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Important Facts About the Oil and Gas Industry

June 09, 2012 | Comments: 0 | Views: 228

The oil and gas industry is one of the considerably changing and most important global industries all over the world. Oil and gas both are obtained from under the surface of earth. These energy sources are considered as the most useful natural resources.

The industry has touched every sphere of human life. With the arrival of technological development and explorations, the demand of gas and oil industry is increasing at a rapid pace. Around 60 to 70 percent global economic growth depends on this industry. Oil and gas are expected to remain the leading energy resources for decades to come.

The industry uses the following processes:

· Exploration process is involved in the formation of oil and gas

· Entire production and development of crude oil or natural gas

· Transportation

· Retailing and end users

Every industry has its unique challenges, terminology and methodologies. This industry includes both offshore and onshore energy sectors located in various parts of the globe.

Oil and gas industry typical applications

· Distribution of the fuel

· Wellhead control on Sub-sea

· Research on renewable resource

· Proper management of asset

· Conversion of Advanced protocol

· Downhole submersible pump monitoring and pressure temperature gauges

· Flow metering on Multi-phase (gas, oil, sand, water)

The oil and gas industry establishes the course to explore the oil well at the right locations and dig out gas and oil effectively. These sources are found deep inside the earth and proper procedure must be carried out at the specific location. The entire process involves a lot of money which is the major reason for the price hike in this industry. The prices of the oil and gas can be controlled somewhat by lowering production cost.

There are some major companies which are dealing in this industry such as Shell, BP, ConocoPhillips, Chevron, Total S A and ExxonMobil. Russia, USA, Iran, China, Russia are the major producers of oil all over the world.

There are several numbers of companies which are spending billions of dollars to maintain and increase the production and development of oil & gas. Maintaining the exploration process in an apt manner is very important for the growth of oil & gas industry.

These days, this industry is setting up some new policies and technologies to meet the upcoming demands and deal with the environmental issues. Production and exploration companies especially focus on finding hydrocarbon reservoirs, gas wells and drilling oil and selling and producing these materials. This entire process comes under the category of upstream gas and oil activity.

PetroChase is an independent oil and gas firm assisting in the acquisition, development, and exploration of oil and natural gas in the US.

Oil and gas investing offers financial opportunity with unique tax benefits to accredited investors, and oil exploration companies like PetroChase are great since they are at the forefront of project development.

Contact Petrochase at (888) 207-3876 or email info@petrochase.com.

Source: EzineArticles
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