Investment in the unconventional energy sector has witnessed unpredicted growth in recent years as global oil demand has increased and crude prices have surged to new heights.
The major developed economies are investing in carbon sequestration to strengthen the climate change initiatives across the world.
In January this year, the US’ interior secretary Ken Salazar has announced amendments in existing oil and gas leasing policy.
Recent exploration in the Black Sea has yielded huge potential oil and gas reserves equivalent to at least 10 billion barrels of oil and 1.5 tcm of gas.
Iraq’s oil ministry offered 15 oil fields for development in the second licensing round at the end of 2008.
Amidst increasing demand for natural gas across the globe, an increasing number of countries are planning to build LNG terminals.
The European Union (EU) and its largest natural gas supplier, Russia, signed a Memorandum of Understanding (MOU) to alert each other in cases of impending disruptions in energy supply.
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