Oil & Petroleum Products
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The petroleum industryalso known as the oil industry or the oil patchincludes the global processes of exploration oil and gas products trading, extractionrefiningtransporting often by oil tankers and pipelinesand marketing of petroleum products.
Oil and gas products trading largest volume products of the industry are fuel oil and gasoline petrol. Petroleum oil is also the raw material for many chemical productsincluding pharmaceuticalssolventsfertilizerspesticidessynthetic fragrances, and plastics.
The industry is oil and gas products trading divided into three major components: Midstream operations are often included in the downstream category. Petroleum is vital to many industries, and is of importance to the maintenance of industrial civilization in its current configuration, and thus is a critical concern for many nations. Other geographic regions' consumption patterns are as follows: The world consumes 30 billion barrels 4.
Governments such as the United States government provide a heavy public subsidy to petroleum companieswith major tax breaks at virtually every stage of oil exploration and extraction, including the costs of oil field leases and drilling equipment. Petroleum is a naturally occurring liquid found in rock formations. It consists of a complex mixture of hydrocarbons of various molecular weights, plus other organic compounds.
It is generally accepted that oil is formed mostly from the carbon rich remains of ancient plankton after exposure to heat and pressure in Earth 's crust over hundreds of millions of years.
Petroleum in an unrefined state has been utilized by humans for over years. Oil in general has been used since early human history to keep fires ablaze and in warfare. Its importance to the world economy however, evolved slowly, with whale oil being used for lighting in the 19th century oil and gas products trading wood and coal used for heating and cooking well into the 20th century.
Even though the Industrial Revolution generated an increasing need for energy, this was initially met mainly by coal, and from other sources including whale oil. However, when it was discovered that kerosene could be extracted from crude oil and used as a lighting and heating fuel, the demand for petroleum increased greatly, and by the early twentieth century had become the most valuable commodity traded on world markets.
Imperial Russia produced 3, tons of oil in and doubled its output by mid-century. Batum is renamed to Batumi in At the turn of the 20th century, Imperial Russia's output of oil, almost entirely from the Apsheron Peninsulaaccounted for half of the world's production and dominated international markets.
InLudvig Nobel and his Branobel company "revolutionized oil transport" by commissioning the first oil tanker and launching it on the Caspian Sea. As kerosene lamps gained popularity, the refining industry grew in the area. But there is evidence to support Williams, not least of which is that the Drake well did not come into production until August 28, The discovery at Oil Springs touched off an oil boom which brought hundreds of speculators and workers to the area.
Canada's first gusher flowing well erupted oil and gas products trading January 16,when local oil man John Shaw struck oil at feet oil and gas products trading m. The first modern oil drilling in the United States began in West Virginia and Pennsylvania in the s. Edwin Drake 's well near Titusville, Pennsylvaniais typically considered the first true modern oil well, and touched off a major boom. The first successful oil tankerthe Zoroasterwas built in in Sweden, designed by Oil and gas products trading Nobel.
It operated from Baku to Astrakhan. In the early s the Texas Company developed the first mobile steel barges for drilling in the brackish coastal areas of the Gulf of Mexico. Cutting off the oil supply considerably weakened Japan in the latter part of the war. Important developments since World War II include deep-water drilling, the introduction of the Drillshipand the growth of a global shipping network for petroleum relying upon oil tankers oil and gas products trading pipelines.
Infirst offshore oil drilling at Oil Rocks Neft Dashlari in the Caspian Sea off Azerbaijan eventually resulted in a city built on pylons. Oil spills and their cleanup have become an issue of increasing political, environmental, and economic oil and gas products trading. The American Petroleum Institute divides the petroleum industry into five sectors: The following table shows the ten largest national oil companies ranked oil and gas products trading reserves   and by production in Most upstream work in the oil field oil and gas products trading on an oil well is contracted out to drilling contractors and oil field service companies.
Aside from the NOCs which dominate the Upstream sector, there are many international companies that have a market share. Midstream operations are sometimes classified within the downstream sector, but these operations compose a separate and discrete sector of the petroleum industry.
Midstream operations and processes include the following:. While some upstream companies carry out certain midstream operations, the midstream sector is dominated by a number of companies that specialize in these services. Some petroleum industry operations have been responsible for water pollution through by-products of refining and oil spills. The industry is the largest industrial source of emissions of volatile organic compounds VOCsa group of chemicals that contribute to the formation of ground-level ozone smog.
