An Overview of Oil & Gas Upstream

Oil & Gas Upstream Primer

In the mid-19th century, the world was lit by whale oil, but kerosene was quickly rising as an alternative fuel. Kerosene could be made from crude oil, which seeped naturally from the ground in small quantities. Investors figured that there was more crude oil in underground deposits - enough to make kerosene at commercial levels. And they were right - drilling wells allowed them to tap into those deposits.

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Since then, Oil & Gas has grown into one of the world’s largest industries. And drilling wells - and everything else needed to extract and sell oil and gas - falls under its Upstream segment.

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This primer will explore the journey of hydrocarbons from underground deposits to global markets, diving into the activities, economics, and industry players that supply the world with these critical commodities.

Course: 7 Chapters

Est. time: 45 mins

What's Covered In This Primer?

Introduction

Types of Upstream Projects

Planning an Upstream Project

Executing an Upstream Project

Ecosystem

Economics

Trends

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Chapter 1 Breakdown

Understanding the Upstream segment of Oil & Gas

Chapter 2 Breakdown

Understanding the types of Upstream projects

Chapter 3 Breakdown

Understanding the activities involved in planning an Upstream project

Chapter 4 Breakdown

Understanding Exploration
Understanding Development
Understanding Production

Chapter 5 Breakdown

What companies are involved in Upstream?

Chapter 6 Breakdown

Understanding the cost of getting oil and gas from deposit to market
What drives prices, and do prices impact company decisions?

Chapter 7 Breakdown

What’s new in Oil & Gas Upstream?

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Oil & Gas Upstream Trends

Cost-reduction mindset

Oil and gas prices have been low for more than a decade, mostly owing to sustained high supply. Prices are expected to stay low in the long term, so Upstream players are looking for sizable, sustainable cost reductions to stay profitable.

Application of AI tools and automation

AI and automation technologies are optimizing operations (and reducing costs) across the value chain. For example, AI-powered reservoir modeling improves well placement and production forecasting; IoT sensors supported by Machine Learning enable predictive maintenance.

Focus on reducing environmental impacts

Upstream operations contribute ~5% of global carbon emissions (Scope 1 & Scope 2). In response, Operators are decarbonizing Upstream activities (e.g., by limiting gas flaring, improving methane leak detection, and electrifying equipment).

How Our Oil & Gas Upstream Primer Can Help

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Nothing beats knowing! Our primers are concise but we never skimp on insights. Staying up-to-date on industry challenges, opportunities, and trends empowers business leaders to make informed strategic decisions and maintain a competitive edge.

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What is a primer?

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Industry information is readily available but Googling can lead you down a rabbit hole of scattered, inconsistent and text-heavy resources - leaving a fragmented picture of the industry. And this content can miss the mark: they’re either too long and full of extraneous details, making it tough for beginners to find what they need, or too short, leaving out critical detail.

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