ABSTRACT
This chapter explains what petroleum is and how it is formed. It explains the difference between petroleum, crude oil, and hydrocarbons. It looks at the many uses of petroleum, whether as fuel, in textiles, medication, and others, and its impact on economies around the world. It covers how oil and gas are traded and the benchmarks used in different regions. It describes different ways that crude oil is classified, including by sulfur content and by density. It explains what the Organization of Petroleum Exporting Countries (OPEC) is and who the members are, and the role they play in world oil production. It describes the three different parts of the oil industry which are upstream, midstream, and downstream, and how they relate to each other. It covers the life cycle of project development for upstream oil and gas, which includes exploration, development, production, and abandonment. Finally, it introduces geology and the various engineering disciplines involved in upstream oil and gas.
