Oil and Gas Business

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Oil and Gas Business consists of the oil and gas exploration (onshore or offshore wells) and extraction; gathering (oil and gas separation) and transporting (compressing, pumping, and boosting); refining (separation), treatment (upgrading and purification), production (petrochemical or chemical plant); and transporting (pipelines) and storing (tankage and terminal). The Oil and Gas Business is divided into two business area as an upstream and downstream business, divided at the point of, normally, oil and gas are separated and pre-treated (removal of water, salt, and sulphur, etc.). Sometimes, the Oil and Gas Business is divided into three major components: Upstream, Midstream (transportation and storage) and Downstream.

Related Definitions in the Project: The Project; Project Management; Plant and Process Unit

Example Article of the Oil and Gas:

How New Technology Will Disrupt The Oil And Gas Industry (Source: Oil Price on 1 April 2023): By Alex Kimani - At a certain point in its lifecycle, every industry faces its moment of reckoning with growing pressure to transform due to factors such as increasing competition, changing consumer preferences, government policy and other secular headwinds. The transformation usually takes the shape of improved supply chain discipline as well as streamlining business operations in order to achieve better operating margins. For the oil and natural gas industry, the moment of truth arrived a few years ago after years of weak benchmark prices, shrinking margins and massive capital flight forced the sector to seriously rethink the way it does business with energy companies increasingly turning toward tech heavyweights for help in cutting costs and streamlining operations. ...

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