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oil & gas services & tools (1389-og)

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oil & gas services & tools (1389-og)

overview of oil & gas services & tools (1389-og)

— oil exploration and production is a complex process, and each step of the oil supply chain involves specialized technology. oil reservoirs are identified through geological field work, geological modeling, seismic imaging and exploratory drilling. oil is then extracted with production equipment and transported in tankers and pipelines. oil refineries refine crude oil into various marketable end products including gasoline, diesel fuel, jet fuel, marine fuel, petrochemical feedstocks and other chemicals. most oil companies, even vertically integrated giants like chevron and exxon mobil, don't build the equipment needed to complete all of these difficult and costly tasks. instead, oil companies turn to engineering and industrial firms that build and operate the oil rigs, tankers, and pipelines that are the backbone of the industry. these oilfield services companies provide the infrastructure, equipment, intellectual property and services needed by the international oil and gas industry to explore for, extract, and transport crude oil and natural gas from the earth to the refinery, and eventually to the consumer. diversified oilfield services companies include those companies dealing in a wide range of oilfield services, allowing them access to markets ranging from seismic imaging to deepwater oil exploration.

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