12 fascinating Oil and Gas facts you should know
PetroFront - Article

12 fascinating Oil and Gas facts you should know

PetroFront-Blog

The stature of Oil and Gas as the basic fuel makes it a driver of industries and economies around the world. The events, innovations and developments in the industry directly impact all the industries worldwide.

The industry is a very dynamic, eventful and thus an intriguing one, and we take a look at some of the most interesting and fascinating facts of oil and gas:

1. The first recorded pumping of crude oil from the ground was in Sichuan, China around 2,500 years ago.

2. In the early days, finding oil and gas was seen somewhat of a nuisance and redundancy as the coveted treasures were usually water or salt. The first commercial oil drill was in Romania in 1857. US saw the birth of petroleum industry when oil was pumped in Titusville, Pa. Initially much of the demand for oil as a fuel was for kerosene / oil lamps. The year 1901 saw the drilling of the first commercial well with a capacity for large scale production on the site - Spindletop located in Southeastern Texas. This drilling site produced well over 10, 000 barrels of oil per day, which exceeded the combined production of all the other oil wells in US.

3. Historically, the first use of pipelines for transportation has been recorded to be in China in the year 500 BC. The pipelines constituted of bamboo and were used for boiling the sea water and separating the salt from the water.

4. In Turkmenistan car drivers were entitled to 120 litres of free fuel a month till 1 July 2014. Similarly, drivers of buses, lorries, tractors were availing free supplies of 200 litres of petrol and motorcyclists and scooter riders could receive 40 litres.

5. Behind every 1 litre of petrol is the fossilization of 23.5 primitive and buried plants.

6. The Beverly Hills High School in Sydney, Australia has a cluster of 19 oil wells owned by Venoco, Inc. In May 2006, the wells were producing 400 to 500 barrels in a day and generated around $3000,000 a year in revenue.

7. USS Arizona, was a battleship built for and by US Navy. Since the 1941 attack on Pearl Harbor the wrecked battleship continues to leak oil from the hull. The leaked oil amounts to about 2.18 litres per day.

8. Even though Norway is an oil producing nation, it has the third most expensive gas prices all over the world. They don't provide any subsidies on fuel as they use the capital for free college education and for the development of the country's infrastructure. The gas expenses are still affordable by the Norwegians as the average citizen earns around $200/day. On the other hand, Nigeria, one of Africa’s largest oil producers, is listed as facilitating the 7th cheapest gas prices of the world. But when scrutinized with an $8 average daily income, Nigeria’s gas prices ends up being the 4th most expensive in the world.

9. The oil reserves of the OPEC countries collectively amount to 40% of the world reserves. As of the year 2014, Venezuela single-handedly has the largest portion of the global oil reserves at 17.5%.

10. John D. Rockefeller was one of the most successful business magnates of the Oil and Gas industry in US and at a certain point of time controlled an enormous 90% of the oil industry in the country. When he died, he left behind a fortune of $336 Bn USD, which at that time equalled to 1.5% of the total economic output of US.

11. As per EIA, in the year 2014, the total primary energy consumption by US was 98 quadrillion Btu, which amounts to 18% of the total world primary energy consumption.

12. The biggest environment fine in the history of United states is that levied on BP for its oil spill incident in the Gulf of Mexico in the year 2010. The fine amounted to an enormous $1.87 Bn while the spill is considered to have been the worst and most damaging in the offshore US history.

There's sure a lot more to add to the list. If you think there is anything that we sure should be including here, or just want to share any fascinating facts, the comments section below is waiting for you. We would love to have your response.

?

?

?

O&G REFLECTIONS

TRENDING TOPICS