Oil and Natural Gas

These flashcards cover essential vocabulary and concepts related to oil and natural gas, including definitions and explanations of key terms discussed in the lecture.

Fossil Fuels

Hydrocarbons formed from the remains of organisms that died millions of years ago, such as coal, oil, and natural gas.

Nonrenewable Resources

Resources such as fossil fuels that are formed much more slowly than they are used, thus existing in finite supply.

Proven Reserves

Quantities of oil or natural gas that are known to be recoverable under existing economic and operating conditions.

Peak Oil

The point in time when oil production reaches its highest levels and then steadily declines.

Conventional Reserves

Oil and natural gas reserves that are extracted using traditional methods.

Unconventional Reserves

Fossil fuels that are obtained using methods different from conventional oil welling, including shale gas and tar sands.

Fracking

A method of extracting oil and gas by injecting water and chemicals under pressure to create fractures in rock.

Tertiary Oil Production

An expensive method that can extract additional oil by injecting steam or CO2 into the reservoir.

Petrochemicals

Distillation products from the processing of crude oil.

Environmental Trade-offs

The balance of advantages and disadvantages concerning environmental impacts when pursuing oil and natural gas development.

Hydrocarbons

Compounds made of hydrogen and carbon, which are the main constituents of fossil fuels.

Shale Gas

Natural gas that is trapped in shale formations and often associated with standard oil reserves.