Zhangisina Gulnur Davletzhanovna
Academy of Informatization, Kazakhstan
Posters & Accepted Abstracts: J Pet Environ Biotechnol
The oil and gas industry has lots of influences in the world today. Oil and gas have direct influence on every other commodity in the market. Therefore it is critical to identify risk and solutions through technological innovation to maintain global economic balance and need. Introduction: This is why the costs of other commodities increase with increase in the cost of oil and gas. This makes it very important to regulate the cost of oil and gas in order to ensure that the costs of other goods and services are reduced or kept optimal. No modern society can run smoothly without oil and gas. Hence, these products are very important today. Essentially, the demand of oil and gas exceed their production. This also explains the reason why countries with huge deposit of crude oil are among the richest nations of the world. Since the functionality of a modern society relies to a huge extent on crude oil, it is then very important to employ high tech and cutting edge technological processes towards this important field in order to ensure effectiveness in the process. An Overview of the Upstream and Downstream Sector of the Industry To really understand the processes involved in oil and gas industry,it makes sense to consider its subdivisions. The oil and gas industry is subdivided into 3 phases and these include: • Upstream sector • Midstream sector • Downstream sector Before examining these phases, it is important to note that the midstream sector is also included in the downstream sector. Information Technology and the Oil and Gas Industry: Information technology has become very relevant in different fields of life, industrial and commercial activities over the past few decades. Today, no industry can exist or became fully operative without information technology. As much as information technology is very relevant in other industrial fields, it is highly essential in the oil and gas industry. Different operations in the oil and gas industry depend solely on information technology and can only achieve efficiency thereof. This simply implies that advance in information technology would simply result to the betterment of the oil and gas industry as well as every other field of life. This is why lots of intensive researches are being done on information technology in the recent time and these have resulted to unimaginable impact in the oil and gas industry. Management and Information: Global forces such as geopolitical pressures are troubling the industry. We therefore need the knowledge, contacts and skills to effectively adapt to these troubles and geopolitical insecurity in the industry. It is also very important that we make appropriate efforts towards anticipating and reacting to the radical changes on the global sphere. Some challenges in the upstream oil and gas industry can be effectively resolved if we lay emphasis on the new interdependencies between senior management information, operational effectiveness and decision making. We also need to appraise and understand their impact on our overall profit margins. This can go a long way in solving our problem. Distribution Activities for Oil Products: Distribution and trading is a very vital aspect of the downstream sector of the oil industry. Without establishing appropriate avenues for trading, the operation of the oil and gas industry will be futile. Thus, the value chains should be properly examined in order to ensure efficient trading and distribution of the products. More so, efficient avenues should be devised for ensuring that the products are maintained at steady prices when it comes to distribution. In some parts of the world, the price of the products is unnecessarily increased in their distribution centers leading to intense burdens on the consumers.