In terms of dollar value, the oil and gas industry is considered the best global powerhouse that employs thousands of workers worldwide and controls the overall energy market. Professionals working or aspiring to work in the oil and gas industry should be aware of the oil and gas industry overview. They must know the working cycle of the industry and the responsibilities of the different sectors involved in the process. This article will provide a brief introduction to the oil and gas industry and the key points related to it.

Oil and Gas Industry Overview

The oil and gas industry is one of the largest industrial sectors in the world in terms of generating value in dollars. This is also known as the petroleum industry. This industry is very crucial to the global economic framework, especially for countries like the United States, Saudi Arabia, Russia, Canada, and China. Petroleum is important to many industries and is necessary for the operation and maintenance of Industrial plants, machines, and transportation purposes.

Brief History of Petroleum

Petroleum is a naturally occurring liquid found in rock formations. It consists of a mixture of hydrocarbons of various molecular weights, plus other organic compounds. It is widely known and accepted that oil is generated from the carbon-rich remains of ancient plankton after exposure to pressure and heat in Earth’s crust over hundreds of years. The Oil and Gas Industry or petroleum industry has been divided into the following three sectors-

1. Upstream oil and gas

2. Midstream oil and gas

3. Downstream oil and gas