# Oil & Petroleum — The Complete Guide
## The Energy Codex · thecodex.expert/energy/fuel/oil/
**Last verified:** April 2026 | **Build session:** 5 (2026-04-27)

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## Key Facts

| Metric | Value | Source |
|--------|-------|--------|
| Global proven reserves | 1.73 trillion barrels | BP Statistical Review 2024 |
| Global daily consumption | ~100 million bbl/day | IEA Oil Market Report 2024 |
| At current consumption rate | ~47 years | Calculation |
| Share of global primary energy | ~31% | IEA WEO 2024 |
| Energy density | 46 MJ/kg | |
| World's largest field | Ghawar, Saudi Arabia (48.2 Gbbls remaining) | Aramco IPO 2019 |

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## Proven Reserves by Country (BP 2024)

| Rank | Country | Billion barrels | % of world |
|------|---------|----------------|------------|
| 1 | Venezuela | 303.8 | 17.5% |
| 2 | Saudi Arabia | 267.0 | 15.4% |
| 3 | Canada | 170.3 | 9.8% |
| 4 | Iran | 208.6 | 12.0% |
| 5 | Iraq | 145.0 | 8.4% |
| 6 | Russia | 107.2 | 6.2% |
| 7 | Kuwait | 101.5 | 5.9% |
| 8 | UAE | 97.8 | 5.6% |
| 9 | USA | 68.8 | 4.0% |
| 10 | Libya | 48.4 | 2.8% |
| — | **World total** | **1,732** | **100%** |

Source: BP Statistical Review of World Energy 2024

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## World's 15 Largest Oil Fields

| # | Field | Country | GPS | Est. reserves | Operator |
|---|-------|---------|-----|---------------|---------|
| 1 | Ghawar ✓ | Saudi Arabia | 25.12°N 49.35°E | 48.2 Gbbls (Aramco 2019) | Saudi Aramco |
| 2 | Burgan | Kuwait | 29.07°N 47.95°E | ~66–72 Gbbls | Kuwait Oil Company |
| 3 | Rumaila | Iraq | 30.40°N 47.54°E | ~17 Gbbls | BP, CNPC, SOMO |
| 4 | Safaniyah | Saudi Arabia | 27.93°N 48.74°E | ~19 Gbbls | Saudi Aramco |
| 5 | Ahvaz | Iran | 31.32°N 48.69°E | ~65 Gbbls OOIP | NIOC |
| 6 | Kashagan | Kazakhstan | 45.41°N 52.53°E | 9–13 Gbbls | NCOC |
| 7 | Samotlor | Russia | 61.04°N 76.82°E | ~28 Gbbls OOIP | Rosneft |
| 8 | Kirkuk | Iraq | 35.47°N 44.39°E | ~8.7 Gbbls | North Oil Company |
| 9 | Permian Basin | USA | 31.80°N 103.00°W | ~22 Gbbls | ExxonMobil, Chevron |
| 10 | Athabasca | Canada | 57.00°N 111.50°W | ~166 Gbbls (oil sands) | Suncor, CNRL |
| 11 | Cantarell | Mexico | 19.72°N 92.20°W | ~1.2 Gbbls | Pemex |
| 12 | South Pars / North Dome | Iran/Qatar | 26.80°N 53.10°E | Gas + condensate | NIOC/QatarEnergy |
| 13 | Jubilee | Ghana | 4.59°N 2.58°W | ~1.2 Gbbls | Tullow Oil |
| 14 | Lula (Tupi) | Brazil | 23.50°S 41.80°W | ~8 Gbbls | Petrobras |
| 15 | Tengiz | Kazakhstan | 45.44°N 53.11°E | 6–9 Gbbls | Chevron |

GPS coordinates: Global Energy Monitor GOGET (CC BY 4.0)

