Paul Favret Gives a General Introduction to the Oil and Gas Industry

Known to be one of the biggest industries on the planet in terms of dollar value, the oil and gas sector is truly a global powerhouse. It employs hundreds of thousands of workers across the planet, and generates several billion of dollars per year globally. Paul Favret is among the numerous individuals who have worked in the oil and gas industry for years. Oil and gas companies are quite vital to the economy of several countries, as they often tend to contribute a major sum towards national GDP.

The oil and gas sector is broadly divided into three important areas, upstream, midstream and downstream. The upstream stage comprises of exploration and production or E&P companies. These companies focus on searching the underground and even underwater natural gas fields or crude oil fields, and subsequently drilling exploration wells or even established wells in order to recover oil and gas.

Midstream, on the other hand, entails the storage, processing and transportation of oil and gas. After the resources have been recovered, it has to be properly transported to a refinery. In many cases, these refineries are in a wholly different geographic region than the oil and gas reserves. Midstream companies are the ones responsible for transporting the resources. The transportation might include anything from trucking fleets, pipelines to even tanker ships. Ultimately, there is the downstream stage that refers to the filtering of the raw materials obtained by the upstream companies. Downstream companies specialize in purifying natural gas and refining crude oil, and developing products like jet fuel, heating oil, petrol, lubricants, gasoline, kerosene, LPG (liquefied petroleum gas) and varying types of petrochemicals.

Gasoline (petrol) and fuel oil are the largest volume of products created by the oil and gas industry. Petroleum essentially is the primary material for several chemical products, including plastics, solvents, fertilizers and pharmaceuticals. Therefore, petrol is critical to several industries and has significant uses around the world. On the other hand, oil is responsible for almost one-third of the energy supply of the world. Hence, it is pretty apparent that the oil and gas industry is important to the stability of the modern economy. Gas and petroleum production and use are fundamental to the quality of life and economic growth. Natural gas and petroleum products account for more than ninety per cent of powered transportation around the world, including planes, trains, ships, cars and even motorcycle. The transportation industry of almost all countries majorly depends on these natural resources.

Paul Favret is a well-known name in the oil, gas, and energy industries, and his experience and expertise make him a good candidate to shed better light on these sectors.  He is known to be the former CEO and founder of Source Energy Partners, a Denver-based E & P company that is focused on high-impact resource opportunities in Colombia (now LaLuna Resources), Europe, and the United States.