Oil & Gas Industry
The oil & gas industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing oil & gas products. The largest volume products of the industry are fuel oil and gasoline (petrol). Oil & gas (oil) is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category. Oil & gas use 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. Oil accounts for a large percentage of the world’s energy consumption, ranging from as low of 32% for Europe and Asia, up to a high of 53% for the Middle East. Other geographic regions’ consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007. The production, distribution, refining, and retailing of oil & gas taken as a whole represents the world’s largest industry in terms of dollar value. Read Also: Oil & Gas Translation in CCJK Governments such as the United States government provide a heavy public subsidy to oil & gas companies, with major tax breaks at virtually every stage of oil exploration and extraction, including for the costs of oil field leases and drilling equipment. Are you looking for Refinery Industry Translation? We are here for your assistance.
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