Currently, black gold is known as one of the rare fuels with high commercial value and is an indispensable part of everyone’s life. This source of fuel is available in nature and is promoted by humans for investment, exploitation and development for multi-industry services.

So What is black gold? Where is the largest reserve of black gold? Let’s find out with through this article!

What is black gold?

Black gold is actually petroleum, a brown, black or greenish liquid. The main composition of black gold includes hydrocarbons in the form of solid, liquid and gas. From crude oil, we can distill it in segments depending on the specific pressure to create different types of finished products.

What is black gold?
What is black gold?

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The finished products are made from black gold

From the base fuel, which is black gold, we can create many other types of fuel for daily life. Detail:

  • Gasoline ether (40 – 70℃);
  • Heavy gasoline is used as fuel for cars (100 – 150℃);
  • Light gasoline is used as fuel for aircraft (60 – 100℃);
  • Light kerosene used as fuel and solvent for household use (120 – 150℃);
  • Kerosene is often used as a common fuel (150 – 300℃);
  • Diesel oil (250 – 350℃);
  • Engine lubricating oil (> 300℃);
  • Other finished products such as tar, asphalt and other fuels.

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How to mine black gold?

Black gold mining is carried out through the search, exploration and drilling of holes drilled deep into the geological layer to find oil wells. The drilling is carried out until the drilling hits the liquid oil layer, with high pressure, the oil below will automatically spray up.

Waiting for the amount of oil and pressure to decrease, people will proceed to put the pump to suck up the oil and bring it back for extraction, screening and distillation to get finished products for industrial production. .

Black gold mining process
Black gold mining process

In many countries around the world such as Russia, the US or the Middle East, oil wells are mostly located on land and are quite shallow, so the cost of exploitation is not too much.

In contrast, in some countries today, the process of oil extraction is carried out in the ocean, creating a rig system, conducting exploration and exploitation, facing many difficulties. In contrast, in some other countries, oil wells are located in the ocean, so setting up a rig system, exploring and exploiting is extremely difficult and expensive.

Why is oil called the black gold of the world?

It is no coincidence that black gold is considered 9999 gold by the world industry. It can be said that black gold is an indispensable source of energy in people’s lives today.

Most machines, equipment, engines, vehicles, etc. need to use oil to maintain operation. Without oil, all equipment and machinery could not operate, from which production activities would be delayed, leading to a decline in the economy.

Besides, oil extraction is extremely difficult and costly. In particular, petroleum comes from nature, it is present in the ground and in sedimentary rocks, which is a non-renewable fuel.

The overexploitation of this energy source will make the amount of natural crude oil increasingly depleted and scarce. That’s why people call oil black gold – an extremely expensive thing because of its declining output along with high mining costs that can be compared with the equivalent value of gold.

Along with that, mining also causes direct effects on the earth’s surface environment, vegetation and human health. Therefore, the urgent problem that needs to be posed here is that people have to find other energy sources to replace oil.

Where is the most concentrated oil in the world?

In the world today, the Middle East region is considered to have the largest oil reserves. Especially in countries such as the United Arab Emirates, Saudi Arabia, etc. These countries have established the Organization of Petroleum Exporting Countries (OPEC) to ensure stable source of income for member countries and secure oil supply for customers.

Venezuela officially becomes the country with the most concentrated black gold reserves in the world with nearly 304 billion barrels (as of early 2022) and accounts for 18% of the market share in this field.

Ranking countries with the largest reserves of black gold in the world
Ranking countries with the largest reserves of black gold in the world

Currently, Saudia Arabia (Saudi Arabia) is the second largest oil exporter in the world after Venezuela and plays a key role in OPEC. With current oil production of about 298 billion barrels, this is the country’s main source of income, accounting for 75% of the budget and 90% of the export value. There are about 4 million foreign workers and specialists working in the oil sector in this country.

Following these two countries is Canada with 173 billion barrels, Iran 157 billion barrels, Iraq 140 billion barrels, etc.

What energy can replace oil?

Under the continuous development of modern science and grasping the difficulties of the current oil industry, scientists have made unremitting efforts to research alternative energy sources for fossil fuels. oil. The good result is that we have found another natural energy source to put into use as an alternative to oil. Such fuels include:

  • FULLelectric bee and wind energy (energy source from wind);
  • Ocean thermal energy conversion (OTEC);
  • Hydrogen fuel for cars;
  • Using electric cars to replace gasoline-powered cars, both saving fuel and protecting the environment;
  • Using energy from water waves;
  • Geothermal (extreme energy located in the Earth’s interior);
  • Nuclear energy and solar energy.

Status of black gold mining in Vietnam

Oil fields in our country have been put into operation since 1986. Vietnam is one of the lucky countries to be endowed with this precious resource by nature. In general, Vietnam’s oil and gas potential is quite large.

From the early days of establishment until now, Vietnam’s oil and gas industry has constantly developed, rising to become an industry that brings great value to the country’s economy.

However, the scale of Vietnam’s oil and gas industry is not really commensurate with the available potential. After a long period of exploitation, most of the current fields in Vietnam are in the end-of-life stage of exploitation, have high water level and tend to run out of oil.

In recent years, activities of searching, exploring and increasing oil reserves have also decreased a lot compared to the previous period. Additional resources for annual mining are also limited. Therefore, the annual oil production also decreased significantly. It can be seen that the exploitation output in Vietnam has continuously decreased over the years.


FiveOil production
201516.9 million tons
201615.2 million tons
201713.4 million tons
201812 million tons
201911 million tons
20209.7 million tons
2021An estimated 8.48 million tons

Facing the situation of decreasing output, Vietnam Oil and Gas Group and oil and gas contractors have actively sought solutions to drill additional oil wells. However, the number of thickly drilled wells is very limited and the oil output at the wells is not high, only about 10% of the total output of the fields.

Repairs and interventions to the well system are still underway. In addition, oil fields in our country are located in the sea, so it is very difficult to exploit because of many risks such as geological risks, weather conditions, equipment and machinery when operating in the country, expensive exploitation costs. poor, etc., leading to a decrease in actual exploitation output, even less than the planned output.


Above, has provided information explaining to you about Black Gold. Hopefully, through the information we have analyzed, readers will better understand the valuable fuel source like 9999 gold of this world industry.


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