The global oil and gas value chain can be divided into three segments – upstream, midstream and downstream. The upstream segment includes exploration, field development and production operations.
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oil and gas industry includes exploration, extraction, drilling, refining, transportation of oil and gas.
Transportation, processing, storage and distribution are part of midstream segment.
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The downstream segment includes manufacturing, crude oil refining and marketing of oil and gas products
The total value of the oil & gas market globally in 2014 was $ 4,000 billion. Related to a world population of more than 7 billion in 2014 this equates to about $571 per person globally.
Given that world domestic product was approximately $78 trillion in 2014, the market makes up about 5.1% of the global economy.
The oil and gas industry has improved its technology or leveraged that of its service suppliers to match with the world’s increasing hydrocarbon demand. Many oil and gas companies have made use of digitization and robotics to increase production with limited investment.
Oil and gas companies have also taken a holistic approach to technology, process management and organizational alignment.
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