What does Oil Field mean?
The surface area where the oil reserves have been discovered in the underground reservoirs. Oil wells are drilled in oil field to bring oil to the surface. The oil fields may be small or large depending on the shape and size of reservoirs.
Futures Knowledge Explains Oil Field
Once oil is discovered in an oil field, more wells are drilled in the area. The oil field needs to be developed. Pipelines are laid and storage tanks are built. Oil field needs to be of economic size to justify investment. There are more than 65,000 oil fields of different size in the world. But over 94% of discovered oil is concentrated in fewer than 1500 major fields and most of them are located in the Middle East.