Then in 1859 Edwin Drake drilled the world's first oil well in Titusville, Pa.
In August, lawmakers in Beirut rushed the country's first oil-exploration law through its normally snarled parliament.
Essar commissioned its first oil refinery in November and is quickly expanding its other businesses.
The monthly drop was the biggest since 1973, the year of the first oil shock.
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The slump began when OGX reported weak production figures for its first oil wells in June 2012.
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Cormorant East's other participants include Dana (20%), Antrim Resources (8.4%), First Oil Expro (7.6%) and Granby Enterprises (4%).
The rest is held by the Parkmead Group (15%), First Oil Expro Ltd (11%) and CalEnergy Gas Ltd (15%).
First oil is expected to be landed by early 2006, with a target production rate of 250, 000 barrels per day.
Officials also hope the first oil pipeline between the two countries will be completed by the end of this year.
But now, with this proof of concept, Oil Creek Valley and the surrounding region erupted in the first oil boom.
The country suffered its first oil crisis, unemployment, interest rates and inflation were increasing, and revolutionaries in Iran had taken 52 Americans hostage.
During the 40 years since the first oil crisis hit, the price of gasoline at the pump has increased an average of 7 percent per year.
From fields more than half a century old (some dating back to the first oil discoveries in the Middle East in 1908) comes 60% of Iran's oil.
Large oil and natural gas were first discovered in the North Sea during the oil and gas exploration boom that followed the first oil shock in the early '70s.
The first oil is expected to reach Sudan's ports by the end of May, according to Sudan's state news agency, with output expected to reach 150, 000 to 200, 000 barrels a day.
One reason is that OECD economies are less energy-intensive than three decades ago when the first oil shocks occurred, thanks to the shift out of manufacturing into services and information technology.
An interesting note in the financial statements was the news that in September Suncor become the first oil sands company to complete surface reclamation of a tailings pond, a key step in returning the site back to nature.
After the first oil shock in 1973 it didn't take long for Americans to return to their gas-guzzling ways, with a preference for large cars and big V8 engines, says automotive analyst John Wolkonowicz, of consultant Global Insight in Lexington, Mass.
"We need to first develop oil fields in East Siberia, " he noted last month.
First, oil prices surged as governments in North Africa and the Middle East faced swift-moving popular revolts.
Whether that reduction continues depends first on oil prices and second on the pattern of global demand.
We also took a look at the BP's first massive oil containment dome, which the company plans to lower 5, 000 feet below the sea to plug up the leak.
All the applications opposed by Fort McMurray officials were ultimately approved, and just a few months ago an American company, Hyperion Resources, announced plans to build the first new oil refinery in this country in thirty years, to handle increasing volumes of tar-sands crude.
Back in March, Providence Resources revealed that its tests at Barryroe had confirmed there was enough oil at the site to declare it as the first commercially viable oil well in Ireland.
Under the benefaction of former military President Ibrahim Babangida, he was awarded an oil production license and went on to become the first Nigerian to strike oil in commercial quantities.
When the oil first was released from the well, it stayed in that area.
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