Oil and gas are everywhere, including in petroleum products, mainly used as transportation fuels, fuel oils for heating and generating electricity, asphalt and road oil and of course feedstocks, which we rely on to make chemicals, plastics and synthetic materials which are found in almost everything we use today. So, it is understandable how valuable the oil and gas industry is to the whole world, and without it, growth and living conditions would likely be taken back into the dark ages.
Even young children can identify with gas and oil with petroleum products for our vehicles that we rely on to get around. What they may not know is that oil and gas has many other uses as well. Of 7.13 billion barrels of US petroleum product consumption, a massive 47% was directly used for motor gasoline and 20% was distillate fuel, which includes heating oil and diesel fuel. Only 8% was used as jet fuel.
Having said this, it’s evident that gas and oil consumption is staggering, and a lot of money is involved in identifying, locating, drilling and getting the most from every deposit. Gas and oil prices are determined by the fact that drilling is certainly not an easy thing. Each and every deposit that is made is unique and there are a world of complications that come with the act of drilling and extracting from this precious resource.
Of course you will want to get as much of this resource as you possibly can, with as little cost as possible. But, it needs to be done right. There are many companies who can help you make the most of this asset, as let’s face it, it’s a valuable one. Find a company who is not only experienced in this field but also in oil and gas prices as well as analytics, commercial modelling including PSC and tax and royalty systems. The right company will understand exactly what you need to help you get the most from your discovery