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Oil Depletion
Oil depletion is the decline in oil production of a well, oil field, or geographic area. The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve. Thus, according to this theory, when the peak of production is passed, production rates enter an irreversible decline. The United States Energy Information Administration predicted in 2006 that world consumption of oil will increase to (mbd) in 2015 and 118 million barrels per day in 2030. With 2009 world oil consumption at 84.4 mbd, reaching the projected 2015 level of consumption would represent an average annual increase between 2009 and 2015 of 2.7% per year. Resource availability Earth's natural oil supply is effectively fixed because petroleum is naturally formed far too slowly to be replaced at the rate at which it is being extracted. Over many ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Field
A 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. In conventional reservoirs, the naturally occurring hydrocarbons, such as crude oil or natural gas, are trapped by overlying rock formations with lower permeability, while in unconventional reservoirs, the rocks have high porosity and low permeability, which keeps the hydrocarbons trapped in place, therefore not requiring a cap rock. Reservoirs are found using hydrocarbon exploration methods. Oil field An oil field is an area of accumulation of liquid oil underground in multiple (potentially linked) reservoirs, trapped as it rises by impermeable rock formations. In industrial terms, an o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply And Demand
In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris paribus, holding all else equal, in a perfect competition, competitive market, the unit price for a particular Good (economics), good, or other traded item such as Labour supply, labor or Market liquidity, liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics. In macroeconomics, as well, the AD–AS model, aggregate demand-aggregate supply model has been used to depict how the quantity of real GDP, total output and the aggregate price level may be determined in equilibrium. Graphical representations Supply schedule A supply schedule, depicted graphically as a supply cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudhoe Bay Oil 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 and originally containing approximately of oil.Prudhoe Bay Fact Sheet . BP. August 2006. (Adobe Acrobat *.PDF document) 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 ), while the largest by reserves is the |
Texas Railroad Commission
The Railroad Commission of Texas (RRC; also sometimes called the Texas Railroad Commission, TRC) is the state agency that regulates the oil and gas industry, gas utilities, pipeline safety, safety in the liquefied petroleum gas industry, and surface coal and uranium mining. Despite its name, it ceased regulating railroads in 2005, when the last of the rail functions were transferred to the Texas Department of Transportation. Established by the Texas Legislature in 1891, it is the state's oldest regulatory agency and began as part of the Efficiency Movement of the Progressive Era. From the 1930s to the 1960s it largely set world oil prices, but was displaced by OPEC (Organization of Petroleum Exporting Countries) after 1973. In 1984, the federal government took over transportation regulation for railroads, trucking and buses, but the Railroad Commission kept its name. With an annual budget of $79 million, it now focuses entirely on oil, gas, mining, propane, and pipelines, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 Oil Crisis
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US to nearly globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock". Background Arab-Israeli conflict Ever since the recreation of the State of Israel in 1948 there has been Arab–Israeli conflict in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unconventional Oil
Unconventional oil is petroleum produced or extracted using techniques other than the conventional method (oil well). Industry and governments across the globe are investing in unconventional oil sources due to the increasing scarcity of conventional oil reserves. Unconventional oil and gas have already made a dent in international energy linkages by reducing US energy import dependency. Sources According to the International Energy Agency's (IEA) ''World Energy Outlook 2001'' unconventional oil included " oil shales, oil sands-based synthetic crudes and derivative products, ( heavy oil, Orimulsion®), coal-based liquid supplies, biomass-based liquid supplies, gas to liquid (GTL) - liquids arising from chemical processing of gas." In the IEA's ''World Energy Outlook 2011'' report, " conventional oil include extra-heavy oil, natural bitumen (oil sands), kerogen oil, liquids and gases arising from chemical processing of natural gas (GTL), coal-to-liquids (CTL) and additives." ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theoretical Multiple Oil Field Production Curve
