Oil and Gas Industry

Oil and gas provide the world's 7 billion people with 60 percent of their daily energy needs. As fuels, they keep us warm in cold weather; they generate electricity and power our appliances; and they take us by car, bus, train, ship or plane to places. We all feel the economic pinch when the prices of petrol, diesel, LPG or kerosene rises.

As petrochemical feedstocks, oil and gas are the raw materials used to manufacture fertilizers, fabrics, synthetic rubber and the plastics.

Large quantities of oil and gas flow daily from "exporting" regions such as the Middle East, Africa and Latin America to "importing" regions such as North America, Europe and the Far East. This creates political, trade, economic and even national security concerns on both sides. Producing countries tries to develop their resources and attain long-term sustainable benefits for their people. Consuming countries are always considering how to reduce their dependence on imported oil.

Finally, there is a continuous concern for safety in oil and gas operations, the impact that new projects have on environments, the possibility of oil spills and the effect of pollutants. http://www.petroleumonline.com/content/

India is the world’s fifth-biggest energy consumer in the world. Oil and gas contributes more than 42% of energy demand and 15% to the GDP. India depends for more than 70% of its oil demands on imports.

Global oil price dynamics is principally the balance of supply and demand, the macroeconomic and geopolitical situation, the dynamics of the US dollar exchange rate and conditions of the global financial markets. Technological breakthroughs make it possible to develop huge resources. The increase in unconventional oil and gas production in the US serves as a good example.