The Origin of Oil and Petrochemicals
The energy section has been always developing and growing. Crude oil was found in 1859 that is just a century and a half. Col. Edwin Drake drilled the first oil well at Titusville, Penn. That moment was the birth of the modern petroleum industry. After the huge discovery, engineers and scientists could find new methods to derive many different side products from the crude. Gasoline and bitumen are two of the most consumable petrochemicals on this list. Big refineries and companies, such as Total, the Royal Dutch Shell, and Wataniya group refinery.
After a while, field researchers could find massive wells of crude oil in the Middle East. Turning out that the countries have a huge amount of this black fossil material. Since then, the area has been controversially important to the world’s power. It has also seen many wars only to take possession of all its valuable natural resources. Gradually, the Middle Eastern countries found out that to export and sell derivatives of crude oil are more lucrative than the crude itself. Therefore, they started to build refineries and facilities to empower their countries to refine the oil directly.
Wataniya Group Refinery and the Middle East Treasure
Wataniya group refinery is one of the successful companies in the Middle East, located in Iraq. The refinery is licensed by Pörner and facilitated enough to produce premium bitumen, unlike many other Iraqi refineries. The plant produces different grades of premium bitumen, including penetration grades of 20/30, 40/50, 50/70, 60/70, and 80/100; and viscosity grades of Vg-10, Vg-30, and Vg-40. It also produces high-quality cutback bitumen.
The refinery implements all the necessary quality controls to end up with a qualified end product. They also provide their products in various types of packaging, including new steel drums, 150, 180 & 220 Kg, Jumbo Bags, Flexitank, and bulk.
All petrochemical producers, such as Wataniya group refinery and venture, are constantly trying to adapt their schedules and production with the latest global regulations. New and old challenges have arisen in the path of crude and petrochemicals. Economies shifting and new environmental regulations have forced fossil fuels and products to think of new replacements. Products that are green and clean for nature. Here we see some of the challenges and the outlook of the industry.
Oil and Gas Industry Challenges
A crucial sector in every economy is natural resources, including crude oil and gas. Both industries are used to turbulences in the economic cycle, in addition to the shifts of supply and demand. World wars, civil war in oil-rich countries, economic crashes, and political oppositions are just some of the famous reasons for oil and gas changes. No need to mention the most recent global disaster of Covid-19.
When the authorities officially declared the pandemic and initiated the lockdowns, the oil and gas industry started to dive. Unbelievably, crude oil prepared to curb about 100% compared to the price levels before the spread of the virus.
However, economic turbulences are not the only obstacles in the way of oil and gas. As the environmental issues and considerations are getting bolder in the world and to the politicians, fossil fuels and carbon-based chemicals are endangered. Therefore, the supply and demand of oil and petrochemicals may alter enormously, including industry leaders such as Total, Shell, Wataniya group refinery. In addition to refineries, oil-oriented countries will also face new issues and barrier in their economies and gross domestic products (GDP).
Sustainable Energies and Renewables
The survival risk of oil and gas industries and companies have increased in recent years. Talking about the environmental footprints of fossil fuels has been an old topic for environmentalists and governments. Environmentalists have stroked many times about the global warming effects of carbon fuels. They believe that petrochemical refineries and governments have to discover and replace new green fuels.
Accordingly, many of the refineries and giants of the industry have already taken some actions to get a step closer to the green future. Investment in renewables such as wind energy or solar energy has been expanding greatly. Some companies like Royal Dutch Shell are trying to venture into new startups in the field of clean energy, to find modern solutions to the old trouble of nature contamination.
Gas and Oil Industry Outlook
The matter of clean energy and a green future has been a hit subject recently. Every giant refinery and related industry are trying to improve their renewables and sustainable facilities to take an acceptable place in the changing world of the future. However, we cannot expect a sudden change in the current system. The world is running with fossil fuels and carbon-based energies at the moment. To stop all the fossils in the world takes a long-term schedule.
For instance, big companies, such as Total and Wataniya group refinery, are expanding their investments in clean energy. However, they are still refining crude oil and producing petrochemicals, including, bitumen, recycled oil, asphalt, and gasoline. Even after the pandemic crisis, the recovery of crude and gasoline is happening rapidly. Reports have projected higher demand for summer in many countries. Therefore, with all the newly implemented policies and outlooks, we may not see a total green world for about 50 or 100 years later. But it is absolutely clear that the policies will finally end up with better solutions and only pioneers can keep up with the changes.