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Understanding Oil and Gas - Doc

   

Added on  2021-04-21

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Running head: UNDERSTANDING OIL AND GASUnderstanding Oil and GasName of the Student:Name of the University:Author Note:

1UNDERSTANDING OIL AND GASTable of ContentsIntroduction......................................................................................................................................2History and Structure of the Oil and Gas industry..........................................................................2Description of Different Roles.........................................................................................................4Journey of One Petroleum Product and One Natural Gas Product: Compare and Contrast............5Demand and Seasonality of the Crude Oil and Natural Gas...........................................................7Conclusion.......................................................................................................................................8References........................................................................................................................................9

2UNDERSTANDING OIL AND GASIntroductionThe emergence of the latest trends in the post era of globalization has fundamentallyreshaped the oil and gas industry. Moreover, such trends are even focusing forward to bringmore changes and advancements in next few years. The volatile pricing structure of the oil andgas is creating more investment challenges and transformation from a low carbon to an efficientenergy world (Bergh et al. 2014). Government controls and triggers the supply constraints of theenergy products including oil and gas. The study would explore the history and structure of theemerging trends in the oil and gas industry. The diverse roles of National Oil Companies,International Oil Companies, and Government Sponsored Enterprises would be explained in thisstudy. Furthermore, the study would present the comparison and contrast of the differentjourneys of petroleum products and natural gas products. In addition to this, the supply chainprocess of the upstream, downstream, and midstream process would be analyzed to understandthe demands of the oil and gas products. History and Structure of the Oil and Gas industryThe oil and gas industry has the long history. The industry has been evolving over timeand the uses have expanded considerably. In today’s world, oil and gas industry has become anintegral part that contributes to the global economy. Coal replaced the use of oil eventually andbecame the primary source of the industrial power in the early twentieth century (Demski,Poortinga and Pidgeon 2014). However, oil and gas resources still have remained as the criticalfuel source for the transportation and the energy industry. In ancient culture, crude oil had beenextensively used as the substance for binding materials (Kern, Kuzemko and Mitchell 2014). TheRomans used such oil and gas for flaming the weapons of war. However, the current oil and gas

Natural GasNatural GasBalanced Production StructureProductionTransportDistribution CustomerStructure StorageDistributionTransportationCustomerTrade3UNDERSTANDING OIL AND GASindustry was emerged in the late 19th century. The first oil and gas company was then establishedin US and it was known as Pennsylvania Rock Oil Company.In describing the structure of the oil and gas company, it is noted that the oil and gasindustry is divided into three major segments, upstream business, midstream business, anddownstream business (Tang, Snowden and Höök 2013). The exploration and production of thecrude oil and natural gas belong to the upstream business whereas the recovered products fromthe upstream business move to the midstream business. The final market stage of the oil and gasindustry is the downstream business in which the natural gas and oil turn into the marketablepetroleum products. Within these three business types, the oil and gas sector is segregatedsequentially, which is presented below:

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