Life of Field

The "life of a field" in the context of resources like oil or gas refers to the entire period from the initial discovery and development of the underground reservoirs until the resources are fully extracted or no longer economically viable to produce. It involves several stages: exploration, development, production, and eventual closure or abandonment. Factors influencing this lifespan include technological advancements, market demand, resource recovery rates, and operational costs. Understanding a field's life cycle helps companies plan investments, optimize production, and manage resources efficiently over time.