Have you heard of huge oil fields that give the yields for running vehicles and other fuels such as petroleum and natural gas? Not many people even think of sources from where they get this petrol, diesel or CNG, etc., to run their vehicles on a daily basis. So, let me help you get some basic insights into the source of these daily requisites in your day-to-day life.
What are the sources of natural gas and petroleum products?
The major sources of natural gas and petroleum/crude oil are oil beds or oil fields. An oilfield is an area from where natural gas or crude oil is extracted from the ground. This is then used to produce other petroleum products as well as natural gas in usable forms. Currently, there are approximately 60000+ oil fields that act as sources of crude oil suppliers all around the globe. However, almost 94% of known reserves are monopolized by around only 1200+ oilfields. For example, Alberta holds around 100 oil wells drilling on a daily basis. Canada is today the 3rd largest oil reserve and 4th largest producer and supplier of oil. There are major oil fields at Grand Prairie, Brooks, Red Deer, High Level, etc.
Working in oil fields
The working of oil fields is quite complicated. The major crude oil is extracted from the ground to get processed further to extract petroleum products like jelly, natural gas, diesel, petrol, etc. This further processing is done in the big oil refineries.
Crude Oil as investment
Recently, crude oil has emerged as a source of the best investment. Investors have many options before investing in crude oil, considering the importance of crude oil on the global front. It is seen as a commodity. The fluctuations depend on market demand and supply. However, the supply is governed by few major countries only. Crude oil is majorly viewed as a portfolio diversifier and used for hedging against the risk in the investor’s market. These investments are available in the form of futures, options, Exchange-traded funds, or oil company stock options.
Oil Field Service companies
An oil field service company is a company that offers all products and services relating to the production and extraction process of crude oil. These companies look after the services of manufacturing, repairing, or maintenance of devices and equipment engaged in the process of extraction and transportation of crude oil. With the increase in the demand and supply of these products and the hugeness of oil fields, these companies have constantly been working for a long time. For example, several companies in oil fields at Grande Prairie are watching out for functioning.
There are many aspects to an oilfield, which are not possible to be learned in one go. This extract was only a part of giving you only a brief description of Oil Fields, working, and investment options.
Herry Josh is the author of this article.To know more about Oilfield Grande Prairie please stay with our website:greberconstruction.ca
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