Are you planning on getting involved with the oil and gas industry? Whether you are looking for work in this field, an entrepreneur thinking about starting an oil and gas business, or you are an investor, you will find that this can be a daunting industry to enter because it is so big. This post will offer a basic introduction to the oil and gas industry so that you can learn what is involved and what key steps you can take to get started in this field. Keep reading to find out more about the oil and gas industry and why it is such a dominant field.
The oil and gas industry involves the global processes of exploring, extracting, transporting, refining, and marketing of oil and gas. Oil and gas are vital to the global economy and play a massive role in heating, electricity, manufacturing, transport, and much more. The oil and gas industry is one of the biggest sectors in the entire world, generating an estimated global revenue of $5 trillion.
The Three Key Segments
As such a large and complex industry, there are three segments that the field is broken down into, and there are businesses that operate within each of these. These segments are:
Upstream: Companies that explore and produce oil and gas by searching for reservoirs of raw materials. This will involve the drilling process to extract raw materials from the Earth. Businesses involved in this segment are often referred to as “E&P” (exploration and production).
Midstream: Midstream companies play the key role of transporting oil and gas from natural resources to refineries so that they can be processed. Midstream oil and gas companies will use equipment like Emco Wheaton LNG loading arms to safely transport natural gas that has been turned into liquified natural gas and move it from ship to ship.
Downstream: You then have the downstream segment, which involves the refining and selling of oil and gas. Companies that refine these materials will remove impurities and turn the raw materials into products that can be used by consumers and businesses, such as petrol and diesel, jet fuel, and heating oil.
Opportunities In Oil & Gas
As such a large industry and one that has many different areas within it, you will find that there are many opportunities for those looking for a rewarding career or to start their own business. To find an area that suits you, it is worth conducting research, speaking to oil and gas professionals, and gaining any kind of relevant experience. It is only with this research that you can expand your knowledge and opportunities.
Hopefully, the information in this post will prove to be useful and help you to learn the basics of the oil and gas industry. As one of the biggest sectors in the entire world and one that is vital to the global economy, it is understandable why so many people have an interest in this field, whether looking for a rewarding career, to start a new business, or simply to invest.