As one of the fastest growing industries in the United States and overseas, the oil and gas industry is gaining preeminence as a job creator and wealth generator. As a fact of modern life, people across the globe require energy, and they require a significant amount of it. In an effort to sate the ever-growing demand for energy, the oil and gas industry works diligently to obtain enough fuel for the world population. Regionally speaking, different continents and countries use more petroleum than others for their energy sources. For instance, in Europe, petroleum accounts for around 32 percent of the total energy consumed on the continent. In areas where energy resources are naturally more prevalent, this percentage is understandably higher. As such, in regions like the Middle East for example, around 53 percent of the total energy consumed comes from petroleum. |
The fuel powers everything, ranging from the tools and machinery that farmers use to produce food for our tables, all the way to the cars we drive in to our workplaces every morning. That energy is an invaluable asset to the world, and the industry of jobs that it supports is full of opportunities.
The industry can be generally understood when it is divided into several organizational categories that pertain to the stage of development of the oil and gas. These categories, or sectors begin with upstream at the forefront of petroleum extraction, including the search for new oil, as well as crude oil production. The next category is downstream, which includes areas such as refineries of the crude oil, and tankers, as well as the companies actually selling the fuel. The following area is the pipeline segment where petroleum is transported for long distances to serve distant regions, the marine sector, which handles extraction methods such as oil rigs on the ocean, and finally, the service and supply sector, which handles the distribution of resources to the final destination of the consumer who uses the fuel. No matter which of these five sectors one works under, oil and gas insurance is an essential tool for the industry.
Oil and Gas Insurance
If you are recently transitioning to work in the oil and gas industry, oil and gas insurance is something that you need to become familiar with. Depending on your specific position in the industry, you will interact to varying degrees with your oil and gas insurance provider. These insurance providers offer a variety of services to individuals or companies in the industry in an effort to minimize any risks associated with the retrieval and the refining processes. As far as the specifics of government regulations are concerned, these insurance providers will generally keep their clients informed with all of the most recent changes that could occur in the client's region. When the clients producing, transporting or distributing fuels are fully compliant with regional regulations and operating successfully, the insurance companies will handle any further concerns that arise.
When in need oil and gas insurance, Farmington businesses turn to Menicucci Insurance Agency, LLC. Learn more at http://www.mianm.com/.
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