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Analysis of the Oil Industry - Coursework Example

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"Analysis of the Oil Industry" paper focuses on one of the major business industries in the world and it is every country’s zeal that they acquire the oil resource. The paper reviews the reserves, the history, and current trends and the expected movement of the oil industry. …
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Analysis of the Oil Industry
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Download file to see previous pages In 2001 alone, the US reported earning from the industry close to two hundred billion US dollars. According to a previous study, the middle east tops the list as the largest exporters of crude oil taking over sixty-six percent of the global production of oil. Europe is the least producers of oil taking only two percent of the market share (Green, 4).
According to the American Association of Petroleum Geologists, the major problem facing the industry is lack of workforce and the increase in demand for oil. The report indicated that by 2030, the world’s oil demand is expected to increase from one hundred and three to one hundred and thirty million barrels per day. Natural gas, on the other hand, will expectedly increase to more than two hundred and twenty from the current consumption of one hundred and fifty trillion cubic feet per year. On the contrary, the labor estimate in the US will decline significantly with more than half of the workforce retiring by 2030. This is a result of many learners neglecting courses that would enable them to work in the petroleum industry (Green, 4).

Other major challenges facing the industry concerns the exploration and geopolitical forces that threaten the growth and therefore alternative energy sources. Worldwide competition for the depleting resource continues to call for the need to cut down the operating costs and improve on the recovery and new explorations. Many petroleum companies are public and therefore the push for more dividends from the profits is unbearable and commensurate with the companies investment strategies. Although there is tremendous technological advancement with the invention of the three, and the four-dimensional seismic down-hole sensors, that can provide real-time information, the complexity of exploration still remains a stalemate (Sylvia,20).

These cumulative forces, threats, and advancements in technology have led to the development of the intelligent oil field.  ...Download file to see next pagesRead More
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