With reference to the Petroleum sector, which among the following are commonly called the Upstream Industry?
1. Searching for Crude oil
2. Production of Crude Oil
3. Transport of Crude oil
4. Refining of Crude Oil
5. Distribution and Marketing of Petroleum Products
Choose the correct option from the codes given below:
The petroleum industry can be divided into 3 parts as follows:
Upstream: This refers to searching for and the recovery and production of crude oil and natural gas and is also known as the exploration and production (E&P) sector.
Downstream: Downstream sector refers to refining of the crude oil and selling distribution of natural gas and products derived from the crude oil. The products are LPG, Gasolene, Jet Fuel, Petroleum coke, asphalt, lubricants, synthetic rubber, plastics, antifreeze, pesticides , Pharmaceuticals and synthetic fibers.
Transport (Midstream): Transport of the Petroleum products is done mainly by pipelines. Transport refers to transport of the crude oil to refinery and refined products to the consumers.
This question is a part of GKToday's Integrated IAS General Studies Module