A lot of things are changing about how the world works, and exploration companies have not been left behind. Although professionals are seeking ways of using renewable energy sources, the world is still much reliant on non-renewable sources such as oil and gas. To make the energy industry seem more reliable to investors, many oil and gas companies have come up with projects to boost the sector. Here are some of the most promising projects.
Apart from the standard production of petroleum, companies have focused on making chemical byproducts in the refining process. Substances such as olefins and aromatics are beneficial to chemists; therefore, when exploration companies go out of their way to catalyze their byproducts to produce such chemical substances, the profits made by the company increase. Several companies, including the Sinopec Group, have ventured into this business and the results have pleased them.
Liquid Natural Gas
The process of turning gas into liquids has brought massive profits to oil companies. The Royal Dutch Shell Company is an example of a business that has invested in this business, and its profits grew by over 25 per cent. International trading and marketing of the same products have built the company’s reputation and business. It has contracts to deliver LNG to multiple countries, and investors see it as a viable company to invest in. Many households across the globe rely on liquid natural gas for their daily businesses; therefore, the project is likely to stick around for quite some time.
Engineers have focused their energy on discovering new and enhanced ways of extracting and producing hydrocarbons. Hydrocarbons are compounds composed purely of carbon and hydrogen elements. Crude oil is composed of hydrocarbon compounds, and so is natural gas. Refining the compounds ensures that the output is raised significantly and the waste products are also used to make other compounds.