Sale! Sale! Sale! Oil and gas wells
The world’s dependence on oil is immense, without it, humanity will cease to exist in its current form. For millions of years, countless microorganisms have, under pressure, changed into vast reserves of oil and gas. The quest for these fuels has led many geoscientists to many places. But exploring this oil is difficult. It rarely stays at one place, particularly where it is found. It is like looking for a needle in a haystack. Ancient seas have dried up in the pre-historic times. These are the spots which are hot favorites for exploring oil and natural gas.
Throughout the world, oil and gas wells have been put up for sale and have been bought up by many companies in auctions. Some examples include the Illinois Oil Well Project, Ohio Oil Field, Louisiana Oil Project, Colorado Oil Project, and Oklahoma Oil Field. The reasons for putting them up for sale are many. Researchers could not find out the exact amount of oil and natural gas present on many oil fields. Moreover, fluctuating oil prices have added to the concern of many. Most people believe that these resources have finished, and thus, put them up for sale while some have been put up for research purposes as well.
This buying and selling game in the market has attracted many big global players to buy and acquire many of these oil and gas wells. Some of the recent acquisitions are-
- Sesa Goa acquired Cairn Int.
- Exxon Mobil acquired XTO Energy
- India Oil Corp acquired Oil India LTD
- Eni UK Holdings acquired Hindustan Oil Exploring Co. LTD
- Reliance acquired USA based Atlas Energy
Buying oil and gas wells can be profitable if one can make a good buy. Oil and gas have a huge impact on the global market. Moreover, the demand is always on the rise, which is an encouraging sign for producers. High returns and many tax exemptions also are some of the benefits of this business. Recently, published reports in the Forbes magazine said that RIL, led by Mukesh Ambani, is one of the most powerful business houses globally. Among the other 2000 companies, there are ONGC and IOC. This clearly shows that oil companies have a dominant role to play in the economy.
Sale of oil and gas wells has been prominent in the Gulf of Mexico, Mediterranean Sea, Dead Sea, and Colorado in the United States, among other places. And they have wooed buyers also. Companies like RIL, Petronet, Nippon Oil Shale, Cairn Energy, BP, and Chevron have shown eagerness in acquiring new oil and gas basins. The general public is also attracted towards investing in oil and gas fields, through buying shares in the companies which often make big claims in the newspapers. But they should be more vigilant in these cases, because often enough such cases are fraudulent.