The global oil and gas industry also involves the exploration and production of commodity and energy trading, pipeline monitoring and renewable energy. Petroleum Is proved to be one of the most valuable commodities in the world today and a vital factor In the sustenance of Industrial collocation, Crude oil production accounts for a significant amount of the world’s OLL consumption, approximately 53% in the Middle East, 32% In Europe and Asia, 44% In South and Central America, 41% in Africa and 40% in North America.
Developed countries represent the largest consumers of oil globally. Station is a fully integrated oil and gas company operating in industry segments such as the production and refining of petroleum, natural gas, and petrochemicals. Crude oil is the largest segment of the global oil and gas market, accounting for 62. 9% of the markets total volume. The natural gas segment accounts for the remaining 37. 1% of the market. Asia-Pacific accounts for 35. 8% of the global OLL and gas market value, while the Americas accounts for a further 31. % of the global market, Europe accounts for 24. 8% while the middle east accounts for 7. 9% of the global market. Where geographic segmentation Is concerned the axis of the 011 market is shifting from the trade between the Middle East exporters and US and European importers to one that links Asian developing markets to Middle East, which no longer has sufficient oil to support these markets’ growing needs. Oil production in the US was the largest in the world in 2012 3. 1. 42. 1. Market structure, size, growth and cyclically As indicated above, the global oil and gas Industry comprises two streams, which are ‘upstream – made up of petroleum exploration, production and extraction Including costless such as sling of leases, placing produced liquids and gas Into pipelines, midstream – comprising of processing and transporting of produced liquids and gas from the well site to a downstream facility such as a refinery, downstream facilities deal with refining and processing of crude oil and gas products, as well as their distribution and marketing.
Some companies operate in the industry as fully integrated companies (I. E. Having both upstream and downstream interests) while others concentrate on a particular sector, such as exploration and production (E) or refining and marketing. The global oil and gas industry exhibited a volatile performance over the past five years (2008-Bibb largely driven by the global economic slowdown and subsequent recovery. Although tensions in the Middle East and Increasing difficulty In the extraction process threaten to hinder growth over the next five years, however greater economic activity In emerging markets will keep demand buoyant. IL and gas exports account for more than 15% of the value of global exports and provide more than 25% GYP in Russia, Central Asia and members of the organization of the Petroleum Exporting Countries (OPEC). Just over 10% of the value of the world’s stock markets is invested in the oil and gas industry. The global oil and gas industry after a significant decline in 2009 has returned to dynamic growth in terms of market consumption, statistics show oil and gas supplies 57% of global commercial energy consumption.