Oil and Gas (O&G)
Definition - What does Oil and Gas (O&G) mean?
Oil and Gas are the major products which are produced in the petroleum industry. The resources are stored in oil and gas reserves which are distributed among the top oil organizations. Besides, the resources are found naturally in rock formations. They are formed due to the decomposition of plankton, algae and other organisms. Both the resources consist of complex hydrocarbons with diverse molecular weights. However, oil and gas organizations have their prime focus on driving capital and maintaining the reinvestment rates for further production.
Petropedia explains Oil and Gas (O&G)
Oil and Gas are one of the most important products in the world as they are considered to be the engine of the world’s economy. Being vital commodities, they have countless advantages in daily life. One of the biggest advantages of the resources is that they help in supplying more than 50% to 60% energy. Some other benefits of oil and gas are:
- They are used to fuel cars
- They generate electricity
- They are used for cooking food and other heating purposes
- They increase the supply of petroleum and some other liquid fuels