Oil & Gas Industry: Past, Present and Future

The international energy agency (IEA) report that global upstream expenditure and development in oil and gas industry has a strong growth by averaging 11 percent per year in 2000 – 2012 and

This has caused an upheaval all throughout Libya’s oil industry causing turmoil within the National Oil Corporation (NOC). “Along with smaller subsidiary companies, the NOC accounts for around 50 percent of the country's oil output.” (Reuters) In addition, major foreign international oil companies operating in Libya have evacuated employees. These companies include Eni, StatoilHydro, Occidental Petroleum, OMV, ConocoPhillips, Hess Corp, Marathon, Shell, BP, ExxonMobil, and Wintershall, a subsidiary of chemical company BASF. (Reuters)

oil industry in all of America. In the short span of a little less than twenty years, the Standard Oil Company had control over 90% of the oil business in America.

By the 1960’s, oil prospectors began to partner with one another developing into large oil

In addition to the US peak oil situation, the US Oil Drilling and Gas Extraction Industry faces heavy foreign market competition. In 2011, the US ranked 3rd in oil production, behind Saudi Arabia and Russia (Energy, 2012). Saudi Arabia’s OPEC governor expects Saudi output to rise steadily beyond 2030 with a 1.5 million barrel per day spare production capacity then (Energy, 2012). Russia holds the world’s largest

The largest world supplier oil company is Saudi Aramco. It is the most profitable company on the earth. Since it is the most powerful oil company, it has a great impact on the world economy. As a result, a strong international relationship was built with the Kingdom of Saudi Arabia. In addition, the strong developing of international relationship with other industrial countries resulted in massive contributions to the politics, economy, and many different aspects. In 1933, Saudi government bestowed oil concession to California Arabian Standard Oil Company (Chevron). The main factor for this grant was to explore the oil in the eastern region of the Kingdom of Saudi Arabia. After discovering a huge amount of oil, part of the

The Oil & Gas industry boomed after world war two. A new cultural change based on automobiles led the world oil consumption to overtake production, a scarcity that would allow the company to grow its revenue by more than 100% in 10 years from 1958 to 1968, something that the Organization of Petroleum Exporting Countries (OPEC) would also soon take advantage.

Energy, especially from fossil fuels, is a key ingredient for all sectors of a modern economy and plays a fundamental role in improving the quality of life in less developed economies. In 2007, India is ranked fifth in the world in terms of energy demand; accounting for 3.6% of total energy consumed, and is expected to grow at 4.8% in the future. India imports 70% of the oil it uses, and the country has been hit

The OPEC nations showed the world that their huge crude reserves could be wielded as a political and

The world’s largest independent corporation for its production of crude oil and natural gas are to be known as the Canadian Natural Resources. It is an Energy Company that is situated in Calgary, Alberta. From the early 1980s, this company has developed from less than a 10 employees and a market capitalization of $1 billion to one employing 3700 employees with a market capitalization of $30 billion ranking number 251 on Forbes list in 2010. The emergence of rapid growth has come due to attainments and organic growths. Canadian Natural Resources (CNQ) is a large company that is operated across Western Canada, offshore West Africa and North Sea. This Energy Company deals with exploring many resources such as: mining, natural gas, oil Sands, production of crude oil and other related markets in the US, Canada and Europe. The biggest production offering nearly half of its all products is the natural gas.

The North American Industry Classification System (NACS) code for upstream oil and gas is 213112 Support Activities for Oil and Gas Operations. This code is used by Federal statistical agencies in classifying businesses for purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. The broad Standard Industrial Classification (SIC) for oil and gas exploration falls under SIC 13. Throughout this paper, we explore oil extraction in the U.S., SIC 1311, and provide an economic analysis of the Upstream Oil Exploration Companies in the United States.

The distribution of natural resources like oil and gas are unevenly distributed across the world (Stutz, 2007). This essay will explain where the majority of oil and gas is located. Thereafter, the focus will be on the benefits and drawbacks of countries that are dependent on oil/gas. Finally, a conclusion will be given which sums up the most important factors.

* BP plans to sell assets for up to $30 billion over the next 18 months, primarily in the upstream business, and selected on the basis that they are worth more to other companies than to BP [http://www.bp.com/extendedgenericarticle.do?categoryId=2012968&contentId=7063921]

Bharat Petroleum Corporation Ltd. is an Indian state-controlled oil and gas company headquartered in Mumbai, Maharashtra. Bharat Petroleum offers a full range of Automotive Engine Oils, Gear Oils, Transmission oils, Specialty Oils and Greases. BPCL has a gamut of products under the category of lubricants targeted towards the different set of customers based upon their usage

Due to complications in gaining access to risk capital and lack of expertise wanted for resource exploration and production, most developing nations with oil and gas reserves grant development right to foreign companies, which have adequate expertise, technology and capital to fund the project including the capabilities to manage