Oil and Gas Industry

Oil is one of Earth’s treasure and been naturally preserve in our crust for million years. Since oils are extracted by companies and industries, we can say that no country uses oil, from car engines, machineries and in all kind of transportation. Natural oil is used in wide variety of industrial processes, for electricity generation as well as domestic heating. Centuries have passed and all the nations use oils that make it gradually decreasing. It is not known how our world is able to produce oil and how long we will be waiting. It is said to be that after 40 years, oil will no longer be available in our world. However, with our improved technology like converting other natural resources into oil, our natural oil could be preserve longer than 40 years. Another factor that can affect the exhaustion of oil is the speed of consumption of every individual. Cutting oil consumption or even just trying other ways will prolong the life span or preservation of our natural oil.

While, natural gas is said to be the cleanest of all fossil fuels, as it generates the lowest levels of carbon emissions of all the fossil fuels. Natural gas is just like our natural oil, it is slowly diminishing and soon will be gone. It has only 60 years before it was totally over. However this forecast may be understated as new gas reserves are identified and come into new production. This is based on geological and engineering information on the volumes that can be extracted using existing economic and operation conditions.

This case is study is based and concerned only with upstream operations and some basic transportation of oil and gas by tankers to port within the oil and gas industry.