Tag: <span>oil and gas</span>

Tag: oil and gas

Embracing Change: How the oil and gas industry must change to become future-fit?

To exist is to change, to change is to mature, to mature is to go on creating oneself endlessly. Henri Bergson Embracing Change The above quote by Henri Bergson is more than apt for the current scenario of the Oil and Gas Industry. Long gone are the days of easy …

Article: More Barrels Per Data

Prelude People, Ideas, Innovation, Assets, Statistics and Exploration are some of the numerous areas that we deal with while thriving in a society abound in skill. The Petroleum Industry comprises of many parts. All these various areas generate a lot of information – from downstream, midstream, drilling, production, reservoir, geology …


Oligopolistic Nature of Oil

Oligopolistic Nature of Oil

We all always have, knowingly or unknowingly, discussed amongst ourselves various types of markets. We often use these terms very loosely. Before we move to understand oligopolistic nature of oil. Let’s understand some basics. To start with, there are three forms of market structure.

  • Monopoly – This can be defined in simple words as the absence of competition. A single company or a group totally or nearly owns all markets for a particular type of product or service.
  • Perfect Competition – In perfect competition, there is a presence of various firms. No restrictions on entry or exit of firms. The product is homogeneous, and if one dominating company changes its price structure then other firms have to change their prices in order to remain in the competition.
  • Oligopoly – oligopoly is a type of market structure in which there is a very small number of firms that have maximum market share. Every firm is well aware of the actions of other firm and decisions are made according to that.

As the oil and gas industry is considered a perfect example of an oligopoly type of market, we will mainly focus on the oligopolistic nature of oil.

Read more“Oligopolistic Nature of Oil”

My Story: Better An ‘Oops’ Than A ‘What If..’

Pondering over why I chose this line as my specialization for my undergraduate degree, the timing couldn’t have been worse, to be very honest, as it involved the mentally cumbersome process of self-introspection, looking in retrospect at all the driving forces for my decision which like many others I have …