Industry 2019-06-04T19:55:39+00:00

JHP,John Henry Petroleum,Oil and Gas,Stack Oil Play,Scoop Oil Play,,Oil industry,STACK,SCOOP

The petroleum industry includes the global processes of exploration, extraction, refining, transporting and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline. Petroleum is also the raw material for many chemical products, including plastics, pharmaceuticals, solvents, fertilizers and pesticides. The industry is usually divided into three major components: upstream, midstream and downstream.

Petroleum is vital to many industries and is a critical concern for many nations. Governments such as the United States provide a heavy public subsidy to petroleum companies. Major tax breaks are provided at almost every stage of oil exploration and extraction, including for the costs of oil field leases and drilling equipment. This helps to ensure that our domestic energy needs are met. Oil accounts for a large percentage of the world’s energy consumption, ranging from as low of 32% for Europe and Asia, up to a high of 53% for the Middle East.

  • Oklahoma's SCOOP and STACK oil plays ... Some of the best rock seen anywhere!

    Traveling through Oklahoma’s stratigraphy, one can stumble over as many as 7,500 formations. “Most have names; in some cases, several,” the Oklahoma Geological Survey explains in an oil and gas FAQ page. The abundance of nomenclature is the result of many factors, the OGS adds, including simply that, at times, “geologists may disagree.”

    The state also hosts more than 3,000 field designations. To simplify, strat-trippers can cheat down to the 300 formations that have had 10 or more well completions. Among them is the Woodford Shale, which Newfield Exploration Co. proved commercial from fracked horizontals beginning in 2005 where the pay is gassy in the Arkoma Basin of southeastern Oklahoma. Read the full article at here at