1
!Paper Title!
<Author name>
<Institutional affiliation>
<Course number and name>
<Instructor name>
<Assignment due date>
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!Paper Title!
Introduction
Description
The downstream sector generates an estimated revenue of 3.3 trillion dollars per year.
The industry has been mandated with the conclusive phase of the overall oil and gas production.
This phase consists of stages like refining, distribution, and sale of these products hence the
association with stakeholder production institutions like oil refineries, natural gas distribution
companies, distributor companies of petroleum companies as well as petrochemical plants
(Dickson et al., 2019). The sector is generally the final handling phase of oil and gas after they
go through the upstream and midstream phases which are the first and second phases
respectively. It is also at this stage where the oil and gas are used to develop multiple products
including pharmaceuticals, plastics, jet fuel, pesticides among many others (Dickson et al.,
2019). The downstream sector is listed as code 21111 under the ‘Oil and Gas Extraction’
industries title in the North American Industry Classification System that is more commonly
known by its abbreviation, NAICS (NAICS Association, 2017). NAICS is an establishment by
the US government that is used to classify businesses and industries in a bid to consolidate and
analyze them (NAICS Association, 2017). The analyzed data is publicized by attaching different
unique codes called the NAICS codes that are used to identify them.
History
The petroleum industry, under which the downstream sector of oil and gas lies, has been
in existence since the 1820s when gas was first produced (Wells, 2020). Oil took a bit longer to
be discovered its production was done several years later in the 1850s (Wells, 2020). Oil
!Paper Title!
<Author name>
<Institutional affiliation>
<Course number and name>
<Instructor name>
<Assignment due date>
, 2
!Paper Title!
Introduction
Description
The downstream sector generates an estimated revenue of 3.3 trillion dollars per year.
The industry has been mandated with the conclusive phase of the overall oil and gas production.
This phase consists of stages like refining, distribution, and sale of these products hence the
association with stakeholder production institutions like oil refineries, natural gas distribution
companies, distributor companies of petroleum companies as well as petrochemical plants
(Dickson et al., 2019). The sector is generally the final handling phase of oil and gas after they
go through the upstream and midstream phases which are the first and second phases
respectively. It is also at this stage where the oil and gas are used to develop multiple products
including pharmaceuticals, plastics, jet fuel, pesticides among many others (Dickson et al.,
2019). The downstream sector is listed as code 21111 under the ‘Oil and Gas Extraction’
industries title in the North American Industry Classification System that is more commonly
known by its abbreviation, NAICS (NAICS Association, 2017). NAICS is an establishment by
the US government that is used to classify businesses and industries in a bid to consolidate and
analyze them (NAICS Association, 2017). The analyzed data is publicized by attaching different
unique codes called the NAICS codes that are used to identify them.
History
The petroleum industry, under which the downstream sector of oil and gas lies, has been
in existence since the 1820s when gas was first produced (Wells, 2020). Oil took a bit longer to
be discovered its production was done several years later in the 1850s (Wells, 2020). Oil
