The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (Wikipedia)
The world will need much more energy to power homes and fuel transport for a growing population with rising living standards. But to counter climate change, energy must increasingly come from lower-carbon sources. Our know-how, technology, and innovations are helping to deliver more, cleaner energy. Urban air quality has become a visible issue and a major catalyst for change. The impacts of climate change and the need for universal access combine, shifts in behavior and investments are driven by broader public awareness or energy issues. For the oil and gas industry, AI can help lower costs, reduce downtime, increase production and asset utilization, and drive efficiency.
Read MoreThe modern history of the oil and gas industry started in 1847, with a discovery made by Scottish chemist James Young. He observed natural petroleum seepage in the Riddings coal mine, and from this seepage distilled both a light thin oil suitable for lamps and a thicker oil suitable for lubrication. Petroleum's status as a critical component of politics, society, and technology has its roots in the coal and kerosene industry of the late 19th century. One of the earliest instances of this is the refining of paraffin from crude oil. Abraham Gesner developed a process to refine a liquid fuel (which he would later call kerosene) from coal, bitumen, and oil shale, it burned more cleanly and was cheaper than whale oil. James Young in 1847 noticed a natural petroleum seepage when he distilled a light thin oil suitable for use as lamp oil, at the same time obtaining a thicker oil suitable for lubricating machinery.
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