Oil and gas production

Angeliki N. Menegaki

Chapter 90 in Elgar Encyclopedia of Energy Economics, 2025, pp 355-356 from Edward Elgar Publishing

Abstract: This entry explores the history, production and economics of oil and gas, emphasizing their central role in global energy consumption. Originating from ancient sea sediments, oil is produced through complex processes involving geological traps and requires significant resources, typically managed by large corporations. The industry's legal framework evolved from early monopolies to regulated markets, influenced by the establishment of OPEC, which stabilizes oil prices and production. Technological advancements like fracking have transformed production capabilities but also introduced environmental concerns. The economics of oil are characterized by periods before and after OPEC's creation, each marked by distinct pricing mechanisms and market behaviors. The entry also addresses the challenges faced by national oil companies, often requiring collaboration with international firms due to technical and governance issues.

Keywords: Oil Production; Fracking; OPEC; Energy Economics; Hydrocarbons (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035310364
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