Oil reserves are the amount of technically and economically recoverable oil.
The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, only a fraction of this oil can be brought to the surface, and it is only this producible fraction that is considered to be reserves.
Energy companies conduct business in every corner of the globe, with a diverse global workforce crossing many cultural lines. The key players in this business are the international oil and energy companies such as ExxonMobil, Chevron, Shell, BP, and ConocoPhillips, etc. They, however they do not control the wealth of the world’s oil reserves. Most oil reserves are controlled by the host governments of oil producing countries. These entities are called National Oil Companies.
Oil and gas is mostly produced from sandstones. These rocks usually have high porosity, and are usually “high perm.”
A petroleum reservoir, or oil and gas reservoir, is a pool of hydrocarbons (such as crude oil and natural gas) below the earth’s surface. The hydrocarbons are typically “trapped” by overlying rock formations.
These reservoirs are the beginning stages of the entire petroleum industry process and make it possible for the wealth of energy industry careers.
Offshore Rig – drilling rig consisting of an offshore platform (floating or fixed to the sea bed) from which many oil wells can be bored radially.
Artificial Lift – artificial means to increase the flow of crude oil from a production well. Generally this is achieved by the use of a mechanical device inside the well (known as pump or velocity string).
Any well drilled for the purpose of securing geological or geophysical information to be used in the exploration or development of oil, gas, geothermal, or other mineral resources, except coal and uranium.
The Upstream Industry finds and produces crude oil and natural gas. It is sometimes known as the exploration and production or E&P sector of the industry.
Upstream functions:
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