Who owns oil fields

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During his summer holidays from high school and then college, Rusty would go to work with his dad. But when he became the first Hutson to graduate from university, in , he decided he wanted to do something completely different with his life. It's really hard work. So armed with an accountancy degree from West Virginia's Fairmont State University he went off to have a successful banking career for the next decade, ending up in Birmingham, Alabama.

But as the years progressed, Rusty says it started to nag at him that he hadn't followed his dad into the family industry. Still is," he says.

It was a generational thing - if your dad and grandfather did it for a living, then you did it. I also had this desire to build something, to do something entrepreneurial. He raised the money by remortgaging his home. The company's business model is a very specific one - it doesn't do any drilling to find new oil and gas reserves. Instead it buys up old oil and gas wells that bigger producers no longer want, because the initial large flow levels have fallen to low volumes. The United States also produces an average of The state of Texas accounts for over a third of all oil production in the country.

Despite ranking ninth in the world in proven oil reserves, no country consumes more oil than the United States. To meet domestic energy demand, the country burns The U.

While no further oil reserves will likely be discovered in the small Persian Gulf nation, the country employs enhanced oil recovery techniques that allow it to be one of the world's largest producers, churning out an average of 3. It is one of only seven countries in the world with oil reserves in excess of billion barrels.

In August , Kuwait was invaded by Iraq, in part because of its oil wealth. The year before the Iraqi invasion, Kuwait produced 1. In , the year after the Iraqi invasion and occupation, oil production in Kuwait fell to an average of , barrels per day, by far the lowest rate in the country's history. Today, Kuwait is an independent nation and produces 3 million barrels of oil a day. Russia is the largest country in the world by landmass and over billion barrels of proven oil reserves fall within the country's borders.

Along with the U. Russia's economy, which relies heavily on oil revenue, has been hurt in recent years by economic sanctions imposed following the country's invasion of the Crimean Peninsula. American-imposed sanctions specifically target Russia's energy companies. Iraq is sitting on the equivalent of Iraq is heavily dependent on oil revenue, more so than most of its OPEC partners.

Iraq has been ramping up production in recent years. In the last half decade, average daily oil production in the country climbed from 3. A founding member of OPEC, Iran is one of only four countries in the world that controls over billion barrels of oil. Churning out an average of 5 million barrels a day, it is also one of the world's largest oil producers. All oil exploration and production in Iran is managed by the state-owned National Iranian Oil Company. Though oil production spiked by Newly imposed U.