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.
Oil drilling is a complex procedure of drilling and pumping out oil from reservoirs using drilling rigs. Oil drilling rigs are instruments that create underground hole/shafts. They are used to:
Oil drilling can be:
As per latest reports from Australia oil and gas industry, Santos, which is third biggest producer of oil and gas products in that country, has announced a drop of 8 percent in its year on year production for 2008. Santos assumes that in 2009 its production level would remain same.
Arrow Energy is a major name of oil and gas industry in Australia. It specializes in coal bed methane. It announced on 20th January 2009 that it has sold a stake of 10 percent in Arrow International, which is its overseas unit, to Royal Dutch Shell.
In a new development in Libya oil and gas industry, Verenex Energy, a Canadian company and Woodside Petroleum, an Australian oil company, have made hydrocarbon discoveries in Ghadames Basin in Libya. These discoveries were made in January 2009.
National Oil Corporation of oil and gas industry of Libya have found out oil and gas resources at D1-NC7A wildcat well in Ghadames Basin. This discovery has been made in conjunction with Arabian Gulf Oil Company in December 2008.
Oil Refinery Industry holds immense importance for all the oil producing countries. If we focus on the global trend of this Oil Refinery Industry then we will see that this industry has experienced a lot of ups and downs over the decades.
In the period from 1970s to 1990s considerable amount of investment was made in the Oil Refinery Industry. But because of the oil shocks of 1973-74 and 1979-80 and because of the Asian Financial Crisis, the market demand was quite low. This resulted in surplus refining capacity of global Oil Refinery Industry.
Nexen, a major independent company of Canada oil and gas industry declared on 22nd January 2009 that its oil sands project at Long Lake has started to produce synthetic crude oil. This project is worth $5 billion.
In a recent development for oil and gas industry in Canada, Mackenzie valley gas pipeline project has met with approval from federal government of China. Developers of this pipeline had submitted this project in December 2007 but till January 2009 Canadian government had been silent on this issue. This project is worth $13 billion.
Oil exploration involves geological studies and technical examinations to detect the presence of crude oil. The exploration and extraction of oil is an expensive and high-risk operation and the industry comprises mainly of big corporations.
