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UPSTREAM OIL & GAS DEVELOPMENT LIFECYCLE COSTING 25 27 May 2015 Kuala Lumpur Malaysia Your Expert Course Director Geoffrey Boyd Geoffrey Boyd is a practising development engineer and decision.

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The process followed by oil and gas companies to explore for and produce petroleum can be described as five basic steps: 1) initial interest, 2) leasing, 3) geophysical survey, 4) drilling, and 5) production.

What is the life cycle of an oil well? The average life cycle of an oil well, which begins with the planning stage and ends upon abandonment and/or reclamation, is roughly 20 to 30 years.

Simply put, upstream works include the exploration and production of crude oil and natural gas, whilst downstream refers to the processes applied after extraction through to it being delivered to the customer in whatever format required.

Upstream activities include exploration, drilling, and extraction. Upstream is followed by midstream (transportation of crude oil) and downstream (refining and distribution) phases. Today many large oil companies are integrated, in that they maintain upstream, midstream, and downstream units.

The five distinct phases in reservoir life cycle are exploration, discovery, appraisal and delineation, development, and production and abandonment. Certain phases overlap, for example, the development and production of a large reservoir can proceed concurrently.

Exploration is high risk and expensive, involving primarily corporate funds. The cost of an unsuccessful exploration, such as one that consisted of seismic studies and drilling a dry well, can cost $5 million to $20 million per exploration site, and in some cases, much more.

Upstream activities include exploration, drilling, and extraction. Upstream is followed by midstream (transportation of crude oil) and downstream (refining and distribution) phases. Today many large oil companies are integrated, in that they maintain upstream, midstream, and downstream units.

What Is the Difference Between Upstream and Downstream in the Oil and Gas Industry? Upstream oil companies are involved primarily with oil discovery, extraction, and production. Downstream oil companies instead deal with refining and delivering petroleum products to consumers.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232