This paper is published in Volume-7, Issue-5, 2021
Area
Operations Research
Author
Kajal Mendiratta, Astha Banka, Mehar Swarup, Viraj Chahal, Sanchay Bharara
Org/Univ
Narsee Monjee Institute of Management Studies (NMIMS), Bengaluru, Karnataka, India
Pub. Date
15 September, 2021
Paper ID
V7I5-1199
Publisher
Keywords
Operations Research, Oil, Natural Gas, Chevron, Texaco, Trolls West, China's National Petroleum Corporation

Citationsacebook

IEEE
Kajal Mendiratta, Astha Banka, Mehar Swarup, Viraj Chahal, Sanchay Bharara. Application of operational research in the oil and natural gas industry, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Kajal Mendiratta, Astha Banka, Mehar Swarup, Viraj Chahal, Sanchay Bharara (2021). Application of operational research in the oil and natural gas industry. International Journal of Advance Research, Ideas and Innovations in Technology, 7(5) www.IJARIIT.com.

MLA
Kajal Mendiratta, Astha Banka, Mehar Swarup, Viraj Chahal, Sanchay Bharara. "Application of operational research in the oil and natural gas industry." International Journal of Advance Research, Ideas and Innovations in Technology 7.5 (2021). www.IJARIIT.com.

Abstract

Operations research is a science/process in which one applies mathematics to real-life business problems to come up with the most highly effective and efficient solutions/ decisions. Algorithms, simulations, and optimization are the key to finding any solution with the help of OR. The oil and natural gas industry were one of the early adopters of this scientific process and the use of OR helped this industry to grow and overcome several hurdles throughout. The report further provides insights into the different problems faced in the operations of the business in this industry and how different models and theories of Operations Research help in making the best decisions regarding it. We have also discussed in detail how several oil corporations have used OR in their functioning.
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