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Fundamentals of Oil & Gas Industry

Fundamentals of Oil & Gas Industry

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Published by: eminent80 on Jan 04, 2013
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09/27/2013

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•Oil companies have to drill many exploratory wells before discovering a
potential oil filed which is also called as prospect. The success rate also
known as strike rate depends on the geological history of the particular
region where exploratory activities are being performed. On an average
the strike rate varies between 5% to 15%. For example a 10% strike rate
would mean one prospect among 10 exploratory wells drilled. It also
means the 9 of them would be dry holes.
•Drilling a well is a very costly activities especially in deep water. Oil
companies are using the modern technologies to increase the strike rate
during exploration

•Oil companies have to drill many exploratory wells before discovering a
potential oil filed which is also called as prospect. The success rate also
known as strike rate depends on the geological history of the particular
region where exploratory activities are being performed. On an average
the strike rate varies between 5% to 15%. For example a 10% strike rate
would mean one prospect among 10 exploratory wells drilled. It also
means the 9 of them would be dry holes.
•Drilling a well is a very costly activities especially in deep water. Oil
companies are using the modern technologies to increase the strike rate
during exploration
•Hydrocarbons discovered by the initial exploration wells are further
confirmed by appraisal drilling i.e. drilling more wells in the area
•Following appraisal drilling, decision is taken whether to develop the field
for commercial extraction or stop further activities in case theproducible
quantity of oil and gas do not justify the investment in development.

•Hydrocarbons discovered by the initial exploration wells are further
confirmed by appraisal drilling i.e. drilling more wells in the area
•Following appraisal drilling, decision is taken whether to develop the field
for commercial extraction or stop further activities in case theproducible
quantity of oil and gas do not justify the investment in development.
•Enormous thought goes into the best way of extracting the hydrocarbons,
attempting to recover the maximum quantities of oil and gas in the safest
conditions. These forecasts, studies and the eventual construction of the
installations constitute the developmentstage of the field. Once everything
is in place, extractioncan start. The life of an oil fieldcontinues for many
years

•Enormous thought goes into the best way of extracting the hydrocarbons,
attempting to recover the maximum quantities of oil and gas in the safest
conditions. These forecasts, studies and the eventual construction of the
installations constitute the developmentstage of the field. Once everything
is in place, extractioncan start. The life of an oil fieldcontinues for many
years

Exploration
Exploration

Production
Production

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