From finding hydrocarbons in the ground to bringing them to the surface: a click-through guide to exploration, drilling, completion, production, and how upstream fits into the wider energy picture.
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Definition of upstream, its role in the oil and gas value chain, and key company types (IOCs, NOCs, independents, service companies).
Seismic surveys, licensing rounds, success probabilities, and how geologists and geophysicists locate potential reserves.
Rig types (land, jack-up, semi-sub, drillship), drilling fluids, casing, blowout preventers (BOPs), and safety.
Cementing, perforating, hydraulic fracturing, artificial lift (rod pumps, ESPs, gas lift), and preparing the well for production.
Reservoir management, decline curves, flow assurance, enhanced oil recovery (EOR), and end-of-life abandonment.
Cost per barrel, capex & opex, internal rate of return (IRR), break-even price, production decline rates, and benchmarks.
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Upstream does not operate in isolation. What is produced at the wellhead is passed to midstream, which handles gathering, processing, and transportation. Understanding this handoff and how downstream demand and prices feed back helps explain upstream economics.
How upstream feeds midstream
How downstream and transport affect upstream
Upstream economics are influenced by downstream prices (e.g. refined product prices and crude benchmarks such as Brent and WTI) and by transportation costs. If the cost to move oil or gas from the field to the market is high, or if the price at the refinery is low, upstream margins shrink.
Break-even prices and investment decisions therefore depend on both finding and producing the resource and on the cost and price environment all the way to the end user.
Hover over or tap the labelled areas on each diagram to see what the main components are.
Wells are drilled from land. Lower capital and operating cost, easier access for equipment and people. Common in regions like the Permian Basin, Middle East, and many conventional fields. Land rigs and shorter logistics chains.
Wells are drilled from platforms, jack-ups, semi-submersibles, or drillships over water. Higher cost and complexity; weather and water depth drive rig choice. Typical in the North Sea, Gulf of Mexico, Brazil, and West Africa.