Emily Clarke

Understanding the Oil and Gas Industry

Oil is an essential part of the world economy, as well as the American economy. For anyone interested in getting into the industry via investing, selling, buying, or working in operations, it can be confusing due to the complex jargon and unique metrics used throughout the sector. However, despite the industry's complexities, this sector of our economy isn't as complicated as you might think. Find the best oil and gas operations software by visiting this website.

What is the oil and gas industry?

The oil and gas industry is a sector of the global economy that revolves around the following aspects of hydrocarbons, which are organic compounds that consist of hydrogen and carbon (the main components of petroleum and natural gas):

• Exploration
• Development
• Data acquisition
• Drilling
• Production
• Gathering
• Refining
• Distributing and transporting

The oil and gas industry is one of the largest economic sectors in the world, generating about $3.3 trillion in annual revenue. The largest producers of oil in the world are the United States, Russia, Saudi Arabia, Canada, and China.

Oil and gas industry segments

The oil and gas industry is comprised of three main segments:

• Upstream: Upstream companies are those that produce and explore oil and gas. They search the world for oil reservoirs and then drill to extract the raw materials.
• Midstream: Midstream organizations in the oil and gas industry focus on transportation. They transport the raw materials extracted by upstream companies to refineries, where it can be processed into usable petroleum products. These organizations may operate trucking companies, pipelines, or storage operations for raw materials.
• Downstream: Downstream companies are the refineries which remove the impurities and convert the oil and gas into usable products for consumers, like gas, jet fuel, and asphalt.

Oil and gas software for operations companies

Operations companies that are a part of the oil and gas sector must be able to gather and analyze real-time and accurate data to do their jobs well. Many of these organizations use oil and gas software to ensure they have consistent access to credible, accurate, and reliable data. That way, they can make profitable and efficient operational decisions.

Oil and gas software is another essential aspect of the oil and gas industry, and helps keep the segments of this sector running smoothly by reducing poor-quality products, operational risk, and losses.

Author Resource:-

Emily Clarke is providing info about a single platform for your oil and gas software solutions. You can find her thoughts at oil trading software blog.