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For large-scale oil projects (100 refineries or more) I end up going all in on Coal Liquefaction. Coal is stupid common, and it's a nice challenge to have to maintain enough miners on coal patches as I do iron and copper.
But Adv. Oil Processing is still pretty good, if your end goal is petroleum. It's much faster to produce that with fewer machines than with coal liquefaction. And a train carrying a few liquid wagons can be emptied in seconds, vs nearly a minute to get all the coal.
There's pros and cons to each.
Using coal gives more heavy oil while using oil and water gives more of that purple gas used everywhere.
If anything, using coal is a higher infrastructure and power cost but no crude oil input.
There are advantages and disadvantages to both methods.
Coal liquefaction is great when/where you need a lot of heavy oil, like robot or blue belt production lines but it's not all that great when you need a lot of petroleum gas and light oil.
Advanced Oil Processing : 25 HO, 45 LO, 55 PG
Coal Liquifaction : 65 HO (after factoring out the 25 to prime the next cycle). 20 LOP, 10 PG
As someone else stated, if you need HO (for the Lube) then CL is the way to go. Otherwise, you get a lot more LO and PG from AOP, especially if you are cracking everything down to PG you get a lot more from AOP than you do from CL.
CL has its uses, don't get me wrong; but it does not render AOP obsolete. BOP, however ,is obsolete the moment you get AOP.
This means that a couple minutes worth of time in a train in one direction will be enough to get you some fairly ridiculous deposits, including oil.
Once you get to that point, oil is no longer "rare" or "sparse" and you can sustain pretty serious production with a couple deposits for quite a while since even when they reach their lowest rate they will still produce quite a bit due to them having a much higher starting point.
Uh .. oil IS infinite. It depletes to, per Pumpjack, 2 oil/sec OR 20% of the initial oil/sec, whichever is larger. A Pumpjack put onto an 8 oil/sec well will drop to 2 oil/sec. A Pumpjack put onto a 40 oil/sec well will drop down to 8 oil/sec.
They won't go any lower. If you take an oil field, add up the amount per pumpjack, and divide by 5, you'll have a good approximation (barring any tiny wells) of the lowest full-throttle output that the overall field can produce.