UAE Has World's 4th Largest Oilfield

Source: Emirates 24/7, Nadim Kawach (11/8/10)

"Upper Zakum is home to a staggering 50B barrels of proven crude."

The UAE is pushing ahead with the development of the world's fourth largest oilfield to expand its output by nearly 40% to 750,000 barrels per day (bpd) and maintain its position as one of the top global hydrocarbon exporters.

U.S. giant Exxon Mobil is developing the offshore Upper Zakum, home to a staggering 50 billion barrels of proven crude, making it the fourth largest oilfield on earth, according to a senior company executive.

"Beneath the glistening waters off the coast of Abu Dhabi lies one of the world's largest oilfields. . .some 50 miles northeast of the emirate's capital, an estimated 50 billion barrels of oil sit below the sea," said Morten Mauritzen, ExxonMobil's lead country manager in Abu Dhabi.

"Ranked as the fourth largest on earth, the Upper Zakum field is made up of layer upon layer of complex reservoirs…on the water's surface, a handful of manmade island are taking shape," he said in a report obtained by Emirates 24/7 at the Abu Dhabi International Petroleum Exhibition, which concluded on Thursday.

Mauritzen said the artificial islands would replace more than 100 conventional steel drilling towers around the super oilfield. He said multiple wells would be drilled, an "innovation" that ExxonMobil hopes will save billions of dollars during the six-year development as well as benefit the environment.

"We looked at the local expertise in constructing islands, said Mauritzen, a Norwegian. "And we thought we are onto something here."

ExxonMobil was awarded a 28% stake in Upper Zakum by the Abu Dhabi National Oil Company two years ago under an agreement allowing the US firm to develop the complex field and raise its output by 40%.

Once completed, the project will lift the field's capacity to around 750,000 bpd in 2015 and enable it to pump at maximum production for 24 years.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

Latin America: Six Gold Juniors Amass 100M+ Ounces
Source: Marc Davis, BNW News (05/25/2010)

Latin America, the world's last great mineral frontier for prolific gold discoveries, is proving a godsend for some lucky investors.

Mexico: Gold's Next Powerhouse Player
Source: Marc Davis, BNW News (11/03/2009)

As the world's key gold producing nations struggle mostly in vain to replenish dwindling below-ground supplies, Mexico is bucking the trend in a big way.

Where Have All the Gold Mines Gone?
Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

Congo Completes Mining Review, Says Majors Quit Talks
Source: Reuters (12/20/2008)

"Review process is extended an additional 45 days to allow six companies to return to the negotiating table for direct talks with government ministers."

I haven’t spoken to my old mining stock friend, noted and universally respected gold stock guru, Bob Bishop, about Rare Element in a year, but I hear he is still a supporter and very large shareholder. I don’t believe he will hold it against me to remind you that this was one of his favorite holdings when he left the newsletter writing business. . .

It's Only the Beginning for Uranium
Source: www.financialinsights.com (06/03/2005)

Dr. Richard S. Appel, author of Financial Insights, first became bullish on uranium in mid-2003, when it appeared obvious that its supply versus demand equation was fated to seriously drive higher its price. Since then, a series of events in the uranium industry has led Appel to believe that uranium prices will reach never before seen levels.

(00/00/0000)