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Significant discoveries included the Embrar oil field (1942), the TXL oil field (1944), the Dollarhide oil field (1945), and the Block 31 oil field (1945). [ 35 ] : 200–201, 230–231 [ 36 ] In 1966, the production of the Permian Basin measured 600 million barrels of oil, along with 2.3 trillion cubic ft of gas, which totaled $2 billion.
The three most quoted oil products are North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude, and their pricing is used as a barometer for the entire petroleum industry, although, in total, there are 46 key oil exporting countries. Brent Crude is typically priced at about $2 over the WTI Spot price ...
Total petroleum hydrocarbons (TPH) is a term used for any mixture of hydrocarbons that are found in crude oil. There are several hundred of these compounds, but not all occur in any one sample. Crude oil is used to make petroleum products, which can contaminate the environment. Because there are so many different chemicals in crude oil and in ...
Petroleum products are materials derived from crude oil as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. [1] Most petroleum is converted into petroleum products, which include several classes of fuels. [2]
The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS).
In hydrocarbon accounting, quantities of extracted hydrocarbon can be further split by ownership, by "cost oil" or "profit oil" categories, and broken down to individual composition fraction types. Such components may be alkane hydrocarbons, boiling point fractions, [4] and mole weight fractions. [5] [6]
Oil field in McCamey, ca. 1930. The known petroleum deposits of Texas are about 8 billion barrels (1.3 × 10 9 m 3), which makes up approximately one-third of the known U.S. supply. Texas has 4.6 billion barrels (730,000,000 m 3) of proven crude oil reserves. [15]
Heating crude oil reduces its viscosity aiding further separation of these components. Certain chemicals added to crude oil can act to aid separation. Surfactants help water to separate from the oil. Paraffin thinners allow heavier fractions in the oil to flow more easily. Demulsifiers breakdown the oil/water emulsions that may have formed and ...