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 FAQS
  1. No results found.
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. 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. Stock Analysis

    Does It Still Make Sense To Buy IPG Shares?

    Let's look at IPG's earnings, after their Q4 report, and whether the long-term investing thesis is compelling enough to warrant buying shares today.
  7. Stock Analysis

    Why Is Enterprise Products Partners So Excited?

    Enterprise Products Partners has historically gone on the offensive to acquire weaker rivals in a tough spot when the commodity market turns down.
  8. Stock Analysis

    Is It Time To Start Buying Seadrill?

    West Texas Intermediate oil prices have collapsed from nearly $110 to less than $44 recently, crushing producers, contract drillers, and oil service stocks
  9. Investing

    Will Clean Energy Fuels Create A Better Network?

    Ever since the most recent U.S. energy boom began, many people have looked for ways to take advantage of cheap natural gas from shale gas areas.
  10. Investing

    What Are The Prospects For Plug’s Technology?

    Plug Power's fuel-cell technology has huge promise, but it hasn't paid off yet. Few stocks have seen the volatility that it has experienced during the past

You May Also Like

Hot Definitions
  1. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  2. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  3. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  4. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
  5. Law Of Supply

    A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity ...
  6. Investment Grade

    A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such ...
Trading Center