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## India and Oil

- Import dependence: approximately 85% of crude requirements
- Total imports 2022-23: approximately 232.5 million metric tonnes
- Top suppliers: Iraq (~42 MT), Saudi Arabia (~36.6 MT), Russia (~36 MT), UAE, USA
- 23 refineries, total capacity approximately 254 MTPA
- Largest refinery: Jamnagar (Reliance, Gujarat) 22.47°N 70.07°E — 1.24M bbl/day — world's largest single-site
- Domestic production: approximately 28–30 MT/year (12–15% of needs)
- Largest domestic field: Mumbai High, ONGC, 19.07°N 71.45°E

Source: PPAC Annual Report 2022-23

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## Major Companies

**Saudi Aramco** (Saudi Arabia): Founded 1933 as CASOC. Nationalised 1980. IPO 2019 at $1.7T. CEO Amin H. Nasser. ~73,000 employees. 2023 net income $121.3bn. World's largest oil producer.
**ExxonMobil** (USA): Founded 1870 as Standard Oil. CEO Darren Woods. ~62,000 employees. 2023 net income $36bn.
**Shell** (Netherlands/UK): Founded 1907. CEO Wael Sawan. ~93,000 employees. 2023 net income $19.4bn. World's largest LNG trader.
**BP** (UK): Founded 1909 as Anglo-Persian. CEO Murray Auchincloss. ~90,000 employees.
**ONGC** (India): Founded 1956. India's largest oil producer. ~6 MT/year domestic. Operates Mumbai High.
**Petrobras** (Brazil): Founded 1953. Pioneered ultra-deepwater pre-salt oil. ~2.8M bbl/day.

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## Pioneers

**Edwin Drake (1819-1880):** Drilled world's first commercial oil well, 27 Aug 1859, Titusville, Pennsylvania (41.63°N 79.68°W). Used iron pipe casing to prevent borehole collapse — technique still used today. Struck oil at 21 metres.
**John D. Rockefeller (1839-1937):** Founded Standard Oil 1870. Controlled 90% of US refining within a decade. Created the integrated oil company model. Standard Oil broken up 1911 into 34 companies that became today's majors.
**Max Steineke (1898-1952):** Chief Geologist, CASOC. Mapped Arabian anticlines revealing Ghawar and Saudi Arabia's supergiant fields. Died 1952 aged 53.
**M. King Hubbert (1903-1989):** Shell geophysicist who predicted US oil production would peak 1965-1970. US production peaked 1970, confirming his model.

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## Supply Chain Summary

1. Exploration — seismic surveys, test drilling (~1 in 5 finds commercial oil)
2. Production — wells + enhanced recovery (water/gas injection raises recovery from 20-30% to 40-60%)
3. Processing — GOSP separates oil, gas, water
4. Transport — pipeline (3.5M km worldwide) or tanker (through Hormuz, Malacca, Suez)
5. Refining — fractional distillation + cracking → petrol, diesel, jet fuel, LPG, petrochemicals
6. Distribution — product pipelines, road tankers, rail to fuel stations, airports, industry

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## Future (IEA WEO 2024)

- IEA NZE 2050: oil demand falls from ~100M bbl/day (2023) to ~24M bbl/day by 2050 — primarily petrochemicals
- IEA STEPS (stated policies): demand peaks ~2030, declines to ~73M bbl/day by 2050
- Petrochemicals will account for nearly 50% of remaining oil demand growth
- "47 years remaining" has been roughly stable for 50 years — reserves grow with technology

Source: IEA World Energy Outlook 2024

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## Sources

BP Statistical Review 2024 · IEA WEO 2024 · OPEC ASB 2024 · GEM GOGET · US EIA · PPAC India ·
Indian Oil Corporation Annual Report · ONGC Annual Report · Saudi Aramco Annual Reports ·
AAPG · SPE · World Bank · FAO · WRI GPPD

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*The Energy Codex · thecodex.expert/energy/fuel/oil/ · Last verified April 2026*
*Not advice of any kind · Disclaimer: thecodex.expert/energy/disclaimer/*