The oil is then produced through a process called primary recovery, which involves using the natural pressure of the well to push the oil to the surface. As the pressure declines, secondary recovery techniques, such as water injection, may be used to extract additional oil.

Once a potential site has been identified, a well is drilled to access the oil-bearing formation. The well is then completed by installing a well casing and perforating the formation to allow oil to flow into the well.

However, oil is expected to remain a major component of the global energy mix for decades to come, and the industry will continue to play a vital role in meeting global energy demand.