The Oil Industry Good And Bad - 1418 Words

The Oil Industry Good and Bad Exxon Mobil Corp. is based in Houston, Texas. The company was created in 1999 through a merger of Exxon and Mobil. Both companies trace their roots back to Standard Oil, however, which was founded in 1870. Royal Dutch Shell was likewise created by a merger between Royal Dutch Petroleum of the Netherlands and Shell Transport Trading of Britain. The company has annual revenue of over 400 billion dollars. BP was formerly known as British Petroleum, a name it had used since 1954. BP is based in London and has annual revenues of over 300 billion dollars. Sinopec and China National Petroleum are state-owned corporations run by the Chinese government. Saudi Aramco is likewise owned and operated by the Saudi Arabian†¦show more content†¦Perceive how programming, sensors, process computerization and information investigation can help fuel proficiency over the production network, while enhancing dependability in oil and gas operations. The changing oil industry peak oil’ is proving a misleading idea. The foreseeable problem is not finite resources but the rate at hicks these very large resources can be converted into reserves for potential production. Reserves of oil and gas have each more than doubled since 1980 – faster than the increase in production. Technologies are developing which are creating new reserves of ‘unconventional’ oil, as they already have for gas. These technologies have more places to go, many of them outside the existing oil-exporting countries. These new areas are opening a field of growth for private-sector companies which was not foreseen a few years ago. The companies also still have opportunities for collaboration with state companies, in half of the world’s oil reserves, provided they meet each country’s terms and conditions and bring technology to complement the state company’s own resources. In some countries whose economies depend on oil exports, expansion of production is problematic, because their governments may choose to keep oil in the ground for future production, while gaining time to diversify their