A theory is a rational type of abstract thinking about a phenomenon, or the results of such thinking. The process of contemplative and rational thinking is often associated with such processes as observational study or research. Theories may be scientific, belong to a non-scientific discipline, or no discipline at all. Depending on the context, a theory's assertions might, for example, include generalized explanations of how nature works. The word has its roots in ancient Greek, but in modern use it has taken on several related meanings. In modern science, the term "theory" refers to scientific theories, a well-confirmed type of explanation of nature, made in a way consistent with the scientific method, and fulfilling the criteria required by modern science. Such theories are described in such a way that scientific tests should be able to provide empirical support for it, or empirical contradiction ("falsify") of it. Scientific theories are the most reliable, rigorous, and compre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steam
Steam is a substance containing water in the gas phase, and sometimes also an aerosol of liquid water droplets, or air. This may occur due to evaporation or due to boiling, where heat is applied until water reaches the enthalpy of vaporization. Steam that is saturated or superheated is invisible; however, "steam" often refers to wet steam, the visible mist or aerosol of water droplets formed as water vapor condenses. Water increases in volume by 1,700 times at standard temperature and pressure; this change in volume can be converted into mechanical work by steam engines such as reciprocating piston type engines and steam turbines, which are a sub-group of steam engines. Piston type steam engines played a central role in the Industrial Revolution and modern steam turbines are used to generate more than 80% of the world's electricity. If liquid water comes in contact with a very hot surface or depressurizes quickly below its vapor pressure, it can create a steam explosion. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carbon Dioxide
Carbon dioxide (chemical formula ) is a chemical compound made up of molecules that each have one carbon atom covalently double bonded to two oxygen atoms. It is found in the gas state at room temperature. In the air, carbon dioxide is transparent to visible light but absorbs infrared radiation, acting as a greenhouse gas. It is a trace gas in Earth's atmosphere at 421 parts per million (ppm), or about 0.04% by volume (as of May 2022), having risen from pre-industrial levels of 280 ppm. Burning fossil fuels is the primary cause of these increased CO2 concentrations and also the primary cause of climate change.IPCC (2022Summary for policy makersiClimate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA Carbon dioxide is soluble in water and is found in groundwater, lakes, ice caps, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solvent
A solvent (s) (from the Latin '' solvō'', "loosen, untie, solve") is a substance that dissolves a solute, resulting in a solution. A solvent is usually a liquid but can also be a solid, a gas, or a supercritical fluid. Water is a solvent for polar molecules and the most common solvent used by living things; all the ions and proteins in a cell are dissolved in water within the cell. The quantity of solute that can dissolve in a specific volume of solvent varies with temperature. Major uses of solvents are in paints, paint removers, inks, and dry cleaning. Specific uses for organic solvents are in dry cleaning (e.g. tetrachloroethylene); as paint thinners (toluene, turpentine); as nail polish removers and solvents of glue (acetone, methyl acetate, ethyl acetate); in spot removers (hexane, petrol ether); in detergents ( citrus terpenes); and in perfumes (ethanol). Solvents find various applications in chemical, pharmaceutical, oil, and gas industries, including in chemical syn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Water Injection (oil Production)
In the oil industry, waterflooding or water injection is where water is injected into the oil reservoir, to maintain the pressure (also known as voidage replacement), or to drive oil towards the wells, and thereby increase production. Water injection wells may be located on- and offshore, to increase oil recovery from an existing reservoir. Normally only 30% of the oil in a reservoir can be extracted, but water injection increases the recovery (known as the recovery factor) and maintains the production rate of a reservoir over a longer period. Waterflooding began accidentally in Pithole, Pennsylvania by 1865. Waterflooding became common in Pennsylvania in the 1880s. Sources of injection water Most sources of bulk water can be used for injection. The following sources of water are used for recovery of oil: Produced water is often used as an injection fluid. This reduces the potential of causing formation damage due to incompatible fluids, although the risk of scaling or corr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enhanced Oil Recovery
Enhanced oil recovery (abbreviated EOR), also called tertiary recovery, is the extraction of crude oil from an oil field that cannot be extracted otherwise. EOR can extract 30% to 60% or more of a reservoir's oil, compared to 20% to 40% using primary and secondary recovery. According to the US Department of Energy, carbon dioxide and water are injected along with one of three EOR techniques: thermal injection, gas injection, and chemical injection. More advanced, speculative EOR techniques are sometimes called quaternary recovery. Methods There are three primary techniques of EOR: gas injection, thermal injection, and chemical injection. Gas injection, which uses gases such as natural gas, nitrogen, or carbon dioxide (CO2), accounts for nearly 60 percent of EOR production in the United States. Thermal injection, which involves the introduction of heat, accounts for 40 percent of EOR production in the United States, with most of it occurring in California. Chemical injection, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
