![]() With labor shortages and changing needs for skills sets, this trend has changed. In the past, people made long careers within the industry, and it was more difficult to gain entry if you had not started your career in it. I’ve also seen a greater movement of people in and out of the industry. This has created opportunities for people to move from other industries into oil and gas where transferrable experience and skills are needed. My first professional job was in oil and gas, and I’ve stayed in the industry for over 20 years because I’m proud to be a part of sector that solves complex problems through innovation, is constantly adapting to change, and creates job opportunities for so many people.ĮW: What are the major changes you’ve seen during your time in the industry?ĭK: Adoption of energy transition technologies and investments in digital technologies and robotics have been major changes in the industry, which has brought about new jobs that require different skill sets. I wanted to work in an industrial environment with a company that had a global footprint. The most important trading venue for European Brent Crude Oil is the International Petroleum Exchange in London.Dawn Keske: I happened to join the oil and gas industry by happenstance as I was doing my master’s degree in HR. ![]() Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. These are standardised products used to determine the prices for all other types. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. The types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. On an international level there are a number of different types of crude oil, each of which have different properties and prices. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 per cent.īecause the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. ![]() ![]() Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising. Crude oil is also used in cosmetics and medicines. From there, the crude oil is transported by tanker.īesides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. The commodity of crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. ![]()
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