History of the oil shale industry in the United States Act of 1985 which among other things abolished the United States' Synthetic Liquid Fuels Program. Union finally bowed to continued low oil prices and closed the project in 1991, rather than complete the US$2 billion project. Over several decades, some of the world's largest oil companies (Amoco, Arco, Chevron, Exxon, Gulf, Phillips, Shell, Sohio, Sunoco, Texaco, Union Oil) had spent billions of dollars to start an oil shale industry in the Green River Formation, the world's largest oil shale resource. But in the end, cheap petroleum prices drove oil shale out of business. Even after the oil shale bust, some
Statoil operations by country trading office for crude oil and refined products is located in Stamford, a suburb of New York City. In 2011, Statoil bought Brigham Exploration for $4.4 Billion to gain access to its oil shale operations in North Dakota's Bakken formation. In Venezuela Statoil has received permission to perform explorations on block 4 of Plataforma Deltana. Statoil's offices are located in the capital Caracas. Statoil operations by country This article includes an overview over the Norwegian petroleum company Statoil's operations in the respective countries. Statoil is a participant with British Petroleum and Sonatrach in two gas fields in Algeria; In Amenas