Reflection Paper 2: Cost, Price and Future of Oil and Gas

The second week of the course “Oil and Gas Operations and Markets”, there are three
sub topics that were tackled and provided a quiz right after every topic was finished, each of the
quiz has 8 questions and for the final project, learners must create a company profile about an Oil
and Gas company of our own choosing. The certificate being the ptoof that the course was
completed is provided in the next page.

The market for oil and gas is very erratic. The operational risks for retailers are increased
by the price volatility and the swings in supply and demand. Due to the rising demand for
unconventional gas, the market is currently under pressure. Another factor is geography. The
Middle East is one of the world's primary oil supplies, and it serves as the center of the oil
industry's trade axis. Exporters, particularly those from developing nations like China and Asia,
must be helped to meet the expanding demands of their markets. The nature of the rivalry as well
as market changes should be viewed as important problems for retailers. Additionally, a balance
between the federal, state, and local governments, as well as the retail and private sectors, must
be preserved. It's crucial to manage capital projects in the oil and gas sector, especially those
aimed at environmental compliance. To ensure that the business is operating at its peak
performance, companies must decide strategically which projects to pursue initially. Also, In
conclusion, there are three different price ranges for petroleum products, natural gas, and oil.
Prices for spa services, over-the-counter purchases, and futures contracts. Even if each is decided
upon independently, they are all dependent upon and impacted by one another. This
interdependence is one of the factors that makes oil and gas pricing so difficult and can actually
increase the volatility of oil and gas prices. For the operations, it is also best to speak with a
safety engineering professional. Long-term, this can enhance decision-making and cost
effectiveness. Strong process safety engineering must be integrated into operations and every
major operational decision-making (Leveson 2011). As projects grow bigger, more risks are
added to them. For the industry's future, effective partnerships for risk management and finance
availability are essential. An agile and capable approach must be available to quickly mitigate the
problems and risks because the oil and gas industry is based on a volatile basis. It is necessary to
engage in risk management that considers the variables influencing the supply and demand of oil
and gas. Environment compliance, which is currently a significant barrier for the sector, must be
managed and met at the appropriate costs. The concept was broad, and each aspect of it is crucial
to comprehending the linked problems that will be addressed later to it. On the whole, the lesson's
core topic, side topics, and other concepts were well-delivered and will provide new knowledge.
It undoubtedly strengthened what I had learned about the oil and gas industry.