
21st-Century Oil and Gas Industry Research and Practices: New Petro-Geological Teaching The article discusses a new approach to the processes of oil formation. The author offers his own paradigm, or angle of vision into origin and life (space-time dynamics) of an oil and gas play. Special attention is paid to the analysis of risks and uncertainties in the petroleum business. The 21st century has been marked by many unexpected events to humanity in various spheres of life and economics, including oil and gas industry. While petroleum, or crude oil, mean energy source, fuel and raw material (a feedstock) for many industrial needs, upstream oil and gas companies identify, extract, or produce raw materials. Advancements in R&D field of the “petroleum business” have largely been the primary concerns of humanity. About 70,000 oil fields have been discovered in the world, of which 1,500 are large. As many as 70 countries have proven oil reserves, more than 65 countries produce ...