Oil Field

AAA

DEFINITION of 'Oil Field'

A tract of land used for extracting petroleum, or crude oil, from the ground. Although the exact origin of oil is still contested, most consider petroleum a "fossil" fuel, created from dead organic material often found in ancient seabeds thousands of meters below the surface of the earth. There are more than 40,000 oil fields around the world, many of the largest of which are found in the Middle East.

INVESTOPEDIA EXPLAINS 'Oil Field'

While tens of thousands of oil fields have been discovered, less than than 10% of them have had a significant impact on worldwide crude oil supply. Ghawar Field in Saudi Arabia, which started production in 1951, is by far the largest oil field uncovered so far, having yielded about 60 billion barrels of "black gold" through 2005.

RELATED TERMS
  1. Tertiary Recovery

    A technique used to extract the remaining oil from previously ...
  2. Commercial Well

    Any oil or gas drilling site that produces enough oil or gas ...
  3. Crude Stockpiles

    Reserves of unrefined petroleum, measured in numbers of barrels. ...
  4. Oil Refinery

    An industrial plant that refines crude oil into petroleum products ...
  5. Crude Oil

    A naturally occurring, unrefined petroleum product composed of ...
  6. Proven Reserves

    After an oil exploration firm conducts a seismic survey on a ...
Related Articles
  1. Economics

    Peak Oil: What To Do When The Wells Run Dry

    Find out how to invest and protect your investments in this slippery sector.
  2. Several major tax benefits are available for oil and gas investors that are found nowhere else in the tax code.
    Investing Basics

    Oil: A Big Investment With Big Tax Breaks

    Oil and gas investments can provide unmatched deduction potential for accredited investors.
  3. Active Trading

    Oil And Gas Industry Primer

    Before jumping into this hot sector, learn how these companies make their money.
  4. Options & Futures

    Peak Oil: Problems And Possibilities

    Learn a little more about the "non" part of this nonrenewable resource.
  5. Active Trading

    Unearth Profits In Oil Exploration And Production

    Drill down into financial statements to tap into the right companies and let returns flow.
  6. Chart Advisor

    Cocoa Prices Setting Up For A Move Lower

    Cocoa prices have been trending lower over the past several months and the recent bearish crossover between the 50-day and 200-day moving averages suggest that the long-term downtrend is gaining ...
  7. Stock Analysis

    Breaking Down the Halliburton Baker Hughes Deal

    Halliburton is using a downturn to get bigger and stronger in the long term, and the company is getting Baker Hughes at a reasonable price as a result.
  8. Economics

    How Weak Oil Prices Affect Airline Profits

    Oil prices are a bit like the weather. This is an opportunity for airlines to invest the higher revenue back into the business.
  9. VelocityShares 3x Long Crude Oil ETN has the potential for huge returns, but there are several reasons why you might want to steer clear for now.
    Mutual Funds & ETFs

    A Leveraged Oil ETN For The Future (Just Not Now)

    VelocityShares 3x Long Crude Oil ETN has the potential for huge returns, but there are several reasons why you might want to steer clear for now.
  10. If you need to ship titanic volumes of sundry products across sweeping distances, nothing's better than rail, where Union Pacific is a titan.
    Stock Analysis

    How Union Pacific Makes Its Money

    If you need to ship titanic volumes of sundry products across sweeping distances, nothing's better than rail, where Union Pacific is a titan.

You May Also Like

Hot Definitions
  1. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  2. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  3. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  4. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  5. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  6. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
Trading Center