Write a short note on Petroleum?

Petroleum is considered to be the lifeline of economy at global level and cleaner than coal. Sixty seven (67%) of the total petroleum reserves are restricted to 13 countries in the world which together form OPEC (Organisation of Petroleum Exporting Countries). Saudi Arabia accounts for twenty five (25%) of the oil reserves. If we continue to use the crude oil at present rate, then the world’s crude oil reserves are expected to be exhausted in next 40 years. In India, crude oil was first recovered from Makum in North East Assam. Later, drilling for crude oil was done at Digboi, Dibrugarh, Narharlatiya and Surma valley in the north east. The oil field also lies around Bay of Cambay, Gujarat. The most important achievement was the exploration of oil in Bombay high on the continental shelf of Maharshtra, located at a distance of 167 km north-west of Mumbai. Recently oil has been located in the off-shore areas of deltaic coasts of Godavari, Krishna, Cauvery and Mahanadi. Oil prospects in India are not so high as coal. But the demands are very high and the country has to import oil from OPEC countries at higher rates.

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