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What is primary raw materials for petrochemicals?

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What is primary raw materials for petrochemicals?

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*natural gas
*crude oil

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CAPP | A Unified Voice for Canada's Upstream Oil and Gas Industry

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Extracting oil from Canada's offshore is a unique process compared to onshore oil extraction. Initially, companies may begin their exploration process by reviewing existing geological and geophysical data to learn more about potential reservoirs.

Next, seismic surveys are completed to map geological structures under the seabed. If an analysis of seismic data shows a geological structure that could contain oil and natural gas resources, a company may decide to drill an exploration well. as Precise information is needed before investing in drilling an exploratory well given because of the high cost of drilling in the offshore.

Before drilling and offshore oil extraction can begin, companies must apply for the appropriate approvals from the relevant regulatory body in Atlantic Canada.

Offshore Development

Should a company decide that it wants to proceed to offshore oil and natural gas production, the next step is development. The offshore development phase can take five to 10 years, depending on the size of the project.

During the development phase, the company develops a series of plans which outline exactly how it will produce the oil and natural gas in a particular reservoir, the environmental protection measures that will be put in place to minimize any environmental impact, the safety measures that will be used on the project, and the benefits of the project to the relevant communities and province as a whole (including employment, revenues, contracts, etc.).

Offshore Oil Production

Finally, production commences on the offshore oil project. Producing oil and natural gas offshore is a complex process due to the challenges of operating in a remote and sometimes harsh environment. Production facilities are built to withstand the offshore environment and its challenges, including the potential for sea ice and icebergs in some areas.

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Crude Oil Extraction and Drilling Methods | CAPP

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Extracting oil from Canada's offshore is a unique process compared to onshore oil extraction. Initially, companies may begin their exploration process by reviewing existing geological and geophysical data to learn more about potential reservoirs. Next, seismic surveys are completed to map geological structures under the seabed.

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Crude oil | Definition, Characteristics, & Facts

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Crude oil, liquid petroleum that is found accumulated in various porous rock formations in Earth’s crust and is extracted for burning as fuel or for processing into chemical products. Crude oil is a mixture of varying hydrocarbons and other chemicals, and its physical properties vary widely.

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Crude Oil to Natural Gas Price Ratio is at a current level of 37.65, up from 36.09 the previous market day and up from 22.26 one year ago. This is a change of 4.31% from the previous market day and 69.10% from one year ago.

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In depth view into Crude Oil to Natural Gas Price Ratio including historical data from 1997 to 2023, charts and stats.