Oil Mining & Production
Crude oil is found in the depths of the Earth. It is brought to the surface with the aid of sophisticated
machinery and complex processes. Once a potential accumulation of crude has been discovered, it is
analyzed for commercial purposes,
whether the accumulation can be produced profitably or not. If the accumulation pass the commerciality
tests, a hole is drilled into the Earth up to the depth where
the accumulation is situated. This involves the use of a drilling rig, drill bits and various chemicals
used to control the process of drilling. The rig is an assembly of components, and the most important
component is the drill string. This component is actually a combination of various smaller devices and
has a drill bit at the end, which is the tool used to dig into the earth.
Oil futures are contracts in which you agree to exchange a set amount of oil at a set price on a set
date. They are traded on futures exchanges, and are the most commonly used method of buying and selling
oil. While oil importers and exporters use futures to insure against the adverse effects of oil price
volatility, traders can use them to speculate on oil without buying or selling the commodity itself.
That’s because the prices of oil futures will move as the value of oil goes up or down.So instead of
buying oil, storing it, waiting for its price to increase and then selling it on and arranging for it to
be delivered, you can buy a futures contract and then sell the contract before it expires. In doing so,
we're taking advantage of the same increase in price without the same logistical effort.
Oil Barrel Supply
We produce around 200k barrels of oil per day, and over 500 million cubic feet of raw gas per day, which
places us among the largest mid-level energy producers in the world.
We are committed to producing a target of 1 million barrels of oil per day by 2021, with due
consideration of prevailing market conditions, and are constantly researching, developing and
implementing innovative technologies and approaches that will enable us to enhance recovery and ensure
improved production efficiency.