Oil and Gas Industry

By: EconomyWatch   Date: 29 June 2010

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The Oil Industry started off more than five thousand years back. Oil sipping up from the ground were used to make the boats waterproof in the Middle East and also used as medicating as well as for painting different things.

The demand for Oil was much higher than what it actually produced and this brought forward the concept of making oil production companies which is collectively known as the Oil Industry.

The Oil Industry is a very important industry in the world and a lot depends on the price of the oil and it has been observed that whenever the oil prices increase the price of various products also increases. The Oil Industry also through oil production accounts for a large amount of the consumption of energy. In this issue the Middle East is in the first position and the lowest consumption is done by the countries in Europe.

.According to the statistics the amount of oil consumed by the world every year is as many as 30 billion barrel among which nearly 25 percent of the oil consumption is done by United States of America. The Oil Industry can be parted in two, Upstream and Downstream. The importance of oil in the world evolved at a slow pace but once it was identified, it became one of the most important thing in the lives of human beings.

Oil Industry Statistics : The oil sector is considered to be one of the important areas of concern for the

It has acted as a challenge before the global economic scenario. There is fast growing oil consumption in the non- Asian countries.

The non-OECD Asia (Including both India and China) accounts for around 40 percent of the total increase in world oil use. From estimation it is found that to meet the projected increase in world oil demand the total petroleum supply in 2030 is required to reach 118 million barrels per day from 80 million barrels per day as of the year 2003.

The world oil consumption has increased by 1.2 million barrels per day in the year 2005, even after the increase of 2.6 million barrels per day as in the year 2004.

In the year 2004, China's oil use have increased by 0.9 million barrels per day and at the same time its demand increased by only 0.4 million barrels per day in 2005.

Among the various sectors, the transportation sector in the world has led to a high pressure to the industry, as there are few alternatives to the petroleum.

Oil & Gas Journal in its report has shown that world oil reserves estimated at 1,293 billion barrels as of January 1, 2006.
 

Further Resources

Gain Free access to reports previously only available to Governments and select Intelligence agencies. These reports are part of the OilPrice.com Intelligence Newsletter that focuses on: Geopolitics, Economics, Energy Issues, Conflicts, Crude Oil, Gold & Many other topics. Their information is sourced through a wide network of contacts and is not available from traditional news outlets and data providers.

 

Crude Oil Prices for the Last Three Months

The Largest Oil Companies

The following tables show the largest oil companies both by production and reserves as of the year 2003.

The Largest Oil Companies 2003
By Production (Barrels Per Day)

 

Company Name Country Production
Exxon Mobil USA 2,542
Royal Dutch Shell UK/Netherlands 2,220
Chevron Texaco USA 1,959
British Petroleum Amoco UK 1,931
Yukos Russia 1,507
Total Fina ELF France 1,454
Lukoil Russia 1,200
Conoco Phillips USA 1,019
Surgutneftegas Russia 884
ENI Italy 857

 

By Reserves (Millions of Barrels)

 

Company Name Country Production
Lukoil Russia 17,360
Yukos Russia 17,281
Gazprom Russia 14,902
Exxon Mobil USA 12,312
Royal Dutch Shell UK/Netherlands 9,469
Chevron Texaco USA 8,710
British Petroleum Amoco UK 8,376
Tyumen Russia 7,300
Total Fina Elf France 6,961
Surgutneftegas Russia 6,642

Source: Forbes Magazine, 2003.

 

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