Oil & Gas Industry

Energy market plays an influential role in the global economy

Oil and Gas industry is the major industry in the market as the world’s primary fuel source. Oil and gas are generated from a source rock, organic matter buried in the depths of the earth. Once formed, they climb back towards the surface. On their way, cap rocks can impede their progress and they accumulate in reservoir rocks. Here they constitute hydrocarbon fields, which can be identified by interpreting a seismic data.

Petroleum Refining –

Crude oil, once extracted, is distilled in a refinery to separate the hydrocarbon as needed. The lighter molecules evaporate to the top of distillation column where the temperature is around 20 degree Celsius. Liquefied petroleum gas (LPG) are harvested and used among other things such as, in lighters and kitchens. Between 30 degree and 105 degree Celsius, gasoline for cars is produced. Between 105 degree and 160 degree Celsius, naphtha is created, used in petrochemicals in order to create plastics, synthetic textiles, drugs and cosmetics. Between 160 degree and 230 degree Celsius, kerosene is obtained for aviation. Between 230 degree and 425 degree Celsius, diesel is created for cars and heating oil for domestic purposes. Eventually, the thick, high-sulfur residue is heated to above 450 degree Celsius to form heavy fuel oil used by ships, and to obtain bitumen used for road construction and roofing.

Impact of Oil & Gas Industry on Environment –

  • Climate Change - Climate change is the most significant issue the world is facing today. The environment targets to meet global net zero carbon emissions by the passing time, and the oil and gas industry is under pressure like no other industry. The emissions released by extraction refining in burning oil and gas, currently represent around 55% of all energy related greenhouse gas emissions.
  • Impact on Marine Life - During the drilling process of oil and gas, shockwaves are blasted into the water, in order to locate pockets of oil and gas beneath the ocean floor, which affects the livelihood of local marine lives. It affects the lives of the people who depend on natural living. The relentless noise created by the blasting, disturbs the marine life. According to a survey, around 75% of marine animals are affected negatively by underwater waves and noises.
  • Trends of Oil and Gas Industry – The largest element of oil and gas industry is infrastructure. The organizations investing in this industry are focusing mainly on investment into supply and logistics. But companies working in the oil and gas industry are focusing on repairing and improving their current infrastructure, which leads to firms in resulting increased capacity and fast delivery.
  • Oil and gas industry is focusing on sustainability, by reducing their negative environmental impact, with recycling hazardous materials.
  • Huge amount of energy and resources are used to extract oil from the ground. So, oil and gas industry is focusing on natural gas s an alternative source of fuel with less harmful effects compared to other sources.
  • Rising emergence of 4D seismic technology is very innovative trend in the oil and gas industry. It augments virtual reality software and 3D visualization during drilling operations, and to improve oil exploration, refining and production.
  • Autonomous robots in oil and gas industry improves safety in hazardous conditions, image detection, and ensures safety of the workers at rigs. Drones are used to inspect inaccessible areas at oil and gas sites.

Growing Prevalence of

Oil and Gas Industry in Africa

There have been significant discoveries that are dignified to transform Africa into a major hydrocarbon herb. Trillions of cubic feet of natural gas have been discovered between East Africa the Mediterranean gas fields offshore, North Africa and the recent hydrocarbon boom in Southern Africa the continent is quickly overtaking the rest of the world as the leader in oil and gas exploration as the leader in oil and gas exploration representing the final frontier for oil and gas exploration.

  • Senegal Yakaar Teranga oil discovery – A BP Cosmos joint Venture discovered 20 trillion cubic feet of natural gas in yakaar teranga development located in the Kaya profound deep water offshore blog in Senegal at 3000 meters deeps.
  • Ivory Coast: Baleine Oil Discovery – 2 billion barrels of light oil and 2.4 trillion cubic feet of gas were found in Annie’s. First ever Ivory Coast Prospect world the first Net Zero emission.
  • According to the reports of International Energy Agency, As of May 2022, countries representing more than 70% of global CO2 emissions have committed to reach net zero emissions by around mid-century. This includes 12 African countries that represent over 40% of the continent’s total CO2 emissions.

Future of Oil and Gas Industry –

Petroleum or crude oil is a fossil fuel. It is the result of organic matter transforming into hydrocarbon over millions of years. Generally buried in the form of a deposit, crude oil sometimes appears on the surface of the earth. Historically, stating, oil was used around the world, as a sealing material in construction and for medical purposes. But in the middle of 19th century the consumption explode. In the present time, the oil and gas industry is undergoing major transformation thanks to adoption of digital technologies. Oil and gas industry has made significant advancements in developing new technologies and doing things in better and more environmentally friendly way.

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Swara Keni

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