Oil & Gas Industry
The oil and gas industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.
Petroleum is vital to many industries, and is of importance to the maintenance of industrialized civilization itself, and thus is a critical concern for many nations. The oil industry is a very important industry in the world and a lot depends on the price of the oil and it has been observed that whenever the oil prices increase the price of various products also increases. The oil industry also through oil production accounts for a large amount of the consumption of energy.
One of the biggest jobs in the future will be to reduce poverty and raise living standards around the world. An important factor in achieving this goal will be to continue meeting the world’s energy needs safely, reliably and affordably, even as population and economic growth continue particularly in developing countries.
Institutional petroleum industry stakeholders