and gas can be extracted by drilling, they are lighter than water and they tend to rise from their sources when released from their underground pockets. Petroleum is mostly used for producing fuel oil and petrol. The burning of oil releases carbon dioxide into the atmosphere. Extraction of oil is costly and environmentally damaging. The top petroleum-producing countries are Saudi-Arabia, Russia, the United States and Iran.
(Foto: Tone Foss Aspevoll/Bellona)
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shtokman
According Benita Ferrero-Waldner, the European Commissioner responsible for External Relations and European Neighbourhood Policy, the Arctic zone could contain as much as 25 percent of the world’s untapped oil reserves, RosEnergy newswire reported
The Russian Duma has created a group focusing on the environmental problems of Russia’s far in response to the boomtown rush to tap the areas vast natural resources, specifically oil and gas, Russian media reported.
The Shtokman Development company board of directors revealed that its budget for work on developing the Barents Sea based Shtokman oil and gas condensate field is $800 million for 2008 and 2009.
