Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. Continue reading
An oil derrick is a drilling rig designed for use in oil and natural gas production. The basic oil derrick has an upright stationary section which is potentially capable of supporting hundreds of tons of weight, combined with a movable boom which is used to raise and lower equipment. Derricks of various designs have been in use for centuries to extract valuable resources from under the Earth, and continue to be widely used today. Continue reading
Offshore oil drilling is an oil extraction technique which allows oil companies to access deposits of oil buried under the ocean floor. Continue reading
