Understanding Oil and Gas Spring 2017
Added on 2020-01-07
7 Pages2015 Words142 Views
Understanding Oil and GasSpring 2017
Table of ContentsINTRODUCTION...........................................................................................................................11. BRIEF HISTORY AND STRUCTURE OF OIL AND GAS INDUSTRY................................12. DIFFERENTIATE BETWEEN THE SUPPLY CHAIN OF PETROLEUM PRODUCTS ANDNATURAL GAS.............................................................................................................................33. CHARACTERISTICS OF NATIONAL OIL COMPANIES, INTERNATIONAL OILCOMPANIES AND GOVERNMENT SPONSORED ENTERPRISES........................................3CONCLUSION ..............................................................................................................................4REFERENCES ...............................................................................................................................5
INTRODUCTIONThe current status of petroleum industry is not a recent origin but petroleum undertakes akey component of politics, society and technology has its roots in 20th century. Oil and gasindustry in Ukraine possess long history and thus it identifies the different petroleum productssuch as crude oil, gaseous fuels, liquid fuels, lubricants and paraffin wax, petroleum coke andpetrochemicals etc (Doukas and et.al., 2010). Report also discusses about the main differencesthat has been identified from supply chain for petroleum products from that for natural gas.There are different companies involves in oil and gas industry such as National Oil Company,International Oil Company and Government Sponsored Enterprises and assess theircharacteristics in order to obtain desired results. 1. BRIEF HISTORY AND STRUCTURE OF OIL AND GAS INDUSTRYIn the past 19th century it was the period of great change and rapid industrialization.Through introduction of iron and steel industry it helps in providing new construction materials,railroads which are connected with the country helps in discovering of oil products which areconsidered as the new source of fuel. It also helps in attaining huge growth in the oil industry andtherefore, companies providing such fuel became the dominant fuel of the 20th century and anintegral part of American economy (Ekins, 2002). Also, petroleum is considered as an unrefinedstate which has been utilized through human being for over 5000 years. Oil is considered as themain element and thus could be used since early history petroleum industry involves the globalprocesses of exploration, extraction, refinery and transportation as well as marketing of products.This, industry is generally divided into three different parts i.e. upstream, downstream andmidstream. However, midstream operations are usually included within the downstream category(Elbanna and Gherib, 2012). Petroleum is considered as the crucial industry and thus its significance for themaintenance of industrial civilization helps in improving the oil and petroleum products inmarket. There are several governments which provides heavy public subsidy to petroleumcompanies and thus breaks the virtual stages of oil extraction and thus involves all the costs ofoil field leases and drilling tools (Feenstra, 2002). The industry structure of oil and gas is dividedinto three different sectors i.e. upstream, midstream and downstream. Within upstream it consiststhat oil companies are required to be classified as the sales to be supermajors i.e. BP, Chevron,1
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