The Oil And Gas Industry Essay
The oil and gas industry is huge and comprises of complex processes that involve risk in order to bring about a monetary stability worldwide. Thus the oil and gas industry is critical which influences the world economy directly bringing about an increase in its price making it costlier. There is a huge demand for oil and gas by many large industries for commercial purpose such as working of equipment to the production of different commodities. Hence the countries with large crude oil deposits are the wealthy in the world as the demand for oil and gas exceeds its production. Since the oil and gas industry is crucial and massive in its process its further categorized into three sub segment: upstream segment that engages finding oil field and oil drilling, midstream segment that engages oil storing and shipping and downstream segment that engages in the allocation and refining of the oil based products.
Upstream Oil Industry and Its Key phases
Since the upstream is the initial stage in the production of oil it involves key phrases such as locating and selecting prospective underwater oil and gas fields, evaluating these fields, drilling the exploratory wells and finally carrying out operation to extract the crude oil or natural gas to the earth surface. The first phase is critical as it involve an extensive effort to discover the exact location where the crude oil is available with the help of geologist that inspect the area using gravity meters,…