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Crude Oil, Industry Sector CHEMICALS & ENERGY

Total Sales Crude Oil Price Level Crude Oil
 

Product & Market Data for Crude Oil

Initial Investment130,630,096$
Competitors0
Licence Rating1.40
Carbon Footprint CO2 / Sales M$580 tons
CO2 Allowance / Sales M$1000 tons
Current Market Price71.40$
Product CategoryRaw Material
Initial Capacity (Units)154060
Current Production Capacity0
Total Sales0$
Crude Oil (CHEMICALS & ENERGY Industry)

Ranking of Companies producing Crude Oil

RankCompanyLast TurnSizeSalesPriceStock

Industries which require Crude Oil for Production (Demand at 1x Capacity)

Heating Oil
Heating Oil
(68614)
Synthetic Chemicals
Synthetic Chemicals
(63115)
Gasoline
Gasoline
(61136)
Electricity
Electricity
(59535)
Steel Sheets
Steel Sheets
(9738)
Steel Goods
Steel Goods
(3359)
Steel Tubes
Steel Tubes
(1489)
Steel Wire
Steel Wire
(1096)

Product Trivia

Crude Oil

 

1815 The first US natural gas well was discovered.

1844 Oil shale was discovered in Scotland, it consists of bituminised mud or clay.

1846 Dr Abraham Gesner patent a process of retorting illuminating liquid, known as Kerosene, from oil shale.

1855 Benjamin Stillman discovered that oil could be used as a lubricant and kerosene for cooking and lighting.

1859 Edwin Drake drilled the first oil well in America, drilling 70 feet. Before this farmers just

1885 The first gasoline pump was introduced in an American gasoline dealer.

1908 Oil was discovered in the Middle East, Iran.

1913 Thermal cracking was introduced. This process turned the heaver molecules of distilled oil into lighter molecules for use for lighter industrial oils, kerosene, gasoline. This was done from a process of heat under pressure.

1914 Venezuela's first oil gusher was drilled.

1936 Catalytic cracking was introduced. This process manipulated the molecules more effectively than Thermal cracking, providing a higher-octane product.

1960's The first 200 billion barrels of oil were produced before 1968, since then the World oil production has been about 22 billion barrels a year.

2001 US produced an estimated 181 million barrels of crude oil in the month of January and imported about 273 million barrels from other countries.

 

Sustainability of Current Oil Production

 

Less Than 10 Years
United States
Canada
United Kingdom
Indonesia*
Norway
Egypt
Argentina
Australia
Ecuador
 

Less Than 50 Years
China
Nigeria*
Algeria*
Malaysia
Colombia
Oman
India
Qatar*
Angola
Romania
Yemen
Brunei

 

Less than 100 Years
Saudi Arabia*
Russia
Iran*
Venezuela*
Mexico
Libya*
Brazil
Azerbaijan
Trinidad
WORLD

 

More than 100 Years
Iraq*
UAE*
Kuwait*
Kazakhstan
Turkmenistan
Tunisia
Uzbekistan

 

 

*OPEC Members
WORLD = Aggregate sustainability of total world oil production, assuming continuous efficient exploitation.
 

Oil Wells

 

 

 

 

 

First of all, the drill thread has to be lowered to the sea bed before it can start drilling through the cap rock.

Secondly, the well often spans out horizontally once has penetrated the reservoir. This is because the oil is held in porous rock - it is not like an underground stream. Often the oil has to be pumped out of the rock. It is only oil close to the end of well that is retrieved.

Some oil reservoirs need to be pumped. In this case, there are small pumps inside the well pipes. Also, water is pumped into the well to force the crude oil mixture out. This water is pumped down injector wells while the oil is pumped out of production well.

 

 

 

The top end of the well is called the well head. This is where the oil is removed from the well.

 

 

Crazy Facts Corner

 

  • In 1996 there were 1,047,200 million barrels of proven crude oil reserves, of which 76.6 per cent was in OPEC Member Countries.
  • Amount of oil produced per day: Saudi Arabia* - 8.1 million barrels per day;  Former Soviet Union - 6.9 million barrels per day; United States - 6.5 million barrels per day; I.R. Iran - 3.6 million barrels per day; China - 3.2 million barrels per day.
  • One quart of oil can pollute 250,000 gallons of water.

 

Links:

www.timelines.ws/subjects/Oil.HTML

http://infobluemountains.net.au/rail/kerosene.htm

http://museum.gov.ns.ca/fossils/finders/gesner.htm

www.greatachievements.org/greatachievements/ga_17_2.html

www.ncseonline.org/NLE/CRSreports/energy/eng-3.cfm?&CFID=15901928&CFTOKEN=94236572

http://science.howstuffworks.com/oil-drilling4.htm

http://science.howstuffworks.com/oil-drilling.htm

Researched by Basha

Additions and edits by Angua-


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