2021 has been a year of extraordinary challenges, especially for the energy sector and oil and gas in particular. The COVID-19 pandemic and subsequent economic crisis caused unprecedented disruption in the energy landscape—and the path to recovery remains uncertain.
The oil and gas (O&G) industry, also known as the petroleum industry, includes the process of exploration, extraction, refinement, transportation, and marketing of oil and gas products. The industry adapts to supply and demand around the world. The COVID-19 crisis impacted the energy industry globally. At the same time, the world’s energy systems are going through rapid changes triggered by simultaneous shifts in technological development, regulations, consumer preferences, and investor sentiments.
The annual value of revenues within the industry is estimated at $3.3 trillion. The United States, Russia, Saudi Arabia, Canada, and China are the largest producers of oil in the world.
Upstream refers to the processes concerned with the exploration and production of oil and natural gas. Such processes include for example drilling and bringing the resources to the surface.
Midstream refers to the tasks related to the storage, transport, and processing of petroleum products. Different means of transportation can be used such as pipelines, railway, barge, oil tankers, or trucks.
Downstream is the final segment of the oil and gas industry. This includes operations involved in producing the finished products. Converting crude oil into gasoline, diesel, natural gas liquids, and different types of energy resources.
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