The Global Oil and Gas Industry Andrew C Inkpen 2016
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In the past, the Oil and Gas Industry’s strategy was to buy up resources with high initial capital costs and low production costs, build them up as the demand for energy grew, and sell them later for a healthy profit. But with the advent of innovations and new technologies, the industry is moving towards a new strategy, a “digital industrial” approach. Digital Industry has taken the place of Oil and Gas Industry. The digital industry involves the application of information, communications, and computing technologies to improve efficiency, reduce costs, and
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The global oil and gas industry has been a vital factor in the economic and technological development of nations. From an historical perspective, the industry emerged in the 19th century and had a significant impact on the modern economy. As of 2015, the industry was valued at over $70 trillion with over 9 million employees worldwide (Akerlind, & Jonsson, 2015). This industry is essential for maintaining economic growth, providing employment opportunities, and facilitating energy access for citizens.
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The oil and gas industry has gone through some remarkable changes over the past few years. The demand for oil and gas continues to increase globally as governments strive to reduce greenhouse gas emissions. This has led to a greater focus on clean and sustainable sources of energy. At the same time, the industry has been transformed by technology, including digitalization and the use of unconventional reserves. This paper analyses the current state of the global oil and gas industry and discusses some of the key trends that are likely to influence its future.
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In 2016, I was fortunate enough to have the opportunity to attend an industry event in London, to witness first-hand the developments and new ideas taking shape in the global oil and gas industry. The event was hosted by the UK’s Centre for the Advanced Research in Engineering Education (C2REE) at the University of Kent, and it was a collaboration between them, the UK Oil and Gas Authority, and the Petroleum Academy (which operates as part of the University of the Highlands and Islands). The
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The global oil and gas industry is one of the oldest, biggest and most lucrative in the world today. The industry encompasses crude oil exploration and extraction, oil and gas processing, transportation, storage, distribution, and sale of the commodity across the globe. It has grown rapidly over the past two decades, with a forecast projection for further expansion in the coming years. The industry is driven by a plethora of technological and socioeconomic factors, including changing customer demands, increased competition, technological
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The Global Oil and Gas Industry is one of the most significant economic engines for nations around the world. It’s a highly competitive sector that’s constantly evolving, yet many organizations remain under-prepared to cope with the changes they need to undertake. In this article, we’re going to discuss the following elements of the Oil and Gas Industry in some depth and explain why every company needs to focus on them as they progress: 1. Resource management The Oil and Gas Industry is dependent on several types of resources, including click for info