The Oil And Gas E P Industry - 1556 Words

The oil and gas EP industry started back in 1859, when the Pennsylvania Rock Oil Company of New York regrouped as Seneca Oil Company, found the first ever marketable oil near Titusville, Pennsylvania. Edwin Drake, a former railroad man, discovered a great amount of oil in his well that was refined into kerosene, a petroleum product. Even before the â€Å"Drake Folly† (AOGHS), oil was sold and used for medicine, oil was only produced and found at smaller amounts. After this finding, the exploration and production industry hit off from that point on to discover more wells through drilling grounds all over the United States to find commercial oil to be refined into the market. The reasons for success in producing the shale formations were due to hydraulic fracturing also known as fracking, horizontal drilling, and directional drilling. George Mitchell was the â€Å"Father of Fracking,† had his trial and errors through finding a successful way â€Å"to drill into a shale and fracture it with highly pressurized fluids, freeing natural gas to be drawn to the surface† (Gertner). Before this, fracturing the surface was not intentional for freeing natural gas from the shale play but now technology and times have changed. Due to fracking and horizontal drilling, this provides natural gas to approximately 15 million homes for a year with one trillion cubic feet of natural gas. Directional drilling can â€Å"hit targets that cannot be reached by vertical drilling, drain a broad area from a singleShow MoreRelatedExxon versus Chevron Essay1576 Words   |  7 PagesBenchmarks Net Profit Margin, Competitors BP PLC 6.19% 3.08% 6.84% Chevron Corp. 9.73% 11.35% 11.01% ConocoPhillips 16.83% 14.54% 5.08% Royal Dutch Shell PLC 3.63% 5.69% 6.58% Net Profit Margin, Sector Integrated Oil Gas 6.75% 7.43% 7.60% Net Profit Margin, Industry Oil Gas 6.92% 7.39% 7.54% 2013 Calculations Net profit margin = 100 Ãâ€" Net income attributable to ExxonMobil à · Sales and other operating revenue = 100 Ãâ€" 32,580 à · 420,836 = 7.74% Exxon Mobil Corp., Operating Profit Margin(https://wwwRead MoreThe Giant Bomu Oil Field Essay1531 Words   |  7 PagesThe giant Bomu oil field in Ogoni located in Gokana Local Government Area, which has estimated ultimate recovery of 0.311 billion of barrels of oil and a total of 0.608 billion of barrels of oil equivalent including gas, was discovered in 1958 (Aniefiok et al 2013, Amanyie 2006, and Vassilion 2009). According to Amanyie (2005; 2006), in the late 1950s oil was struck in commercial quantity at Lekuma Khana in Ogoni soil, and in Bomu oil field in 1958. In 1962 and 1963, the Korokoro and Ebubu fieldsRead MoreIndian Oil Gas Sector- Financial Ratios974 Words   |  4 Pagesï » ¿ OIL GAS SECTOR RATIO ANALYSIS CONTENTS PARTICULARS PAGE No. 1. Introduction 3 2. Objective 5 3. Ratio Analysis 6 4. Appendix 8 INTRODUCTION The  Oil Gas industry  is the totality of all of the  industries  involved in the production and sale of  fuel, including  fuel  extraction, manufacturing,  refining  and distribution. Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the  infrastructure  andRead MoreCase Analysis : The Global Oil And Gas Industry Essay1462 Words   |  6 Pages Case Analysis: The Global Oil and Gas Industry A. Problem Summary The oil and gas industry is prominent for our everyday lives. The industry helps create products such as clothing, cosmetics, asphalt, rubber, gasoline, plastic, medicine, and more. The industry also has strong impacts on politics, national security, and international confrontations. Because the oil and gas industry is so prominent, crude oil and natural gas are said to be the most closely watched commodity prices around the worldRead MoreThe Canadian Oil Industrys Impact On Canada1477 Words   |  6 PagesCanadian Oil Industry’s Impact on Canada The Overview: Diverse and multi-faceted, the Canadian business market is one of the strongest functioning mixed market economies in the world. Within the Canadian economy, the oil and gas sector stands as one of the largest and most influential sectors. The oil and gas industry is unique as it affects almost every person and sector of the economy worldwide, whether it is through commodity or material input costs. In Canada, this growing industry could allowRead MoreDifferent Definitions Of Key Terms1220 Words   |  5 PagesR., and J. D. Walker (1977, cited in Aniefiok E. Ite1, et al., 2013: p 78-79) defines oil as follows: â€Å"Oil is a naturally stirring multipart mixture made up primarily of hydrocarbon mixtures and normally contains substantial quantities of nitrogen, sulphur, and oxygen together with smaller amounts of nickel, vanadium, and numerous components. Oil compounds can occur in solid form as asphalt, liquid form as crude oil and/or gaseous form as natural gas. Petroleum hydrocarbons could be divided intoRead MoreThe Oil And Gas Industry1146 Words   |  5 PagesThe oil and gas industry is crucial to the U.S. economy and plays a central role in its environment, society, and economic development . The U.S. consumes more oil than any other country. Products derived from oil include medicine, recreational sports items, cosmetics, plastic, chemicals, transportation liquids, etc... This is to say, crude oil is the most important natural resource of the industrialized nations, as it has assisted in the technical expansion and discovery of new sources and productionRead MoreElectronic Procur ement ( E Procurement ) Essay1259 Words   |  6 PagesIntroduction: Infusion with technology would create new opportunities for petroleum industry to extend their supply chains by reducing the transaction and sourcing cycle time and improved integration of the company with suppliers and customers. Because of incorporated with centralized tracking, system of transactions enables full reporting on requisition, things obtained, orders handled and installments made, therefore advancing the straightforwardness and minimizing the manual interventions andRead MoreIndian Oil Corporation1111 Words   |  4 PagesIndian Oil Corporation (IOC), established in 1959, is committed to the investigation and generation and showcasing of oil. A deal clever is the biggest organization in India with a turnover of Rs 2.47 479crore. IOC has subsidiaries to be specific Indian Oil Technologies, Chennai Petroleum Corporation, Bongaigaon Refinery Petrochemicals, Indian Oil (Mauritius) and Lanka IOC. 19 refineries, IOC own and work 10 with a consolidated limit of 60.2 million metric tons for every annum (MMTPA), ie 1.2 millionRead MoreBig Data On Oil And Gas Sector Essay1136 Words   |  5 Pagesin Oil Gas Sector 1. Introduction Big Data in Oil and Gas industry is not something new. The industry has long dealt with huge amounts of data to make critical decisions over the period of time. For many years energy companies had invested in seismic software, data visualization and other digital tools technologies for planning and optimization purposes. But now a day, most of the enterprises have started craving a certain desire for better execution of EP activities. Since the crude oil prices