Petroleum is a fossil fuel that can be drawn from beneath the Earth's surface. Reservoirs of petroleum are formed through the mixture of plants, algae, and sediments in shallow seas under high pressure. Petroleum is mostly recovered from oil drilling. Seismic surveys and other methods are used to locate oil reservoirs. Oil rigs and oil platforms are used to drill long holes into the earth to create an oil well and extract petroleum. After extraction, oil is refined to make gasoline and other products such as tires and refrigerators. Extraction of petroleum can be dangerous and has led to oil spills.
>>>PUT SHARE BUTTONS HERE<<<
👉 Oil production in the context of 1979 energy crisis
The 1979 oil crisis, sometimes referred to as the second oil crisis (in reference to the 1973 oil crisis), refers to the drop in oil production in the aftermath of the Iranian Revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m). The sudden increase in price was connected with fuel shortages similar to the 1973 oil crisis.
In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s.
In this Dossier
Oil production in the context of Petroleum geologist
A petroleum geologist is an earth scientist who works in the field of petroleum geology, which involves all aspects of the discovery and production of oil and gas. Petroleum geologists are usually linked to the actual discovery of oil and gas and the identification of possible new oil deposits or gas fields. It can be a very labor-intensive task involving several different fields of science and elaborate equipment. Petroleum geologists look at the structural and sedimentary aspects of the stratum/strata to identify possible oil traps or tight shale plays.
Oil production in the context of Iraq Petroleum Company
The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961. It was jointly owned by some of the world's largest oil companies and headquartered in London, England.
In June 1972, the Ba'athist government in Iraq nationalized the IPC, and its operations were taken over by the Iraq National Oil Company. The company "Iraq Petroleum Company" still remains extant, although only in paper form. One associated company – the Abu Dhabi Petroleum Company (ADPC, formerly Petroleum Development (Trucial Coast) Ltd) – also continues with its original shareholding intact.
Oil production in the context of European Petroleum Survey Group
The International Association of Oil & Gas Producers (IOGP) is the petroleum industry's global forum in which members identify and share best practices to achieve improvements in health, safety, the environment, security, social responsibility, engineering and operations.
The association was formed in London in 1974 to develop effective communications between the upstream industry and the network of international regulators. Originally called the E&P Forum (for oil and gas exploration and production), in 1999 the current name was adopted. Most of the world’s leading publicly traded, private and state-owned oil & gas companies, oil & gas associations and major upstream service companies are members. The IOGP claims its members produce 40% of the world’s oil and gas.