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If one is referring to the traditional idea of an oil well gushing all over the place, according to the Dictionary of Petroleum Terms, any uncontrollable flood of oil, gas, and sediments that rush out of an oil pipe, which is something quite frowned upon, is properly called a blowout. In the reality of modern drilling, where the pressure used to remove the oil is more often than not provided artificially, and the goal is to carefully control any and all movement of the oil, any newly flowing well is now simply said to be in a state called "being completed." A completed hole then goes into production.
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