Oil is one of the most important commodities in the world. When transformed into petroleum, it is a key energy source used in vehicles, planes, heating, asphalt, and electricity. Outside of being a crucial energy source, petroleum is used in plastics, paints, chemicals, tape and so much more. It’s hard to imagine a world without oil.




The oil industry is broken down into three segments: upstream, midstream, and downstream. Upstream consists of the exploration and drilling to find oil and extract it from the earth. Midstream activities consist of transportation and storage, while downstream deals with the refining and marketing of the finished product. It is, of course, the upstream activity that is the most crucial. Because without the discovery and drilling of oil, all the rest would not exist.

Exploration and Production

The industry includes companies that specialize in crude petroleum production, the mining and extraction of oil from shale or sands and the recovery of hydrocarbon liquids. Some of the biggest oil and gas players are involved in the exploration and production of oil. Exxon, Chevron, and BP are three to name but a few.

The global oil and gas exploration and production sector makes up a large portion of the global economy, and the growth of this industry is only expected to increase in the future. It is predicted that global oil production will reach 100 million barrels per day in the next few years, up from the current 85 million approximated figure.

The nature of oil and gas exploration projects means that the industry relies much more heavily on capital equipment than human labor, so employment is not likely to rise as much as total market capitalization.
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