Name of the Industry: Oil and Gas Extraction
NAICS Number: 211
Companies in this Industry
- British Petroleum Company
- Saudi Aramco Company
- Chevron Company
- National Iranian Oil Company
Important Elements in the Industry
One of the important elements in this industry is safety. This is because the operations of this industry are risky. The process of extracting oil and gas involves digging thousands and thousands of miles into the earth surface. The machines used in the process of extraction process should always be checked to ensure that they are mechanically fit. This is to avoid occurrence of leakages, which may cause harm to the people surrounding the mining sites. In addition, there are some types of gases and oil, which produce harmful reactions when they are exposed to air or water. For this reason, the extraction process requires extra care to ensure such incidents are avoided. Safety element is part of general environment because it affects the entire population.
Environmental concern is also an important element in this industry. The extraction and purification processes involve emission of carbon dioxide and other gases, which are not environmental friendly. Since there is no other method of extraction and purification, which does not involve emission of such gases, companies in this industry have to ensure that they minimize their levels of environmental pollution. Many of them utilize purification cambers, where toxic gases are first detoxified, before they are released into the air. Environmental concern is part of the general environment in this industry because it affects the entire population
Technology is yet another important element in the industry. Companies operating in this industry cannot operate without use of technology. This is because, unlike mining of metals such as gold, aluminum, copper, which can be done manually, extraction of oil and gas, requires use of sophisticated machines and equipments. A miner cannot go thousands and thousands of miles into the earth surface to extract oil or gas. Even if this were possible, it would be hard to transport the products to the earth surface manually. Technology is part of task environment because it is related to processes of production, which are specific to the industry.