Oil and Gas Flashcards
What are fossil fuels?
Hydrocarbon deposits resulting from high pressure-temperature transformation by earth stresses of plant and animal (plankton) remains
What are some types of conventional fossil fuels?
Coal, light oil and natural gas
What are some non-conventional fossil fuels?
Heavy oil, tar sands,oil shales
gas shale, gas hydrates, coalbed methane
When does OPEC forecast that oild demand will plateu?
2040 - 109.3 million barrels a day
How much oil is there in the world?
3000 billion barrels ultimate
1000 billion bbl produced
1300 billion bbl in reserves
YTF - 400-700 bllion bbl
What does YTF stand for?
Yet to find
What is the global production of oil?
67 million barrels a day from 850, 000 wells
How many fields are in the middle east?
150
produce 17 million barrels a day of oil
What does E&P stand for?
exploration and production
What is exploration?
The process of finding new, previously undrilled oil and gas accumulations.
What do we need to identify to find oil and gas accumulations?
- new sedimentary basins
- understanding source/ resevoir seal distribution
- Identifying new prospects and leads
- drilling exploration wells to prove-up new reserves/ resources
- mainly involvy geology and geophysics
What is production?
The process of appraisal, development planning and resevoir management (‘production’) in order to produce and sell oil and gas
What needs to be identifyed for production?
- Field appraisal: resevoir and fluid types, reserves volumes
- devlopment planning: platforms, wells, pipelines, depletion etc.
- fluid production, injection, depletion, improved/ enhanced recovery etc.
- mainly involves geology, geophtsics and petroleum engineering
What was involved in the oil industry in the 90s?
Upstream:
(exploration, development and production)
Midstream:
(Intermediate processing: LNG, GTL, upgrading
Downstream:
(refining, transportation, distribution, storage, retailing)
Pipeline and marine
How do we look for oil?
- start with sedimentary basins
- look for world class source rocks
- generation and migration
- resevoir
- trap
What do we look for in world class source rocks?
7 geological intervals well known from global studies
What do we look gor in oil generation and migration?
- sufficient heat flow and major structural elements
What do we look for in a resevoir?
- thick permeable sandstones and carbonates
- the major deltas and carbonate platforms through geological time