The oil & gas industry keeps on changing dramatically. Increasing consumption of oil and gas in developing countries such as Brazil, India and China are posing an uncertainty in future trends.
Oil is obtained from the earth's crust. Crude oil can be collected from under the sea from sea creatures that died and got buried billions of years ago. It was formed when animals and plants got decomposed under mud and silt deposits.
The process involved in the oil and gas industry follows this order:
Exploring > extracting > refining > transporting > marketing
Exploring involves finding the new locations for oil, which leads to the extraction and refining. Refining converts the oil into a usable form (like gas or diesel) which we use in our daily lives.
Transporting involves pipelines through which the oil is transported to oil tankers that take it to different places. Exploration might seem simple but it is rather complicated. It is not easy to explore new areas in a short duration.
There is a great demand for oil in the world market to carry out industrial, commercial and domestic tasks. This demand is more than the actual production of the oil. This is why the countries that have a lot of oil are among the richest countries.
Saturday, June 2, 2012
Major Challenges in the Oil and Gas Industry
Subscribe to:
Posts (Atom)
