Oil and Gas Production Industry

The oil and gas industry is expansive and rather complex industry consisting of oil, fossil fuels, natural gas, oil and green energy sources. Combined the above sources make-up 32% of total energy consumed worldwide.

Oil was first thought to be discovered in the state of Louisiana in 1868 by the Louisiana Oil and Coal Company fifteen miles west of Lake Charles. However, the Louisiana Oil and Coal Company was unsuccessful at drilling oil but the company did find extensive sulfur deposits. (Louisiana Mid-Continent Oil and Gas Association. (n.d.). Retrieved October 07, 2016, from http://www.lmoga.com/resources/oil-gas-101/history-of-the-industry/) Oil was first discovered in Louisiana on September 21, 1901. (Louisiana Mid-Continent Oil and Gas Association. (n.d.). Retrieved October 07, 2016, from http://www.lmoga.com/resources/oil-gas-101/history-of-the-industry/)

Canada is the fifth-biggest oil producer on the planet, and has been manufacturing traditional unrefined petroleum for over a century. Canada’s oil industry delivers more than 3.6 million barrels of oil every day and is a part of the worldwide crude oil market. Crude oil stands out as the most actively traded commodity in the world. As a result of this, oil prices change day by day in light of changing conditions that influence demand and supply. Oil meets nearly 40% of Canada’s overall energy requirements through a range of products made out of refining. All things considered, refining crude oil yields the subsequent assortment of products:

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

Oil history in the United States began in the 19th century. In 1859 John D. Rockefeller built a small oil refinery. In 1866 he opened an export office in New York City, and a year later Rockefeller joined forces with his brother William, S.V. Harkness, and Henry M. Flagler and created what was to become the Standard Oil Company. In

WRI Between 4 to 6 million tons of oil are discharged into the oceans every year"

Throughout the years the government has spent millions of dollars on oil drilling. But what is the actual purpose of oil drilling? Is it necessary? Are we spending too much money on this one project or is it useful in the end? These questions have been debated so much over and over again. But the question is am I for or against oil drilling? Oil drilling takes up too much time and money for one simple purpose. It takes time and a workload to even begin this process. In order to perform a normal oil drilling process you have to find a land that has to be cleared and leveled, water must be nearby, if there is no water the crews have to dig water well, and lastly

What do we do to obtain oil to meet the needs of Americans without having to “sell out” to Middle Eastern countries, not only with money but with foreign policy? This paper intends to refute the claims of those opposing America’s attempts to address its own energy needs rather than rely on the oil sources of other

The oil and gas E&P industry started back in 1859, when the Pennsylvania Rock Oil Company of New York regrouped as Seneca Oil Company, found the first ever marketable oil near Titusville, Pennsylvania. Edwin Drake, a former railroad man, discovered a great amount of oil in his well that was refined into kerosene, a petroleum product. Even before the “Drake Folly” (AOGHS), oil was sold and used for medicine, oil was only produced and found at smaller amounts. After this finding, the exploration and production industry hit off from that point on to discover more wells through drilling grounds all over the United States to find commercial oil to be refined into the market.

oil in Nigeria. Nigeria’s large supply of high quality crude oil helped Shell climb to the top,

MSNBC, T. A. (2010, april 30). Oil from massive Gulf spill. Oil from massive Gulf spill , p. 2.

dates they were formulated and amended. The Petroleum Profits Tax Act 1959 as amended by Petroleum Profits Tax Act No. 15 of 1973 (Part 111) section 2 states thus - “for the purposes of subsection (1) (b) of the value of any chargeable oil so disposed of shall be taken to be the aggregate of” (b) The value of that oil as determined for royalty, in accordance with the provisions of any enactment applicable thereon and any financial agreement; alternatively, (c) Arrangement between the Federal Government of Nigeria and the company. This act was enacted in 1959 before the Nigerian independence and later amended in 1973.

Petroleum exploration & production was controlled by the Government-owned National Oil Companies (NOCs), ONGC and OIL, in pursuance of the Industrial Policy Resolution, 1954. In the early 70s, they supplied nearly 70% of the domestic requirement. However, by the

The petroleum sector began to add significant role and shape to the Nigerian economy and the political arena and destiny of the country in the early 1060s. However, when Nigeria became an independent nation in 1st October 1960, Shell – BP began to give out its acreage and its exploration licenses were converted in to prospecting licenses that allowed development and production ( Bamberg, 2000; Vassilion, 2009). Following the increase dominance of the Nigerian

The company planned to consolidate its leadership position in the West African Aviation fuel sector, with the expansion of Cameroun, Port Harcourt, Sokoto, Calabar, Maiduguri, and Enugu airports. The company has strengthened grip in the aviation fuel sector in Nigeria, Togo and Cote d’Ivoire; winning major contracts for the supply of JET1 to various international airlines operating in West Africa.