The resource owners and operators of E&Ps work with a variety of contractors, such as EPC contracts, as well as with joint-venture partners and oil field service companies.
In the process of locating and extracting oil & gas, E&Ps also build infrastructure and collect massive amounts of analytical data.
The 1st step in this stage is to locate the underground or underwater oil reserves by conducting geological or geophysical surveys.
After identifying potentially viable fields, an exploratory well is drilled with the help of oil rigs to test the findings by collecting samples.
Core samples are taken and studied by geologists, engineers, and paleontologists to determine if there is the proper quality of natural gas or petroleum in the underground reserve.
If the process shows that there are both the quality and quantity needed to produce and sell commercially, the production of oil wells begins.
Engineers will typically estimate how many wells will be needed and the best method of extraction.
The estimated cost of the number of wells is determined.
Next, the construction of the platform begins, which could be on land or offshore.
Once the crude oil and natural gas reserves have been extracted, the midstream oil & gas production process begins.