Sustainability Challenges For The Gas And Oil Industry

Sustainability Challenges For The Gas And Oil Industry

The oil and gas industry is such a crucial sector of the global economy and the sustainability of human life. As of 2017, the global dependency on oil and gas sources of energy topped to about 4 trillion cubic meters of the energy resources. With the increased demand comes additional sustainability challenges that threaten to impact the highly demanded production severely. High Risk Of Accidents One thing that clearly defines the oil and gas production sector is the increased threshold of risk to accidents. Oil production companies operate in otherwise risky grounds such as offshore drilling areas in the high seas. The risk of accident in such environments is quite high. Some of the dominant kinds of accidents that have plagued the sector in the past include leakage of toxic oil and gas, leading to severe environmental pollution. Whereas oil mining companies have been on the forefront as far as risk mitigation is concerned, human error has been a major predominant issue which has led to some of the worst oil and gas accidents in the history of the industry. The threshold of such accidents and the potential impacts they have on the environment is so potent that it threatens the sustainability of the entire sector even as environmentalists move on high gear, calling for resourceful utilization of the environment. Straining Of The Existing Resources  The existing resources in terms of deposits of oil and gas, are facing a major constraint in our time. All companies have to increase their production to meet the expanded demand for commodities. In response, the companies have invested in more oil and gas...
What Are The Most Common Uses Of Oil And Gas?

What Are The Most Common Uses Of Oil And Gas?

Most people have heard about the gas and oil industry and how it continues to have a heavy influence on our nation’s economy. What many people may not know though, is how exactly oil and gas are used in our everyday lives currently. Having a strong understanding of the oil and gas industry, and how it is used can give you a better understanding of our economy and how major industries can cause fluctuations. Oil Uses To begin, let’s examine how the United States uses oil, before examining how our continued use is affecting the greater industry altogether. According to the U.S. Energy Information Administration, the top areas that petroleum, which is created from crude oil, is used include transportation, followed by industrial uses. 71% of the petroleum that is used each day in the United States is for transportation purposes. In 2017, approximately 47% of the total petroleum use was for gasoline that is used in people’s cars. While oil is used in a variety of other ways, transportation accounts for a significant portion of the country’s oil consumption. Gas Uses On the other end of the industry is natural gas. Like oil, gas continues to have a significant influence on today’s society. One of the most common and well-known uses of gas is to power homes. Not only does gas provide electricity to homes across the nation, but is also commonly used for daily necessities like kitchen appliances, including the stove and oven. Additionally, gas can be used to heat homes and commercial buildings as needed. Gas has also been used for things like heating water. Outside...
Great Oil And Gas Industry Blogs To Follow

Great Oil And Gas Industry Blogs To Follow

Here in the United States, it’s no secret that oil and gas prices directly affect the health of the economy as a whole. The two major industries are also key to the position of the United States among other countries spanning the globe. Keeping abreast of all the changes occurring in both the oil and gas industries can be hard to follow. Informative blogs are the best way to catch up on emerging and evolving trends. Great Oil And Gas Companies To Follow: ClipperBlog From global crude to refined product movements, the blog provides a unique perspective on analysis, commentary, and comprehensive data sets. Genscape Blog Genscape is a leader in the world’s largest private network of in-field monitors. The company offers unsurpassed market intelligence across the energy scope. RBN’s Daily Energy Post Here’s another excellent blog that posts at 5:00 am central time each business day. The blog focuses on energy market trends, the mechanics of how these markets function and more. Oilholics Synonymous Report Financial writer Gaurav Sharma boasts an extensive resume in both the oil and gas industries. He has vast experience covering OPEC summits, energy events, analysis of oil corporations’ financials and exploration data. Today In Energy From The EIA The U.S. Energy Information Administration (EIA) provides a wealth of information to the media regarding energy production, stocks, demand, imports, exports, and prices. The RigUp Blog The Austin, Texas-based company has emerged as the biggest marketplace and provider of labor in the energy industry. The blog tackles a variety of topics like “5 Fun Facts About the Permian Basin.” Oil And Gas Lawyer Blog Texas...
How Has The Oil And Gas Industry Started So Far This Year?

How Has The Oil And Gas Industry Started So Far This Year?

The oil and gas industry can go from being consistent in being sporadic in an instant. Prices of crude oil can plummet or skyrocket overnight because so many countries have involvement in the industry. One country’s actions could have effects on the entire world. 2019 is off to a good start for most oil companies. For example, BP posted large profits for the fourth quarter of 2018; their 2018 replacement cost profit was $12.7 billion for the entirety of 2018. Bob Dudley, chief executive of BP, said: “This is a really good quarter, and, actually, the end of a great year for us.” He explained to CNBC that his company had doubled earnings and returns from 2017. As a result of his announcement, BP shares rose by 3% earlier in February. BP’s 2018 fourth-quarter was a 65 percent increase from 2017’s fourth quarter. This can partially be attributed to the acquisition of BHP’s U.S. shale properties and assets. Dudley is predicting an excellent 2019 for the oil and gas industry. He explained to CNBC that he expects oil prices to remain between $50 and $65 this year. The price of crude oil isn’t the only thing that determines a successful year for the oil industry though. The sudden drop in oil prices in December already has many companies rewriting their 2019 projections, but there are other things they must consider as well. There is currently a pipeline capacity bottleneck in the Permian Basin. However, some experts believe that this issue will be resolved by the end of the year. Despite this, profits are expected to break records within the...
What Are The Different Gas And Oil Industries?

What Are The Different Gas And Oil Industries?

The oil and gas industry are coming into more focus as a result of recent changes, and it does not show a major sign of evening out soon. The gas and oil industry is broken up into three components, with each component counting for a major source of energy that helps to fuel the world that we live in today. The three components include the upstream industry, the midstream industry, and the downstream industry. While many know about the gas and oil industries, they may not understand how each component is used for fuel. With that in mind, let’s examine what the three components of the gas and oil industry. Upstream Industry To begin, the upstream industry is the component that searches for crude oil and natural gas through underground or underwater fields. Essentially, it is the component that uses different approaches to find the necessary oil and gas. Because of how unpredictable the wells that are used to retrieve the oil and gas, this component is considered to be the most difficult, and overall dangerous approach. However, it continues to be in high demand in today’s economy. Midstream Industry Once the oils and recovered from its respective location, the midstream industry helps to store and distribute the items. Some of the processed items include crude oil, natural gas, and sulfur. In general, the midstream industry is considered to be fairly safe, as they work to store the gas and oil until it is transported to locations that will determine where it will be distributed and utilized. Downstream Industry The downstream industry represents the final processing of the products,...