Many oil fields are found
in hard-to-reach areas on land or
below deep ocean water. New technology
is helping oil companies reach these oil fields
and increase the amount of oil extracted from
the ground. But in order to pay for new
technology, hundreds of millions of dollars
in investments are needed.
The average amount of
time needed to discover, extract and
market oil is between 3 to 10 years. But oil
explorers also need time to raise the necessary
money in order to deal with all the
technical challenges.
Much of the time needed
depends on the location of the oil field. An
offshore oil field in deep water can take much
longer to discover and test, especially when the
sea bottom is thousands
of metres below the surface.
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