The first lecture
PETROLEUM ECONOMICS
PETROLEUM
Petroleum is a two-syllable word derived from the
Latin origin (petra) meaning rock and (oleum),
meaning oil, and in Arabic it means rock oil, and
oil is known as a mixture of hydrocarbons in a
liquid and solid state where it is in the liquid
state, brown or dark black and is found under the
surface of the earth
at distances Deep and has three forms, the first
of which is heavy oil whose specific density is
less than 22 degrees, medium oil at a density of
22-31 degrees, and light oil with a density greater
than 31 degrees. Also, oil is sweet if its sulfur
content is less than 0.05%. It is acidic if its sulfur
content is greater than 0,05% and the more light
and less acidic the purifier it is the better the
quality and the higher its price
THEORIES OF THE FORMATION OF OIL
there are several theories that explain the
formation of oil, and these theories have not
been spared criticism, and the reason is that
there is no theory that everyone can accept, but
that oil is a liquid that migrates from its original
home to other regions, so it becomes difficult to
study it in its original source, and the most
important of these theories are:
1-ORGANIC THEORY
This theory states that oil is from a raw material called
(protopetroleum) as this substance was formed from the
remains of living organisms buried underground and that
this substance is rich in carbon and hydrogen, which are
the two basic components of the formation of oil, and the
remains of organisms may be transformed as a result of
either exposure It has intense pressure and heat in the
ground, and as a result of the movements of the earth's
crust, reactions occurred that transformed the organic
remains into crude oil and natural gas, and then oil found
for it a smuggler among the rocks to be transported from
hot regions to cold areas under the surface of the earth.
This theory is supported by
1- The regions of oil presence are apostolic
areas formed due to the dredging of torrents and
rains, where 99% of the oil is found in
sedimentary rocks, and for example (the Arab
sediment basin), where more than 65% of the
global reserves of crude oil are stored, the
Caspian Sea Basin. The North Sea Basin, etc.)
2- The presence of bruvine and nitrogen, which
are elements found in living organisms
2- THE INORGANIC THEORY
The owners of this theory criticized the organic
theory through:
1- the emission of hydrocarbon gases from
volcanoes and groundwater
2- The presence of sandy and shale oil in the
United States of America
3- Ease of formation of methane, ether and
benzene gases from inorganic compounds in the
laboratory
The owners of this theory say that oil is the result
of extensive interactions in the ground between
inorganic elements such as hydrogen with carbon
or iron sulfide with ground water or from other
elements, and this theory is based on the fact
that hydrocarbons are the result of the
interaction of iron sulfide with groundwater
leaking into the ground. Under high temperature
and pressure, this theory has been criticized for
many, the most important of which is that there is
no evidence that these processes occur in nature
3- THE MINERAL THEORY
: This theory believes that the mineral oil is of
mineral origin as a result of exposure of some
metal carbides to water vapor, such as calcium
carbide interacting with water and forming
hydrocarbon, It is not found in igneous rocks but
rather in sedimentary rocks
