Impact of Operational Research on Performance Control of a Project in the Oil and Gas Industry

Ionut Nica
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Ionut Nica: Bucharest University of Economic Studies, Romania

European Journal of Engineering and Technology Research, 2020, vol. 5, issue 3, 320-326

Abstract: The explosive development of the human society in contrast to the limited character of resources determines the need for successful implementation of mathematic models in the decision-making process concerning the use of available resources. The oil industry includes a series of global processes such as mining, extraction, refining, transport (road, rail, ship and pipeline) and oil products. The products of this industry with the highest degree of utilization are gasoline and diesel but the portfolio is much broader, kerosene, bitumen, fuel and raw materials for other chemicals such as solvents, pesticides, fertilizers and materials plastic. The oil industry comprises three major areas: "upstream" extraction; refining - "midstream" and transportation and marketing of downstream products. In most cases refining is considered to be part of downstream, Oil and petroleum products are essential for many industries and their importance is vital in maintaining and developing the industrial area in the current configuration.

Keywords: MATLAB; Monte Carlo; Operational Research; Project Management (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:epw:ejeng0:v:5:y:2020:i:3:id:61829

DOI: 10.24018/ejeng.2020.5.3.1829

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