Word: crudely
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Dates: during 2000-2009
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...typical of a rising tide of crime that has turned one of the world's busiest waterways into one of the most dangerous. About 800 km long, the strait is traversed each year by some 50,000 ships carrying one-third of the world's trade and half its crude oil, including 90% of Japan's oil needs. Its narrowest point, near Singapore, is barely 2 km across, making passing ships easy targets. In its latest report released last month, the London-based International Maritime Bureau (IMB), whose Piracy Reporting Centre is headquartered in Kuala Lumpur, notes that although piracy...
...answer: the opportunities seem to far outweigh the risks. The major oil firms are under intense pressure from investors to find new reserves - now. With near record crude prices and Iraq in turmoil, Russia's vast untapped wealth of oil and gas has never looked more attractive. There are production challenges: many of the reserves are located in remote locations deep in Siberia or above the Arctic Circle. Russia's Minister for Natural Resources, Yuri Trutnev, has cautioned that extracting Russian oil will become increasingly difficult. Nonetheless, the Western oil companies are eager to export Russia's reserves, which...
...answer: the opportunities seem to far outweigh the risks. The major oil firms are under intense pressure from investors to find new reserves--now. With near record crude prices and Iraq in turmoil, Russia's vast untapped wealth of oil and gas has never looked more attractive. To be sure, there are production challenges: many of the reserves are located in remote locations deep in Siberia or above the Arctic Circle, and transport depends on clunky Soviet-era railways and pipelines whose leaks are frequently decried by Greenpeace and other environmental activists. Nonetheless, the Western oil companies are eager...
...companies regard Libya's oil as some of the best on the planet. Relatively thin, its crude is among the easiest to refine. It also takes far less time for tankers from Libya to reach U.S. ports than those leaving the Persian Gulf. Given the turmoil in Iraq, and the fact that Washington is on chilly terms with Iran, many U.S. oil companies see Libya as a dream prospect. "There's a huge amount of oil that hasn't been discovered," says Michael Thomas, director of the London-based Middle East Association, a trade-promotion group that organized the business...
...goes on, "we don't lack cash. We don't need capital." But Libya does need modern technological know-how and experienced manpower--the kinds of resources that big outside oil firms can provide. "We are strong enough to bargain," says Seif, who knows how valuable his country's crude is to the West. Who will command the upper hand in the negotiations remains to be seen. But with both sides motivated to get the oil pumping, Libya's importance to the world economy, and to America, will only grow...