HOW WE GET THE PETROL
There are so many steps to get the petroleum and it all first starts with Exploration and Production. The exploration and production industry identifies underground rocks that contain hydrocarbons, then negotiates with the owners of the surface and mineral rights to get access to the land for drilling. Exploration and Production companies then contract drilling and service companies to drill wells and bring oil and gas to the surface, economically, safely and in line with environmental regulations.
How is crude oil formed?
Crude oil is formed from the left over parts of small plants and animals that died and fell to the bottom of the sea. Then, they are covered by a layer of mud and as the sediment was buried with even more sediment, it started to change into rock form as the temperature and pressure increased.
Oil and gas investment facts
- Did you know that the Oil and Gas industry companies make up 20-25 % of the stock market.
- In 2012, the industry made $62 billion in capital investments focused on innovation as well as their growth.
- In 2013, Canada’s oil and natural gas industry paid $18 billion to federal, provincial and local governments in the form of taxes and royalties.
- Canada’s oil and natural gas sector is forecast to decline $50 billion, or 62 per cent, since 2014.
why is it so important?
It's very unlikely that we will run out of petroleum very soon, but possibly by 2080 the oil will run out... It will take way more energy to take the petroleum out of the ground and there wouldn't even be much to take out. This would mean that gasoline prices would skyrocket as countries would get low in their reserves of oil. Customers, when they have to pay more, usually become discontent. Which can probably lead them into buying a smart car such as a Tesla.