The Oil And Gas Industry - 2120 Words

The oil and gas industry happens to be the largest industry in the world as it is the singular point of growth for a civilisation. Its importance lies in the fact that it is a fundamental aspect involving every individual’s lives from petrochemical products to transportation, heating and electricity fuels. Edwin Drake in Titusville, Pennsylvania drilled the very first oil well during 1859 and it paved the way to the beginning of the oil industry in America. While Edwin Drake focused on drilling oil wells in order to find oil, John Rockefeller thereafter focused on the refining of oil because it is through the refining of oil that it becomes fit for various purposes of practise. This was a step in the advancement of the oil and gas industry since it was this type of thinking that lead to the more commercially viable usage of oil. Before the creation of the Standard Oil Trust by Rockefeller, oil was mainly used for lamps and lubrication however, soon after oil was necessary for advanced inventions such as ships, airplanes and automobiles. For example, ships and trains were previously reliant on coal but were then switched to running on oil; this was a positive switch due to the fact that coal is the energy source which emits the most CO2. Hence, oil followed by natural gas became the most sought after and most imperative source of energy globally. Understanding the vitality of oil brings to the table the general security of energy. The fear of oil running out is aShow MoreRelatedThe Oil And Gas Industry1293 Words   |  6 PagesThe oil and gas industry is characterized by many processes, including exploration, resource extraction, refining, transport, and the trade of products. These resources are important to a number of other industries, and have become vital to the maintenance of industrial civilization. Not only does energy affect the big businesses on the coasts and across the oceans; but it also affects everyday people in rural America, from pump jacks to coal mines. It’s easy to see that technology affects retailRead MoreThe Oil And Gas Industry1146 Words   |  5 PagesThe oil and gas industry is crucial to the U.S. economy and plays a central role in its environment, society, and economic development . The U.S. consumes more oil than any other country. Products derived from oil include medicine, recreationa l sports items, cosmetics, plastic, chemicals, transportation liquids, etc... This is to say, crude oil is the most important natural resource of the industrialized nations, as it has assisted in the technical expansion and discovery of new sources and productionRead MoreThe Oil And Gas Industry2146 Words   |  9 Pagesand production one like Cairn Energy, operate in the oil and gas industry. Each of these companies faces some financial, commercial or contractual considerations similar throughout the industry, and some peculiar to the area of operation within the industry. Problems within the oil and gas companies have occurred in the past due to askew interests and these problems are likely to occur in the future. Managers within the oil and gas industries requires essential working knowledge of the concepts involvedRead MoreThe Oil And Gas Industry2308 Words   |  10 PagesWhen thinking about how all this oil and gas gets from the platforms in the gulf to land to be produced, you will run across the phrase, â€Å"flow assurance.† Flow assurance is what makes sure these oils and gases get from point A to point B without any hesitations or problems. Its main purpose is to prevent hydrates, clogged pipes, and wax depositions. So can the oilfield industry survive without flow assurance, especially in deep water operations? By reading this, you will learn how important flowRead MoreThe Oil And Gas Industry2910 Words   |  12 PagesThe oil and gas industry has been largely dependent on the collaboration between oil and gas companies and governments represented by environmental and regulatory agencies. This collaboration has been in place to regulate the practices and to protect the environment around the field operations sites. Some of the environmental agencies roles in the oil and gas industry includes: †¢ The design of safety procedures and drills. †¢ The implementation of these procedures to ensure they’re respected and carriedRead MoreThe Oil And Gas Industry1285 Words   |  6 Pagesthe largest in the southern U.S. and Texas, has been developing strong economy, especially in oil and gas industry. During the last decades of the twentieth century, Houston focused on developing energy industry—which comprises oil and gas exploration and production, oilfield equipment manufacturing and wholesaling, and pipeline transportation. However, some economists doubt that depending on oil and gas too much could make Houston particularly vulnerable to economic downturns determined by energyRead MoreThe Oil And Gas Industry1662 Words   |  7 PagesOne of the most capital intensive and globalized industries is the energy sector because of its operations that are inherently complex. As such, the oil and gas projects experience overruns of costs that exceeds 100 percent at times, which have created the need for adoption o f new contracting strategies (Schramn, Meibner, Weidinger, 2009). The risks in most cases are contractually distributed and shared among the energy project stakeholders instead of leaving it to the owner. Some of the risksRead MoreThe Oil And Gas Industry1070 Words   |  5 PagesStarting my petroleum engineering degree, the oil and gas industry was doing very well at the time.The price of oil was around a hundred dollars per barrel, new independent companies were frequently being created, and the employment rate after graduating with a petroleum engineering degree was close to one hundred percent.However, the outlook of the industry has drastically changed while being in school.The price of oil is now hovering around thirty dollars per barrel and many companies are now havingRead MoreIfrs And Oil And Gas Industry985 Words   |  4 PagesTracy SzeWai Yim Professor. Karen (Jingrong) Lin Advanced Financial Accounting - Sec 061 June 20, 2016 GAAP vs IFRS in Oil and Gas Industry (Exxon Mobil vs Royal Dutch Shell) Oil and Gas industry is not a stranger in the international market since everyone around the world has a certain level of demand on Oil and Gas. Therefore, different oil and gas companies are founded across the world and a lot of them have gone global. Becoming global has enlarged the companies’ revenue but also complicatedRead MoreIndustry Analysis : The Oil And Gas Industry976 Words   |  4 PagesIndustry Analysis: The oil and gas industry is expansive and rather complex industry consisting of oil, fossil fuels, natural gas, oil and green energy sources. Combined the above sources make-up 32% of total energy consumed worldwide. Three sectors define the value chain of the oil industry; Upstream – which is the process of exploration and extracting the natural resource, control storage and entail refinement process. Midstream – consisting of distribution by pipelines and large quantity shipments