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The characteristics of the oil industry

1.Magnitude capital money invested in this industry, as it Requires large investments by virtue of the multiplicity and diversity of the Stages and the exploitation of the product. An additional to the nature of the Earth and water, which is where the process of oil production

2. A high proportion of fixed capital investment to variable Capital investment, which means that the capital structure in the oil industry Have mostly fixed elements of which include (machinery, equipment and Construction) and the percentage of this group to more than 80% compared with Variable capital

3. The use of development technology, because the nature of This industry and try to reduce the cost of the production to increase returns From it.


        4 .Low elasticity of Demand and supply in the short term as the elasticity of demand is less than The correct one and those leaves traces which is clear on the prices of crude Oil and its derivatives from the sharp rise.


 The economics of oil Industry stages

1.Stage of detection, investigation and exploration

This stage aims to identify presence of crude oil Practically and theory and everything related to the type and quantity of oil Wealth and the subsequent stage will depend success of the mission of Exploration, this stage includes:

A-Geological survey: mapping Oil lands and conducting surface, aerial and geological survey. The geophysical Surveys contains check and see recipes and ground layers and determine the Degree of gravity and magnetism, and this is done through magnetic survey. The Geochemical survey contains knowledge of the extent of presence of oil wealth

B-Exploratory drilling: mean Drilling oil wells for the purpose of finding more crude oil or identify the Components of the layers containing oil.

C-Evaluative or developmental Drilling; which are drilled several wells prepared productivity to extract or Wells deterministic to see the limits of the oil field and this stage aims to Increase the exploitation of the oil field efficiently and maintain the natural Flow of oil and increase the coefficient of extraction with the accurate Determination of the size ofthe reserve.


2.Stage Of oil extraction 

 methods:

A.Natural way:

It is the natural flow of crude oil from the earth under the Influence of natural forces inherent in the oil well, which formed from Dissolved gas, water or beat, or the gravitational forces in the oil reservoir. This is the way of low-lying roads cost and need well short period of time Where the oil flows easily from the oi

B. Synthetic method:

 This method relies on the intervention Of the human element, machinery and equipment for the purpose of increasing the Reservoir pressure of the well oil, leading to an increased flow of crude oil And called this method (method of secondary and triple extraction, where is Injected into oil wells with gas or water, and the price of crude oil extraction Varies from state to state (country). 


The oil extraction operations affected by, among other Factors which are set out in below:

 Oil extraction rates

 It is the largest amount Of oil extracted continuously during a certain time period and aims to extract The oil from the product as much as possible of crude oil and this depends on a Number of factors, economic, technical and political among the most prominent Production rates as follows:

1-Waller production rates: They extract the largest amount of Crude oil Finder or the highest rate of daily production rates without damaging The extraction of oil from the field.

2.Allowing Highest rate: the highest daily extraction rate during the period of six months That proportional with the rates of extraction and transportation, energy Storage and demand for crude oil.

3 Chronological age of the oil well (overhead depletion): This means the Timeframe which the exploitation of oil wealth available in the well or oil Field. Also it can be determining the age of the oil from the well through the Relationship between the amounts of oil discovered and estimated extractions 


*well Depletion influence by some factors as shown below

 1- Volume of oil Reserves and the extent of added or decline,

2-Representatives of the amount of oil extracted Production rates.

3- Ratio coefficient of Extraction.

4-The demand for crude oil.

5- Techniques used and the oil Extraction rates.


6- Impact of crude Oil alternatives.


There are several means of Transportation common in the transportation of crude oil and its products, Including:

       1-Ground transportation: Include pipelines, railways and large tanker trucks.

       2-River transport: includes Tankers and container ships and river floating platforms.




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