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Oil & Gas industry Facts, Features

Today, oil and gas industry plays a vital role in world economy as it includes various process such as exploration of oil fields, extraction of crude oil, refining industry, transportation through pipelines and oil tankers and marketing  of extraction products all over the world.

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Facts & Features

The growth of oil and gas industry business is so fast that it has been determined by the experts that the demand has reached more than 30 billion barrel annually. Presently, the oil and gas market segmentation as per the regions of the world is as follows, the largest energy consumers are Middle east countries with 53%, North America with 40%, central & south America with 44% and Africa with 41%. The Asia and Europe constitute 32%.

Major companies in this sector

Some major companies in this industry which uses Brand Building & Positioning Tactics for staying ahead are Saudi Aramco, NIOC, Qatar Petroleum, INOC and NOC.

Major Countries

The major oil producing countries in oil and gas industry business are Middle East countries, USA, Nigeria, Norway, Russia and China.

Industry trend

Since its discovery, it is widely known fact that the resources and products of oil and gas industry are finite resources on the planet. The business model of this industry has always included the seller’s market but now it is leaning towards equal relationship. More and more companies in this field are looking for various ideas to preserve as well as increase their market share. The oil and gas industry and changing global trends include the use of sophisticated technology to reduction of extraction cost of oil and gas. The second trend includes the adaption of various market and business strategies for increase in sales.

Market size and share

The oil and gas market share analysis offers information that the growth rate of market size and share is amazing primarily due to expansion of industrialization all over the world.

Forecasts

Most of the market experts agree that with the development of new oil fields around the world, the Global oil and gas industry outlook is very bright but they are worried about its effects upon the prices. Although most of the countries are also trying to develop alternative resources, but like other industries, this industry has to continue improvement in industry policy and plan, cost structure and business strategies for meeting new challenges in future years.

Neha Potdar

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