World oil market chronology from 2003From the mid-1980s to September 2003, the inflation adjusted price of a barrel of crude oil on NYMEX was generally under 25/barrel.Then,during2004,thepriceroseabove40, and then 60.Aseriesofeventsledthepricetoexceed60 by August 11, 2005, leading to a record-speed hike that reached 75bythemiddleof2006.Pricesthendroppedbackto60/barrel by the early part of 2007 before rising steeply again to 92/barrelbyOctober2007,and99.29/barrel for December futures in New York on November 21, 2007. GeologistA geologist is a scientist who studies the solid, liquid, and gaseous matter that constitutes Earth and other terrestrial planets, as well as the processes that shape them. Geologists usually study geology, earth science, or geophysics, although backgrounds in physics, chemistry, biology, and other sciences are also useful. Field research (field work) is an important component of geology, although many subdisciplines incorporate laboratory and digitalized work. Geologists can be classified in a larger group of scientists, called geoscientists.
Petroleum reservoirA petroleum reservoir or oil and gas reservoir is a subsurface accumulation of hydrocarbons contained in porous or fractured rock formations. Such reservoirs form when kerogen (ancient plant matter) is created in surrounding rock by the presence of high heat and pressure in the Earth's crust. Petroleum reservoirs are broadly classified as conventional and unconventional reservoirs.
Reservoir engineeringReservoir engineering is a branch of petroleum engineering that applies scientific principles to the fluid flow through a porous medium during the development and production of oil and gas reservoirs so as to obtain a high economic recovery. The working tools of the reservoir engineer are subsurface geology, applied mathematics, and the basic laws of physics and chemistry governing the behavior of liquid and vapor phases of crude oil, natural gas, and water in reservoir rock.
Unconventional (oil & gas) reservoirUnconventional (oil & gas) reservoirs, or unconventional resources (resource plays) are accumulations where oil & gas phases are tightly bound to the rock fabric by strong capillary forces, requiring specialised measures for evaluation and extraction. Petroleum reservoir Oil and gas are generated naturally at depths of around 4 or 5 kms below Earth’s surface. Being lighter than the water, which saturates rocks below the water table, the oil and gas percolate up through aquifer pathways towards Earth's surface (through time) by buoyancy.
Extraction of petroleumPetroleum is a fossil fuel that can be drawn from beneath the earth's surface. Reservoirs of petroleum are formed through the mixture of plants, algae, and sediments in shallow seas under high pressure. Petroleum is mostly recovered from oil drilling. Seismic surveys and other methods are used to locate oil reservoirs. Oil rigs and oil platforms are used to drill long holes into the earth to create an oil well and extract petroleum. After extraction, oil is refined to make gasoline and other products such as tires and refrigerators.
Enhanced oil recoveryEnhanced oil recovery (abbreviated EOR), also called tertiary recovery, is the extraction of crude oil from an oil field that cannot be extracted otherwise. Although the primary and secondary recovery techniques rely on the pressure differential between the surface and the underground well, enhanced oil recovery functions by altering the chemical composition of the oil itself in order to make it easier to extract. EOR can extract 30% to 60% or more of a reservoir's oil, compared to 20% to 40% using primary and secondary recovery.
Peak oilPeak oil is the point in time when the maximum rate of global oil production is reached, after which production will begin an irreversible decline. It is related to the distinct concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil extraction could be caused both by depletion of accessible reserves and by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions.
World energy supply and consumptionWorld energy supply and consumption refers to the global production and consumption of primary energy. Energy can be consumed in various different forms, as processed fuels or electricity, or for various different purposes, like for transportation or electricity generation. Energy production and consumption are an important part of the economy. This topic includes heat, but not energy from food. This article provides a brief overview of energy supply and consumption, using statistics summarized in tables, of the countries and regions that produce and consume the most energy.
Hydrocarbon explorationHydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth's crust using petroleum geology. Visible surface features such as oil seeps, natural gas seeps, pockmarks (underwater craters caused by escaping gas) provide basic evidence of hydrocarbon generation (be it shallow or deep in the Earth). However, most exploration depends on highly sophisticated technology to detect and determine the extent of these deposits using exploration geophysics.
Energy developmentEnergy development is the field of activities focused on obtaining sources of energy from natural resources. These activities include the production of renewable, nuclear, and fossil fuel derived sources of energy, and for the recovery and reuse of energy that would otherwise be wasted. Energy conservation and efficiency measures reduce the demand for energy development, and can have benefits to society with improvements to environmental issues.
Energy industryThe energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the infrastructure and maintenance of society in almost all countries.
Petroleum industryThe petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), 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.
Shale gasShale gas is an unconventional natural gas that is found trapped within shale formations. Since the 1990s a combination of horizontal drilling and hydraulic fracturing has made large volumes of shale gas more economical to produce, and some analysts expect that shale gas will greatly expand worldwide energy supply. Shale gas has become an increasingly important source of natural gas in the United States since the start of this century, and interest has spread to potential gas shales in the rest of the world.
PetroleumPetroleum, 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.
