A DESCRIPTION OF THE KEY SECTORS OF OIL AND GAS PRODUCTION

Topics: Petroleum, Natural gas, Hydrocarbon Pages: 4 (1572 words) Published: February 5, 2014
A DESCRIPTION OF THE KEY SECTORS OF OIL AND GAS PRODUCTION INTRODUCTION; Petroleum has over decades become a basic need necessary for survival. It is frequently carried in several forms (kerosene petrol, gas, amongst others) by many, but the process of getting it is far from the knowledge of most people. The aim of this paper is to describe the three major sectors of oil and gas which collectively involve the whole process of exploring crude oil, extracting, refining, processing, storage, transportation and up to the distribution stage. This paper is divided into five (5) parts; what is oil and gas(petroleum), ownership of oil and gas, key sectors of oil and gas production, key players in the sectors of oil and gas, and a conclusion respectively. Therefore at the end of this paper, a reader should understand the basics of oil and gas production. WHAT IS OIL AND GAS? ; When oil is referred to in the company of gasoline, crude oil is specifically what is intended. Crude or unrefined oil is also called petroleum. Petroleum which is also defined by the petroleum act1 is a naturally occurring liquid fossil fuel made up of multiple hydrocarbons and other organic compounds that can be found in rock formations of the Earth’s surface. Crude oil isn’t useful until it is refined into different products. OWNERSHIP OF OIL AND GAS; Generally, two types of ownership of oil and gas exist; Freehold (private) ownership; under this type of ownership, the Latin principle of ‘Cujus est solum, ejus est usque ad coelum et ad inferos2’ which translates; 'whoever owns the soil, it is theirs all the way up to Heaven and down to Hell'. The implication of this being that whatever is found beneath a land belonging to someone belongs to such holder of land. Therefore in relation to oil and gas, this theory states that the owner of a piece of land is regarded also as the owner of the petroleum lying underneath the...
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