The process of finding and extracting oil reserves from the Earth. It involves drilling deep wells and using advanced technology to locate oil deposits underground.
Related terms
Fossil Fuels: Non-renewable energy sources such as coal, oil, and natural gas formed over millions of years from the remains of ancient plants and animals.
Petroleum Industry: The sector involved in exploration, production, refining, distribution, and marketing of petroleum products derived from oil.
OPEC (Organization of the Petroleum Exporting Countries): An international organization consisting of major oil-exporting countries that aims to coordinate policies among its members to stabilize oil markets.