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.

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.

Investment dictionary. . 2012.

Look at other dictionaries:

  • oil field — ☆ oil field n. an area having valuable deposits of petroleum, often, specif., one with a number of active oil wells …   English World dictionary

  • oil field — oil′ field n. gel an area having large deposits of petroleum • Etymology: 1890–95 …   From formal English to slang

  • Oil field — An oil field with dozens of wells. This is the Summerland Oil Field, near Santa Barbara, California, before 1906 An oil field is a region with an abundance of oil wells extracting petroleum (crude oil) from below ground. Because the oil… …   Wikipedia

  • oil field — naftos verslovė statusas T sritis chemija apibrėžtis Naftos telkinio eksploatavimo įmonė. atitikmenys: angl. oil field rus. нефтепромысел …   Chemijos terminų aiškinamasis žodynas

  • oil field — an area in which there are large deposits of oil. [1890 95] * * * …   Universalium

  • oil field — noun An area under which are reserves of petroleum, especially one with productive oil wells …   Wiktionary

  • oil field — noun : a region rich in petroleum deposits; especially : a region containing numbers of producing oil wells …   Useful english dictionary

  • oil field — noun Date: 1884 a region rich in petroleum deposits; especially one that has been brought into production …   New Collegiate Dictionary

  • oil field — see oilfield …   English dictionary

  • oil-field — area where large amounts of petroleum have been found …   English contemporary dictionary

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