The petroleum industry also called the industry or the oil patch, includes the worldwide processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing of petroleum products. the most important volume products of the industry are heating oil and gasoline (petrol). Petroleum (oil) is additionally the staple for several chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. the acute value of oil and its products has led thereto being referred to as “black gold”. The industry is typically divided into three major components: upstream, midstream, and downstream. Upstream deals with Drilling and Production mainly.