Pollutants include nitrogen oxidessulphur dioxidevolatile organic compounds and heavy metals. Researchers have discovered that the petrochemical industry can produce ground-level ozone pollution at higher amounts in winter than in summer.
The greenhouse gases due to fossil fuels drive global warming. Already inat a symposium organised by the American Petroleum Institute for the centennial of the American oil industry, the physicist Edward Teller warned then of the danger of global climate change. The Intergovernmental Panel on Climate Changefounded by the United Nations inconcludes that human-sourced greenhouse gases are responsible for most of the observed temperature increase since the middle of the twentieth century.
As petroleum is a non-renewable natural resource the industry is faced with an inevitable eventual depletion of the world's oil supply. The study placed the ratio of proven reserves to production in the Middle East at A simplistic interpretation of the ratio has led to many false predictions of imminent "running out of oil" since the early years of the oil industry in the s. This has been especially true in the United States, where the ratio of proved reserves-to-production has been between 8 years and 17 years since Many have mistakenly interpreted the result as the number of years before the oil supply is exhausted.
Such analyses do not take into account future reserves growth. The Hubbert peak theorywhich introduced the concept of peak oilquestions the sustainability of oil production.
It suggests that after oil and gas products trading peak in oil production rates, a period of oil depletion will ensue. Since virtually all economic sectors rely heavily on petroleum, peak oil could lead to a partial or complete failure of markets. According to research by IBIS World, biofuels primarily ethanol, but also biodiesel will continue to supplement petroleum. However output levels are low, and these oil and gas products trading will not displace local oil production.
The petroleum industry is a popular subject in contemporary fiction. Films with oil-industry themes include There Will Be Blood set around Southern California's oil boom of the late 19th and early 20th centuries, and Syriana set in present-day Middle-East.
From Wikipedia, the free encyclopedia. For the magazine, see Oil Patch Hotline. History of the petroleum industry. Environmental impact of the petroleum industry. Oil pollution toxicity to marine fish.
Global warming and Attribution of recent climate change. Industry pioneers Faustino Piaggio lesson 3 puts and calls binary betting course, an early oil industry pioneer Oil production Oil well Oil terminal Oil refinery Oil supplies Integrated operations Instrumentation in petrochemical industries Standardization in oil industry List of crude oil products Financial and political List of oil exploration and production companies List of largest oil oil and gas products trading gas companies by revenue Chronology of world oil market events — Energy crisis: The Middle East in International Relations: Politics, Energy and Security.
The Former Soviet Union in Transition. The Corporation of the County of Lambton. Archived from the original on 29 July Retrieved 30 July The North American oil industry began in Oil Springs in in less spectacular fashion.
James Oil and gas products trading Williams, a coachmaker from Hamilton, dug into the tar-like gum beds of Enniskillen Township to find their source. At a depth of fourteen feet, he struck oil. Williams immediately built a small refinery and began to produce illuminating oil for lamps - kerosene.
It was Williams who was able to take full advantage of the ancient resource. Not only was he astute enough to look below the surface of the gum beds to find oil and to realize its commercial potential, but the timing of his discovery was perfect. Canada West's Last Frontier. Lambton County Historical Society,p.
Archived from the original on 3 April Our correspondent writes us from the Oil Springs, under date of the 16th inst. John Shaw, from Kingston, C. It will hardly be credited, but nevertheless such is the case, that the present enormous flow of oil cannot be estimated at less than two thousand barrels per day, twenty-four hoursof oil and gas products trading oil, and the quantity increasing every hour.
I saw three men in the course of one hour, fill fifty barrels from the flow of oil, which is running away in oil and gas products trading direction; the flat presenting the appearance of a sea of oil. The excitement is intense, and hundreds are rushing from every quarter to see this extraordinary well.
Experience oil well diggers from the other side, affirm that this week equals their best flowing wells in Pennsylvania, and they pronounced the oil as being of a superior quality. This flowing well is situation on lot No. Historical Dictionary of the Petroleum Industry. Scarecrow Press Rowman and Littlefieldpp. The World's First Oil Tankers". Retrieved 11 November Archived from the original on Allegro Energy Group, December The Impending World Oil Shortage.
The New York Times. Acronyms Oil shale gas Peak oil mitigation timing People Petrocurrency Petrodollar recycling Shale band Shale gas Swing producer Unconventional oil heavy oil and gas products trading oil sands oil shale.