Oil & Gas
Overview of Oil & Gas
The oil and gas industry is the largest sector in the world in terms of dollar value. It contributes significantly to the gross domestic product (GDP) of many nations and generates billions of dollars a year and is, therefore, a crucial element in the global economy's framework.
The primary market for oil is transportation energy (fuel for cars, planes, and ships). Natural gas is primarily used for heating, cooking, and increasingly for generating electricity. Companies in the oil and gas industry discover reserves of these resources in the ground or at sea; build, operate, and maintain the wells or rigs that extract these resources; refine them for use; and then distribute or sell them to retailers, utility companies, or end users.