Oil extraction is fundamentally a process that refers to the exploration and production of petroleum and natural gas from wells.
This involves the critical activities required to locate subterranean deposits of oil and natural gas and subsequently bring these valuable resources to the surface.
The entities involved in this process, often referred to as oil and gas extraction companies, perform these tasks in different ways:
- They may operate oil and gas wells and manage the entire process based on their own initiatives and investments.
- Alternatively, they can act as specialized service providers, offering their expertise, equipment, and personnel to other companies on a contractual or fee basis to facilitate the extraction process.
Understanding oil extraction involves recognizing it as the initial stage in the lifecycle of crude oil and natural gas, bridging the gap between discovering reserves and making them available for refining and use.
