Definition of Petroleum Enginerring
Petroleum engineering is a field of engineering concerned with the activities related to the production of hydrocarbons, which can be either crude oil or natural gas. Exploration and Production are deemed to fall within the upstream sector of the oil and gas industry.
Responsibilities and Duties of Petroleum Engineering
The job duties of most petroleum engineers revolve around the production of oil and gas. When a new reservoir is located, petroleum engineers analyze it to determine whether it can be profitably exploited. If so, they create a drilling and extraction plan to pump out the oil or gas with as little cost as possible.
Ethical Situation of Petroleum Engineering
The oil and gas industry operates in some of the most challenging places in the world and faces complex human rights-related issues. This publication describes some of the ways in which oil and gas companies are actively involved in promoting human rights and ethical business practices at the operations level and in international policy discussions.
Careers Tracks of Petroleum Engineering
In addition to the standard engineering degree, many colleges offer 2- or 4-year degree programs in engineering technology. These programs, which usually include various hands-on laboratory classes that focus on current issues in the application of engineering principles, prepare students for practical design and production work, rather than for jobs that require more theoretical and scientific knowledge. Graduates of 4-year technology programs may get jobs similar to those obtained by graduates with a bachelor's degree in engineering.
Median annual earnings of petroleum engineers were $88,910 in 2009. The middle 50 percent earned between $70,610 and $110,210. The lowest 10 percent earned less than $58,120, and the highest 10 percent earned more than $128,630.
Developments and Life Cycle of Petroleum Engineering
Life cycle of processing of oil field consist of 5 stages 1. Exploration 2. Appraisal 3. Development 4. Production 5. Abandonment Oil Refineries Oil refineries are the key to obtain hydrocarbon. Oil in deferent parts of the world contains different proportions of the various types of hydrocarbon
Market Analysis - examination of the prices at which similar properties in the same area recently sold.
Risks associated with Market Analysis
risks associated with research, marketers are cautioned not to use the results of marketing research as the only input in making marketing decisions. Rather, smart marketing decisions require considering many factors, including management’s own judgment of what is best