A wellbore is the hole that is drilled for the purpose of oil and gas production. The term can also refer to the entire length of the hole, from the surface to the bottom of the hole. What does wellbore only mean? The term “wellbore only” typically refers to a section of a wellbore that … Read more
A vertical well is a type of oil well that is drilled straight down into the ground. The oil is then extracted from the rock formations that it is found in. Vertical wells are the most common type of oil well. What are the parts of an oil well? An oil well typically consists of … Read more
Brent Blend Definition: Brent Blend is a light, sweet crude oil that is produced in the North Sea. Brent Blend is used as a benchmark for pricing oil around the world. Why is US crude cheaper than Brent? The price of oil is set by the global market, and the price of US crude is … Read more
Downstream operations are defined as the refining of petroleum crude oil and the processing and purifying of raw natural gas. The three main downstream operations are: 1. Refining 2. Processing 3. Purifying 1. Refining: This is the process of converting crude oil into usable products such as gasoline, diesel, and jet fuel. 2. Processing: This … Read more
Oil sands are a type of heavy oil that is too viscous (thick) to flow on its own. In order to extract the oil from the sands, a process called steam-assisted gravity drainage (SAGD) is used. SAGD involves injecting steam into the oil sands to reduce the viscosity of the oil and allow it to … Read more
The Barrels Of Oil Equivalent Per Day (BOE/D) is a measure of how much oil is being produced on a daily basis. This figure is important for investors to track because it can give them an idea of how much oil is being produced and how much revenue is being generated. How many gallons are … Read more
Bitumen is a black or dark-colored (although it can also be yellowish or reddish-brown) viscous liquid or semi-solid form of petroleum. It is composed of a mixture of organic liquids that are highly condensed polycyclic aromatic hydrocarbons. Due to its highly viscous and non-flow properties, bitumen is considered to be a semi-solid hydrocarbon. Why is … Read more
A wildcat well is a well drilled in an area where there is little or no known oil or gas reserves. Wildcat wells are typically drilled in areas that are considered to be high-risk, but they can also be drilled in areas that have potential for new oil and gas discoveries. What is oil rigger? … Read more
Oil field definition is the process of finding and delineating an oil field, which is a discrete accumulation of oil that is trapped beneath the earth’s surface. The process of oil field definition typically begins with geological and geophysical surveys, which are used to identify potential oil-bearing formations. Once a potential oil field has been … Read more
