- August 22, 2019
- Posted by: Suchismita
- Category: Blog
With a rapid expansion of the oil and gas industry in India, key players in the market are undertaking huge investments to meet the burgeoning demand. India’s economic growth is closely related to energy demand; therefore the need for oil and gas is projected to grow more, thereby making the sector quite conducive for investment. The reason is supported by the Indian government who is taking progressive initiatives to encourage the private sector for investments. The industry includes intrinsic processes of exploration, extraction, refining, transporting by oil tankers and pipelines, and the marketing of petroleum products. In terms of growth, there is a palpable shift in gears seen this year with buoyancy in financial markets and a cyclical recovery underway in the manufacturing and trade industry. However, the changing times have brought an upsurge in challenges and opportunities across the sector.
The oil and gas sector is a global powerhouse using hundreds of thousands of workers worldwide and generating hundreds of billions of dollars globally each year. And the growing competition in the world is forcing companies to hire talents that can bring prosperity to their business and set them special in the crowd. However, this improved outlook in the oil and gas industry is more of a reflection of economic stabilization subsequent two consecutive years of stymied economic activity rather than a legitimate signal of a robust and sustained revival of global demand.
With key players of this industry searching for the right talent to increase their production chain, a rise in demand in oil and gas jobs is seen in India. This has led aspirants with an absolute need to gear up for the competition and survival in the field. Getting into the details, the scope of this industry is discussed below:
Scope
In order to compete with global energy giants and withstand oil price volatility, companies in this sector seek competent talent to make their business stand out in the market. The energy sector has three key areas: Upstream, midstream and downstream.
Upstream
Upstream is E&P (exploration and exploration). This involves the search for underwater and underground natural gas fields or crude oil fields and the drilling of exploration wells and drilling into established wells to recover oil and gas.
Midstream
Midstream entails the transportation, storage, and processing of oil and gas. Once resources are recovered, it has to be transported to a refinery, which is often in a completely different geographic region compared to the oil and gas reserves. Transportation can include anything from tanker ships to pipelines and trucking fleets.
Downstream
Downstream refers to the filtering of the raw materials obtained during the upstream phase. This means refining crude oil and purifying natural gas. The marketing and commercial distribution of these products to consumers and end-users in a number of forms including natural gas, diesel oil, petrol, gasoline, lubricants, kerosene, jet fuel, asphalt, heating oil, LPG (liquefied petroleum gas) as well as a number of other types of petrochemicals.