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Oil and Gas Management is an intricate field that primarily deals with the functions of logistics, supply chain, and management of energy-producing resources like crude oil and gas.
There are primarily three areas. These are defined as followed:
Upstream: Upstream is famously known as E&P which stands for exploration and exploitation. This encompasses all the operations related to the rigorous search for oil that includes digging exploration wells and deepening already established wells to recover all oil and gas resources.
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This term deals with functions like storage, transportation, and refining oil. In a real case scenario when all the resources are recovered, they are often required to be transported to locations that are geographically remote from the regions the oil is derived from. The mode of transportation includes anything ranging from tankers and ships to trucking fleets and pipelines.
Downstream is the process where raw materials that are obtained during the upstream phase are filtered. The crude oil and natural gases derived from their sources are not always pure and the adulterated mixture has to pass through rigorous filtering processes. It is only after the basic filtration and processing that the oil is supplied to various producers that produce oil products like jet fuel, lubricants, heating oil, and LPG along with other petrochemicals.
The net volume sold of petroleum products is primarily dominated by gasoline, which is a fuel that fuels vehicles on the road. Petroleum is also a precursor for a plethora of products like fertilizers, pharmaceuticals, and polymers
Our subject matter experts that provide Oil and Gas Management Assignment Help have provided the aforementioned information for you to understand the essential concepts of Oil and Gas Management. However, an Oil and Gas Management Assignment solicits answers in more depth that only our experts can provide when you avail our Management assignment help .
Relatively, Oil and gas sector has seen an improvement since the last quarter of 2013 and 2014. However, due to pandemic, there have been some hurdles, but it is good news, that problems for the industry were short-lived and oil refineries and companies are emerging through losses quickly.
There has been a steady increase in global oil dependence since the last 3 decades and the current infrastructure continues to rely on crude oil and crude oil-derived products. The pandits even think that this is the last decade that would see the peak of the global oil production and consumption and a world would start seeing a decline in oil dependence starting from the year 2030.
However, in 2020, oil has impacted economic and global policies on a massive scale. The oil industry in the US alone provides 10 million jobs across the country and the companies associated with the production and transportation of oil further produces over 5 million jobs across the country.
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