Introduction to Oil and Gas Industry Management Assignment Help

Assignment Task

Introduction to Oil and Gas Industry
The oil and gas industry is one of the largest, most complex, and important global industries. The industry touches
everyone’s lives with products such as transportation, heating, and electricity fuels; asphalt; lubricants; propane; and
thousands of petrochemical products from carpets to eyeglasses to clothing. The industry impacts national security,
elections, geopolitics, and international conflicts. The prices of crude oil and natural gas are probably the two most
closely watched commodity prices in the global economy (Inkpen, Andrew, and Michael Moffett, 2011).
Since the beginning of the oil industry, petroleum producers and consumers have feared that eventually the oil would
run out. In 1950, the US Geological Survey estimated that the world’s conventional recoverable resource base was
about 1 trillion barrels. Fifty years later, that estimate had tripled to 3 trillion barrels. In recent years, the concept of
peak oil has been much debated. The peak oil theory is based on the fact that the amount of oil is finite. As per
Inkpen, Andrew, and Michael Moffett (2011), discovering new oil and gas reserves is the lifeblood of the industry.
Without new reserves to replace oil and gas production, the industry would die. However, measuring and valuing
reserves is a scientific and business challenge because reserves can only be measured if they have value in the
marketplace.

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