Tuesday, December 1, 2009

It's GAS, not Oil!

I was flipping through some older papers this evening when I happened on a Wall Street Journal article about a big offshore natural gas find in Israel by Noble Energy and how the man who was the leading force behind the find, which is in fields named after his daughter and granddaughter, got sqeezed out of the project.  It's a sad an interesting story. 

But what jumped out at me was the headline, "Israeli Oil Find is Bittersweet Victory for One Man."  Oil find?  Uhh, it was natural gas, not oil.  There may be oil in the fields, but the discoveries in question were natural gas (see article from RigZone).  The WSJ article also refers to the reserve estimates in barrels of oil equivalent rather than cubic feet.  Other than energy output and where the two are often found, gas bears little physical resemblance to oil. But casting the facts in "oil speak" makes more sense to some.

This just emphasizes the image problem that natural gas has to conquer as part of its effort to gain respect worldwide.  Right now it's still the forgotten stepchild.

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