The rise of oil’s big three, part 1: The transition to oil
In this first part of the first chapter of our 90th anniversary special on the history of oil, we look at oil’s humble beginnings and the start of its rise to prominence
Oil was once considered a major irritation. During the latter half of the 18th century, the commercial production of salt meant drilling for salt water and encountering the challenge of petroleum and gas. Salt is impermeable and does not dissolve in oil, so it often sets the boundaries of the oil deposits in the ground. It was those salt drillers that helped extract oil from the first commercial oil well. And the importance of the resource gained traction with new products and especially with the discovery of kerosene, a clear liquid produced originally by distilling coal (‘coal-oil’) by Abraham Gesner in 1846. Kerosene would become popular as a cheap, clean fuel for lighting homes when kero
Also in this section
15 November 2024
With Chevron and AIM-listed Challenger Energy having completed their Uruguayan farm-out deal, Challenger CEO Eytan Uliel updates Petroleum Economist on the firm's progress in the frontier basin
14 November 2024
The country is seeking to secure its position as a major global refiner and meet rising domestic requirements
13 November 2024
IOCs are focused on the next wave of exploration activity in Namibia and are keen to learn from one another’s results