Oil Industry History

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It is said that theOil Industry Historyis more than five thousand years old and the people from the Middle East used the oil that sipped out of the ground to make their boats water proof, to paint their belongings and also to medicate for certain kind of diseases.

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Dr. Handfield serves as Executive Director of the SCRC.

According to Oil Industry History the first structured oil well were built in the Gulf of Mexico. This was made on a place which was nearly 100 meters deep. This was just the beginning of the making of the structured well both on lands and on water. One can also see the Oil Industry History which suggests that European oil well were made during the 1920s.

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This is done not only to save the people who are working but also to save the oil which is not something one can afford to loose and also oil companies do not like their name to be associated with accidents of this kind.

After the disaster of the North Sea UK in the year 1988, which caught fire and killed more than 160 people and this brought a change in the safety policy of the oil industry. This incident opened the eyes of the oil industry and many things like fire extinguisher, life boat station, emergency master stations and many other safety measures which were missing earlier.

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TheOil Industry Historyalso suggests that the demand was much more than the supply and to fulfill this demand many people were looking to make a permanent solution and this gave rise to oil companies. These oil companies then started to look at getting oil by drilling it out. First the companies started to drill the oil out of land but with the growing demand the companies which were collectively called the oil industry, started to drill the oil out of sea bed as well.

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Managing Partner at Fie-Consult in Kenya; supporting investors & entrepreneurs across Africa through investments & business advisory.

Chancellor of the Exchequer of the United Kingdom from 1992 to 2007. Prime Minister of the UK between 2007 and 2010. Inaugural Distinguished Leader in Residence at New York University. Advisor at World Economic Forum

Senior Associate at the Carnegie Endowment for International Peace and a finance professor at Peking Universitys Guanghua School of Management.

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The oil of whale was used to light fire much later to this. Oil has always been a very important thing to human beings and more so nowadays as it not only itself serves various purposes but its hike in price influences price hike for most other objects as well.

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June 29, 2010•Oil and Gas Industry•byEconomyWatch

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