THE PETROLEUM UPSTREAM INDUSTRY: HYDROCARBONS EXPLORATION AND PRODUCTION

The oil industry deals with the global processes of exploration, production, transportation, refining and marketing of natural hydrocarbons (crude oil and natural gas). Hydrocarbons, besides being the basic raw materials of the chemical industry (plastics, textiles, dyes, medicines, solvents, fertilizers, pesticides, etc.) represent the largest source of energy on the planet. Over 60% of primary energy needed in the world today comes from crude oil and natural gas (more than 80% from fossil fuels) and thus it is critical to many nations in terms of economic, geopolitical and national security. The oil industry (exploration, production, transportation, refining and marketing of crude oil and natural gas) is the single largest industry in terms of monetary value in the world. It is usually divided into three main areas: the upstream sector (exploration and production), midstream sector (transport) and the downstream sector (refining and marketing). The midstream sector is often included in the upstream. The main subject of this paper is a brief description of the upstream industry