Before getting into the Case, it will be useful for students to understand the oil industry. Hence, a Primer is provided.
Oil1 is said to be formed from the remains of animals and plants that lived several millions of years ago in a marine environment. Over several thousands, even millions, of years, these remains were slowly covered by layers of sand and silt deposited by natural elements like the wind and rivers. Extreme heat and pressure played a major role in aiding these remains transform themselves into what today has become black gold, that is, crude oil (Figure 2.1).
The origin of crude oil is indicated by the word ‘petroleum’ itself. The word petra