Oil Fields - Described and Discovered

Asset - Oil Fields - Described and Discovered

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Oil fields may be described as regions where there is an abundance of petroleum gift in hidden reservoirs. Many oil wells are drilled and operated to excerpt the petroleum from the reservoirs. At gift the total whole of oil fields in the world are estimated to be about 40,000.

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Oil fields are often located in hard to reach areas. Therefore the citizen who work there needs to be in case,granted with allowable housing, equipment, electricity and water. This often proves to be a costly and complex undertaking.

Oil fields are usually covered with discrete structures and tool such as drilling rigs, pump jacks and pipes. Furnaces and stacks for burning off excess natural gas may also be seen if the gas cannot be used for other purposes. A big infrastructure is vital for extracting crude oil from oil fields.

One of the largest oil fields in the world is the Ghawar Field in Saudi Arabia. an additional one large one is the Burgan Field in Kuwait. They are each estimated to comprise oil in excess of 60 billion barrels.

The oil reserves of oil fields are an prominent aspect in the world of today. These reserves are the estimated amounts of petroleum that can be recovered under current economic and operating conditions from separate oil fields. This usually includes approved oil while excluding coal and shale derived oil.

Usually only a quantum of the total whole of oil in a depot can be extracted. This is due to limitations imposed by the reservoir's hidden structure and existing petroleum extraction technology. This is known as the recovery factor of a definite oil field.

Members of Opec (Organization of the Petroleum Exporting Countries) hold about 60% to 70% of the global oil reserves. They therefore may have a valuable impact upon the price of petroleum. The original goal of Opec is to settle ways of promoting the member's oil interests and to try and stabilize oil prices on the international store while earning a profit. Opec has received negative feedback in the past because of their quality to sway the global oil market.

It seems that the biggest oil fields have already been discovered, although Antarctica still remains largely uncertain in terms of petroleum exploration. Oil fields continue to be valuable assets for the developed nations of the world.

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