The Unconventional Gas Industry
New and prosperous energies are cropping up as scientists constantly search for ways to improve existing methods of drilling for oil. New resources like gases, minerals, and by-products of oil are discovered beneath the earth’s surface frequently. To harness these resources and improve methods of drilling for oil is as financially sound as it is practical.
For more than a century, oil and petroleum products have powered the world. Motor fuel demand has only grown during this time, and continues to increase as time goes on. Many analysts believe that in the upcoming decades this demand is set to double. To accommodate this, the world needs oil and gas.
Oil is a key ingredient in many everyday products that people use, yet are keenly unaware of. Products like Vaseline include petroleum. Don’t use Vaseline? Chances are you have a moisturizer in your bathroom that has it as a listed ingredient. Refineries turn crude oil into mixes that are used for everything from detergents to keep our clothes soft to drugs that fight off life threatening illnesses.
Top 3 Types of Petroleum Products:
Naphtha is one example of a petroleum based product, it is a form of feedstock most people are not familiar with. Then there are non-fuel related products such as lubricating oils or solvents. Last but not least are the fuel, like diesel and gasoline.
Oil is used in an extremely versatile way and whether we like it or not our economies and societies have become dependent on it. For example look at transportation. Although electric cars are being introduced albeit slowly and costly, the majority of motor vehicles use petroleum based fuels. Air transportation is one of the biggest consumers of oil and has yet to find a workable alternative. The second biggest petroleum consumption sector is the industrial market. Home and commercial use including the electric utility sectors account for the remaining petroleum consumption.
Over one trillion barrels of oil has been extracted and/or produced by humans to date. Since our demand is set to double in the coming decades, we are set to effectively double our oil exploration and extraction – in less than one quarter of the time. Needless to say, gas discoveries and unconventional oil are vital to our future. The most likely resources are both yet to be discovered conventional oil reserves and unconventional gas resources. Scientists and the industry as a whole are in a race against time to perfect the most efficient ways and methods of finding, extracting, and producing oil and its by-products to meet our heavy demands. Now more than ever, exploration and resource management is key.
Strike Energy is a global leader in the exploration oil industry. To find out more visit StrikeEnergy.com.