Oil Exploration And Drilling, Oil, And Natural Gas

Oil Exploration and Drilling The fossil fuels contain high percentage of carbon and include coal, oil, and natural gas, are the major source of energy that power our modern society. Fossil fuel range from low carbon to hydrogen ratio like methane, to liquid petroleum, to almost pure carbon like coal. Petroleum, such as natural gas and crude oil, contains a mix of hydrocarbons. Hydrocarbon deposits underneath the earth surface, such as oil and natural gas, is search by petroleum geologist and geophysics, called hydrocarbon exploration and oil exploration. The Obama administration released its draft proposal for five-year offshore gas and oil drilling plan on Atlantic. For the first time since 1983, the plan would open the Southeast Atlantic Coast from Virginia to Georgia to offshore oil and gas drilling. President Obama insists that if there is oil drilling off of the East Coast, it will decrease our dependence on foreign oils, improve our economic, and lowering gas prices. The land holds an estimated 130 million barrel of oil, according to a US Geological Survey. The oil drilling will not only provide the oil stock but will benefit the states financially and create more jobs for economic stability. Predicting such oil drilling would generate nearly 280,000 new jobs nationwide and add 1.3 million barrels of oil per day to U.S. production, per oil industry lobbyists. Oil exploration is an expensive, high risk operation, and clustered under the science of petroleum geology.Show MoreRelatedDifferent Definitions Of Key Terms1220 Words   |  5 Pages(1977, cited in Aniefiok E. Ite1, et al., 2013: p 78-79) defines oil as follows: â€Å"Oil is a naturally stirring multipart mixture made up primarily of hydrocarbon mixtures and normally contains substantial quantities of nitrogen, sulphur, and oxygen together with smaller amounts of nickel, vanadium, and numerous components. Oil compounds can occur in solid form as asphalt, liquid form as crude oil and/or gaseous form as natural gas. Petroleum hydrocarbons could be divided into four classes: saturatesRead MoreChesapeake Energy Operates Under The Natural Oil And Gas Industry878 Words   |  4 PagesEnergy operates under the natural oil and gas industry. While government’s economic data may separate operations within this industry, the industry covers a broad range of activities and is separated into three segments: upstream, downstream, and midstream. Activities within this industry by oil and gas companies include exploring for crude oil or natural gas, drilling into wells, and such transportation of oil and natural gas. Just as any other industry, the gas and oil industry have major risksRead MoreChesapeake Energy Corporation Is The Second Largest Producer Of Natural Gas1383 Words   |  6 Pagessecond-largest producer of natural gas and the tenth-largest producer of liquids in the United States. It owns interests in approximately 46,800 natural gas and oil wells that produced a net interest average of approximately 665 mboe per day in the 2013 fourth quarter. The company has a large and geographically diverse resource base of onshore U.S. unconventional natural gas and liquids assets. It also owns substantial marketing, compression and oilfield services businesses. Cabot Oil Gas Corporation is anRead MoreEssay about Drilling for Oil in The Gulf of Mexico985 Words   |  4 Pagesdependant on oil since the 1800’s and the invention of modern machinery. From skin care products to the gasoline in our cars and engines, petroleum is the basis of almost everything we use for everyday life. Without oil the nation could not meet the energy demands we need to survive. Continued exploration has been the topic of heated debate among supporters and opponents, especially when it comes to offshore drilling. My goal here is to show the differing view points of drilling for oil in the GulfRead MoreThe Formation Of Copper And Oil Deposits Essay1117 Words   |  5 PagesGas and oil deposits are typically found inside sedimentary rocks because of decomposing plants and animals trapped in layers of rocks. These rocks being usually consisting of clay pieces, sand, and mud. These rocks are layered and deposited on sediment layers. The remains of small organi c materials such as zooplankton and algae form petroleum. Vast quantities of these remains settled to sea or lake bottoms, mixing with sediments and being buried under anoxic conditions. The heat and pressure overRead MoreThe Oil And Gas Industry1293 Words   |  6 PagesThe oil and gas industry is characterized by many processes, including exploration, resource extraction, refining, transport, and the trade of products. These resources are important to a number of other industries, and have become vital to the maintenance of industrial civilization. Not only does energy affect the big businesses on the coasts and across the oceans; but it also affects everyday people in rural America, from pump jacks to coal mines. It’s easy to see that technology affects retailRead MoreStrategic Analysis : Cimarex Energy Co851 Words   |  4 PagesStrategic Analysis: Cimarex Energy Co. Introduction and Thesis The oil and gas industry is one of, if not the, largest industries in the country currently. Companies related to this industry range from exploration to transportation to retail. There are many companies operating in the industry, but one in particular is especially interesting, and that is Cimarex Energy Co. This paper will analyze the industry and Cimarex Energy’s strategy and core competency, and give an evaluation of the findingsRead MoreThe Oil And Gas Production997 Words   |  4 Pagesfrom drilling wells. If something goes wrong, such as the wells tapping out, then revenue will decrease rapidly and the company will have no other source of income. Another threat with this industry is environmental awareness. In most countries, there are laws to protect the environment. These laws and regulations, if implemented in the United States, could create a threat for Cimarex, and companies like Cimarex, by restricting or placing an environmental tax on the production of oil an d gas. OilRead MoreThe Oil And Gas E P Industry1556 Words   |  7 PagesThe oil and gas EP industry started back in 1859, when the Pennsylvania Rock Oil Company of New York regrouped as Seneca Oil Company, found the first ever marketable oil near Titusville, Pennsylvania. Edwin Drake, a former railroad man, discovered a great amount of oil in his well that was refined into kerosene, a petroleum product. Even before the â€Å"Drake Folly† (AOGHS), oil was sold and used for medicine, oil was only produced and found at smaller amounts. After this finding, the exploration andRead MorePetroleum Oil Corporation : A Canadian Intermediate Crude Oil And Natural Gas Exploration And Production Company958 Words   |  4 Pages(TOURMALINE OIL CORPORATION) INTRODUCTION: (Introduction of the org - brief history and how they got to this point) Calgary’s Tourmaline Oil Corporation is a Canadian intermediate crude oil and natural gas exploration and production company. Tourmaline commenced active operations in the fall of 2008 with t a long-term business growth objective and listed on the TSX in November 2010. During 2010, Tourmaline has generated very strong growth in all reserve categories. Due to Tourmaline Oil Corporation’s