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Natural gas is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Usually low levels of trace gases like carbon dioxide, nitrogen, hydrogen sulfide, and helium are also present. Natural gas is colorless and odorless, so odorizers such as mercaptan, which smells like sulfur or rotten eggs, are commonly added to natural gas supplies for safety so that leaks can be readily detected.
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure.
Petroleum engineering is a field of engineering concerned with the activities related to the production of Hydrocarbons, which can be either crude oil or natural gas. Exploration and production are deemed to fall within the upstream sector of the oil and gas industry. Exploration, by earth scientists, and petroleum engineering are the oil and gas industry's two main subsurface disciplines, which focus on maximizing economic recovery of hydrocarbons from subsurface reservoirs. Petroleum geology and geophysics focus on provision of a static description of the hydrocarbon reservoir rock, while petroleum engineering focuses on estimation of the recoverable volume of this resource using a detailed understanding of the physical behavior of oil, water and gas within porous rock at very high pressure.
Petroleum geology is the study of origin, occurrence, movement, accumulation, and exploration of hydrocarbon fuels. It refers to the specific set of geological disciplines that are applied to the search for hydrocarbons.
A barrel is one of several units of volume applied in various contexts; there are dry barrels, fluid barrels, oil barrels, and so forth. For historical reasons the volumes of some barrel units are roughly double the volumes of others; volumes in common use range approximately from 100 to 200 litres. In many connections the term drum is used almost interchangeably with barrel.
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology.
North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea.
The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation, and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The industry is usually divided into three major components: upstream, midstream, and downstream. Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products.
Oil reserves refers to the amount of crude oil that can be technically recovered at a cost that is financially feasible at the present price of oil. Hence reserves will change with the price, unlike oil resources, which include all oil that can be technically recovered at any price. Reserves may be for a well, a reservoir, a field, a nation, or the world. Different classifications of reserves are related to their degree of certainty.
Oil in place (OIP) is a specialist term in petroleum geology that refers to the total oil content of an oil reservoir. As this quantity cannot be measured directly, it has to be estimated from other parameters measured prior to drilling or after production has begun.
A petroleum reservoir or oil and gas reservoir is a subsurface accumulation of hydrocarbons contained in porous or fractured rock formations.
The Mineral Leasing Act of 1920 30 U.S.C. § 181 et seq. is a United States federal law that authorizes and governs leasing of public lands for developing deposits of coal, petroleum, natural gas and other hydrocarbons, in addition to phosphates, sodium, sulfur, and potassium in the United States. Previous to the act, these materials were subject to mining claims under the General Mining Act of 1872.
Big Oil is a name used to describe the world's six or seven largest publicly traded oil and gas companies, also known as supermajors. The term, particularly in the United States, emphasizes their economic power and influence on politics. Big Oil is often associated with the fossil fuels lobby and also used to refer to the industry as a whole in a pejorative or derogatory manner.
The Ministry of Petroleum (MOP) manages the oil industry, the producer of oil and petrochemical products. MoP is in charge of all issues pertaining to exploration, extraction, exploitation, distribution and exportation of crude oil and oil products. In addition, according to the "Imports and Exports Regulation Act", issuing import licenses for such products is also among the functions of the Ministry of Petroleum. The ministry has been placed under sanctions by the United States Department of State as of 2020.
The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves and is the largest exporter of natural gas. It has the second largest coal reserves, the sixth largest oil reserves, and is one of the largest producers of oil. It is the fourth largest energy user.
Onshore, when used in relation to hydrocarbons, refers to an oil, natural gas or condensate field that is under the land or to activities or operations carried out in relation to such a field.
Prudhoe Bay Oil Field is a large oil field on Alaska's North Slope. It is the largest oil field in North America, covering 213,543 acres (86,418 ha) and originally containing approximately 25 billion barrels (4.0×109 m3) of oil. The amount of recoverable oil in the field is more than double that of the next largest field in the United States by acreage (the East Texas oil field), while the largest by reserves is the Permian Basin (North America). The field was operated by BP; partners were ExxonMobil and ConocoPhillips until August 2019; when BP sold all its Alaska assets to Hilcorp.
Petroleum has been a major industry in the United States since shortly after the oil discovery in the Oil Creek area of Titusville, Pennsylvania in 1859. The industry includes exploration, production, processing (refining), transportation, and marketing of natural gas and petroleum products. In 2018, the U.S. became the worlds largest crude oil producer, producing 15% of global crude oil, surpassing Russia and Saudi Arabia. The leading oil-producing area in the United States in 2019 was Texas, followed by the offshore federal zone of the Gulf of Mexico, North Dakota and New Mexico. In 2020, the top five U.S. oil producing states were Texas (43%), North Dakota (10.4%), New Mexico (9.2%), Oklahoma (4.1%), and Colorado (4.0%).
BP Shipping is the maritime arm of British headquartered global oil company, BP. The unit covers the marine transport, logistics and insurance requirements of all BP's global activities.
Gulf Keystone Petroleum Limited is an independent oil and gas exploration and production company operating in the Kurdistan region of Iraq and also the operator of the Shaikan oil field. It was listed on the main market of the London Stock Exchange on September 8, 2004. Jon Harris serves as the company's chief executive officer.
References
- ↑ SPE (2011). Guidelines for Application of the Petroleum Resources Management System. Society of Petroleum Engineers. p. 222.
- ↑ Dutton, John A. "5.2: Estimation of Original Gas In-Place, OGIP, Using the Volumetric Method". e-Education Institute. PennState College of Earth and Mineral Sciences. Retrieved 26 July 2022.
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