Shut-in (oil Drilling)
In the petroleum industry The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of hydrocarbon exploration, exploration, extraction of petroleum, extraction, oil refinery, refining, Petroleum transport, transportation (of ..., shutting-in is the implementation of a production cap set lower than the available output of a specific site. This may be part of an attempt to constrict the oil supply or a necessary precaution when crews are evacuated ahead of a natural disaster. In April 2020, as a result of oil futures trading negative, Oklahoma and New Mexico voted to allow wells to shut-in in order to reduce production to combat oversupply. References {{petroleum-stub Petroleum production ...
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Petroleum Industry
The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of hydrocarbon exploration, exploration, extraction of petroleum, extraction, oil refinery, refining, Petroleum transport, transportation (often by oil tankers and pipeline transport, pipelines), and marketing of list of crude oil products, petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many petrochemical, chemical products, including pharmaceutical drug, pharmaceuticals, solvents, fertilizers, pesticides, synthetic Aroma compound, fragrances, and plastics. The industry is usually divided into three major components: upstream (petroleum industry), upstream, midstream, and downstream (petroleum industry), downstream. Upstream regards exploration and extraction of Petroleum, crude oil, midstream encompasses transportation and Oil terminal, storage of crude, and downstream concerns refining ...
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