Petroleum (L.petroleum, from early 15c. "petroleum, rock oil" (mid-14c. in Anglo-French), from Medieval Latin petroleum, from Latin:petra: "rock" + oleum: "oil".) is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth's surface, which is commonly refined into various types of fuels.
Petroleum is recovered mostly through oil drilling (natural petroleum springs are rare). This comes after the studies of structural geology (at the reservoir scale), sedimentary basin analysis, reservoir characterization (mainly in terms of the porosity and permeability of geologic reservoir structures). It is refined and separated, most easily by distillation, into a large number of consumer products, from gasoline (petrol) and kerosene to asphalt and chemical reagents used to make plastics and pharmaceuticals. Petroleum is used in manufacturing a wide variety of materials, and it is estimated that the world consumes about 90 million barrels each day.
Like Wang's debut feature — the nine-hour Tie Xi Qu: West of the Tracks — Crude Oil is notable for its extreme length, running 840 minutes (14 hours). The original plan called for a 70-hour film, but Wang felt compelled to exert additional editorial control and reduced the work to its present length. The director himself came down with severe altitude sickness and left the location three days into the one-week shoot; his crew completed the remainder without him.
Crude Oil premiered (in a video installation setting) at the 2008 International Film Festival Rotterdam, where it received a "Special Mention" for "its dispassionate expose of the hardship of human labour which is the basis of economic progress." The project was commissioned by the IFFR, with additional support from the Hubert Bals Fund. It had its Asian premiere at the 2008 Hong Kong International Film Festival. Its North American premiere was at The Los Angeles Film Festival in June 2009, with screenings held in Gallery 6 at the Hammer Museum.
Peak oil, an event based on M. King Hubbert's theory, is the point in time when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline. Peak oil theory is based on the observed rise, peak, fall, and depletion of aggregate production rate in oil fields over time. It is often confused with oil depletion; however, peak oil is the point of maximum production, while depletion refers to a period of falling reserves and supply.
Oil production forecasts on which predictions of peak oil are based are often made within a range which includes optimistic (higher production) and pessimistic (lower production) scenarios. Optimistic estimations of peak production forecast the global decline will begin after 2020, and assume major investments in alternatives will occur before a crisis, without requiring major changes in the lifestyle of heavily oil-consuming nations. Pessimistic predictions of future oil production made after 2007 stated either that the peak had already occurred, that oil production was on the cusp of the peak, or that it would occur shortly.
The extraction of petroleum is the process by which usable petroleum is extracted and removed from the earth.
Locating the oil field
Geologists use seismic surveys to search for geological structures that may form oil reservoirs. The "classic" method includes making an underground explosion nearby and observing the seismic response that provides information about the geological structures under the ground . However, "passive" methods that extract information from naturally-occurring seismic waves are also known.
Other instruments such as gravimeters and magnetometers are also sometimes used in the search for petroleum. Extracting crude oil normally starts with drilling wells into the underground reservoir. When an oil well has been tapped, a geologist (known on the rig as the "mudlogger") will note its presence. Such a "mudlogger" is known to be sitting on the rig. Historically, in the USA, some oil fields existed where the oil rose naturally to the surface, but most of these fields have long since been used up, except in certain places in Alaska. Often many wells (called multilateral wells) are drilled into the same reservoir, to ensure that the extraction rate will be economically viable. Also, some wells (secondary wells) may be used to pump water, steam, acids or various gas mixtures into the reservoir to raise or maintain the reservoir pressure, and so maintain an economic extraction rate.
The yuan-denominated crude oil futures launched at the INE in March 2018 are the underlying securities for the option products, which started trading on Monday ... The yuan-denominated crude oil futures unveiled in 2018 was the exchange's first international product, with its trading ...
Crude oil production at 2.43 million tonne in May was 6.32% lower than 2.6 million tonne output in the same month last year, according to the latest data released by Ministry of Petroleum and Natural Gas... As demand picked up with easing of Covid restrictions, refineries processed 16 per cent more crude oil in May at about 19 million tonne.
Abu Dhabi, which accounts for 4.2 per cent of global crude production, has been ...Fujairah, just outside the congested Strait of Hormuz, is being developed as an alternative to the waterway and has the capacity to handle as much as 60 million barrels of crude and oil products.
Gradual but rapid rise in crude oil prices and petroleum products may have put strain on the foreheads of Indian policymakers, but there is one section on Dalal Street who is not complaining ... The bank raised its Brent crude oil price forecast to $68 per barrel from $63 earlier.
London — Crude oil prices retreated on Tuesday, after Brent rose above $75 a barrel for the first time since April 2019 and as Opec+ begins discussions on raising oil production, but a strong demand outlook underpinned prices. Brent crude futures fell 53c, or 0.7%, to $74.37/bbl ...
South Sudan has officially resumed production of crude oil after a 7-year hiatus, the country's oil minister said Monday. The production has begun in Block 5A and the unit is seeking a production of ...
Petroleum coke or petcoke, a solid rock material is a byproduct of crude oil refining and other cracking processes ...Crude oil remained after separating other valuable petroleum products from refining process such as diesel, lubricants, waxes, etc ... The advancement in technology that increased the oil production is also driving the market globally.
It also exposed a significant vulnerability when it comes to pipelines that move crude oil, refined petroleum products and other volatile liquids across the nation, and federal authorities are telling pipeline owners and operators they need to address those issues right away.
dollars) in the first five months of this year, customs data showed ... Over the period, crude oil, automobiles and agricultural products were the main commodities driving import growth, and the total import value of the three commodities increased by 13 percent, 74 ... ....
As part of a plan to privatize some of South Korea’s large industrial companies to enhance their competitiveness, officials of the Korea Development Bank confirmed they are in discussions exploring a sale of their stake in shipping giant HMM... HMM also continues to operate smaller fleets of product and crude oil tankers and bulkers ... ....
is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals.
will receive a tariff payable by Aramco for stabilised crude oil flows, backed by minimum volume commitments ... The transaction does not impose any restrictions on Aramco's actual crude oil production volumes, which are subject to production decisions made by the Kingdom.
, the nation's second-largest state oil explorer, on Monday reported 8 per cent drop in March quarter net profit on lower crude oil production ...Crude oil production for 2020-21 at 2.964 million tonne was 5.42 per cent lower than the 3.134 million tonne output during 2019-20.