There are two theories: biological origin (currently the dominant theory) and non-biological (not widely accepted in the scientific community, but with some good points to it). From Wikipedia ( http://en.wikipedia.org/wiki/Petroleum#F... ):
Biogenic theory
Most geologists view crude oil, like coal and natural gas, as the product of compression and heating of ancient organic materials over geological time. According to this theory, oil is formed from the preserved remains of prehistoric zooplankton and algae which have been settled to the sea bottom in large quantities under anoxic conditions. (Terrestrial plants tend to form coal, and very few dinosaurs have been converted into oil.) Over geological time this organic matter, mixed with mud, is buried under heavy layers of sediment. The resulting high levels of heat and pressure cause the remains to metamorphose, first into a waxy material known as kerogen which is found in various oil shales around the world, and then with more heat into liquid and gaseous hydrocarbons in a process known as catagenesis. Because most hydrocarbons are lighter than rock or water, these sometimes migrate upward through adjacent rock layers until they become trapped beneath impermeable rocks, within porous rocks called reservoirs. Concentration of hydrocarbons in a trap forms an oil field, from which the liquid can be extracted by drilling and pumping.
Geologists often refer to an "oil window" which is the temperature range that oil forms in-below the minimum temperature oil remains trapped in the form of kerogen, and above the maximum temperature the oil is converted to natural gas through the process of thermal cracking. Though this happens at different depths in different locations around the world, a 'typical' depth for the oil window might be 4-6 km. Note that even if oil is formed at extreme depths, it may be trapped at much shallower depths, even if it is not formed there. (In the case of the Athabasca Oil Sands, it is found right at the surface.) Three conditions must be present for oil reservoirs to form: first, a source rock rich in organic material buried deep enough for subterranean heat to cook it into oil; second, a porous and permeable reservoir rock for it to accumulate in; and last a cap rock (seal) that prevents it from escaping to the surface.
If an oil well were to run dry and be capped, it would be back to original supply rates eventually. There is considerable question about how long this would take. Some formations appear to have a regeneration time of decades. Majority opinion is that oil is being formed at less than 1% of the current consumption rate.
The vast majority of oil that has been produced by the earth has long ago escaped to the surface and been biodegraded by oil-eating bacteria. What oil companies are looking for is the small fraction that has been trapped by this rare combination of circumstances. Oil sands are reservoirs of partially biodegraded oil still in the process of escaping, but contain so much migrating oil that, although most of it has escaped, vast amounts are still present - more than can be found in conventional oil reservoirs. On the other hand, oil shales are source rocks that have never been buried deep enough to convert their trapped kerogen into oil.
The reactions that produce oil and natural gas are often modeled as first order breakdown reactions, where kerogen is broken down to oil and natural gas by a set of parallel reactions, and oil eventually breaks down to natural gas by another set of reactions. The first set was originally patented in 1694 under British Crown Patent No. 330 covering "a way to extract and make great quantityes of pitch, tarr, and oyle out of a sort of stone." The latter set is regularly used in petrochemical plants and oil refineries.
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Abiogenic theory
Main article: Abiogenic petroleum origin
The idea of abiogenic petroleum origin was championed in the Western world by astronomer Thomas Gold based on thoughts from Russia, mainly on studies of Nikolai Kudryavtsev. The idea proposes that large amounts of carbon exist naturally in the planet, some in the form of hydrocarbons. Hydrocarbons are less dense than aqueous pore fluids, and migrate upward through deep fracture networks. Thermophilic, rock-dwelling microbial life-forms are in part responsible for the biomarkers found in petroleum.
However, this theory is very much a minority opinion, especially amongst western geologists. It often pops up when scientists are not able to explain apparent oil inflows into certain oil reservoirs. However, most of these "abiotic" fields are explained as being the result of geologic quirks. No western oil companies are currently known to explore for oil based on this theory.
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Oil forms from the remains of dead plants and animals that have been buried under layers of sediment over millions of years. The intense heat and pressure from the Earth's crust transforms these organic materials into hydrocarbons, which make up crude oil. This process is known as petroleum geology.
Oil formation in the Earth's crust typically takes millions of years.
Crude oil is the form of petroleum that bubbles up from the ground. It is a natural fossil fuel consisting of hydrocarbons found in certain rock formations.
Slope oil refers to an illegal form of oil that is stolen from pipelines or production facilities. This stolen oil is sold on the black market, often leading to environmental damage and revenue loss for legitimate oil producers. It is a common issue in regions where oil production is prominent.
Crude oil forms in the Earth's crust over millions of years through the decomposition of organic matter under high pressure and temperature. It typically takes anywhere from 1 to 3 million years for crude oil to form.
Oil and water do not react chemically; they are immiscible due to differences in polarity. Oil is nonpolar and water is polar, so they do not mix and form separate layers instead.