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Oil Field

Definition

An "oil field" or "oilfield" is a region with an abundance of oil wells extracting petroleum from below ground. Because the oil reservoirs typically extend over a large area, possibly several hundred kilometres across, full exploitation entails multiple wells scattered across the area. In addition, there may be exploratory wells probing the edges, pipelines to transport the oil elsewhere, and support facilities.

What is 'Oil Field'

A tract of land used for extracting petroleum, or crude oil, from the ground. Although the exact origin of oil is still contested, most consider petroleum a "fossil" fuel, created from dead organic material often found in ancient seabeds thousands of meters below the surface of the earth. There are more than 40,000 oil fields around the world, many of the largest of which are found in the Middle East.

Explaining 'Oil Field'

While tens of thousands of oil fields have been discovered, less than than 10% of them have had a significant impact on worldwide crude oil supply. Ghawar Field in Saudi Arabia, which started production in 1951, is by far the largest oil field uncovered so far, having yielded about 60 billion barrels of "black gold" through 2005.


Further Reading


Economic evaluation of enhanced oil recovery
ogst.ifpenergiesnouvelles.fr [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …

Financial market pressure, tacit collusion and oil price formationFinancial market pressure, tacit collusion and oil price formation
www.sciencedirect.com [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …

Implementing a real option model for valuing an undeveloped oil fieldImplementing a real option model for valuing an undeveloped oil field
onlinelibrary.wiley.com [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …

Is oil supply choked by financial market pressures?Is oil supply choked by financial market pressures?
www.sciencedirect.com [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …

The rentier state and national oil companies: An economic and political perspectiveThe rentier state and national oil companies: An economic and political perspective
www.jstor.org [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …

Forecasting oilfield economic performanceForecasting oilfield economic performance
www.onepetro.org [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …

Economic situation in Norway after the outbreak of the global financial and oil crises in the context of EU integration trendsEconomic situation in Norway after the outbreak of the global financial and oil crises in the context of EU integration trends
www.ceeol.com [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …

Resource‐based and property rights perspectives on value creation: the case of oil field unitizationResource‐based and property rights perspectives on value creation: the case of oil field unitization
onlinelibrary.wiley.com [PDF]
… for financial professionals as Well as books of general interest in investing, economics, current affairs … It is no different in the oil, power, or commercial banking sector, where the state … with potentially bad debt from trillions of yuan in projects with questionable economic value, such …



Q&A About Oil Field


How many different types of oil fields are there?

There are more than 4,000 different types of oil fields around the world.

What is an oil field?

An oil field is a tract of land used for extracting petroleum, or crude oil, from the ground.

How many large oil fields exist worldwide?

Less than one percent have had a significant impact on worldwide crude oil supply.

What is considered by far the largest uncovered so far?

Ghawar Field in Saudi Arabia, which started production in 1951, has been considered by far the largest uncovered so far with 6 billion barrels produced through 25.

Where do most consider petroleum to have come from?

Most consider petroleum to have come from dead organic material found in ancient seabeds thousands of meters below the surface of the earth.