Oil and Gas Industry the Process, Prospects and Obligations

by oilandgasopportunities

Oil and Gas industry is one of the most important industries that runs world economy. Besides providing the major energy resource for every need of human existence, the industry deals with the precious exhaustible resource which needs to be conserved.

There are many reputed oil drilling companies who have their oil drilling rigs located in the Permian Basin. Guided by the core values are openness, honesty, trustworthiness and teamwork, a successful oil drilling company is one that is highly committed to its core values.

With the advent of modern technology and communication, oil drilling has become a more prevalent and profitable industry. The process of oil drilling begins by drilling a hole deep into the earth using a long bit attached to a drilling string. After each section is drilled, a steel pipe is inserted in and using cement a casing is formed to hold the hole. Once the hole has been drilled, perforations are made in the casing so that oil or gas can enter the tube. Then high-pressure water and additives are pumped through to clean and fracture the rocks which releases hydrocarbons. The main reservoir is then sealed off and connected to the surface. As the bit moves deeper, new sections of pipe are added to the “string” and are screwed on to the top drive at the surface.

A large number of the oil and gas producers worldwide have oil and gas projects throughout the Middle East.  Saudi Arabia, Qatar, Iran, and Iraq are responsible for a huge amount of the world’s oil.  Oil drilling is among the main sources of revenue with these nations, some of which sell their oil to the Americas and Europe.  Oil and gas prospects throughout the rest of the world do exist however.  South America, the Alaskan territory, and even some parts of Asia are thought to have vast and relatively untapped sources of oil.  Prospecting these areas is controversial, as many people believe that renewable energy sources should be pursued instead of relying on fossil fuels.

The International Association of Oil and Gas Producers is a global forum for members to adopt the best practices in the oil and gas industry. Every oil and gas producer is responsible for their commitment to social and environmental issues. Many leading oil and gas producers are members of Oil and Gas Producers. Every gas and oil producer is devoted to safety, conservation of environment and social responsibility.