In today’s energy-hungry world, petroleum is a prime source of energy essential for a nation’s survival and growth. It is a strategic commodity that powers the global economy and modern civilization. Its use is no more limited to illumi- nating the households of the masses and firing up their cooking stoves; it fulfills a common necessity of traveling at high speed on the ground and in the air. Its products and byproducts define our life and lifestyles.
The strategic significance of petroleum is evident from its position on the center stage in the middle of sovereign nations’ energy security, international relations, and economic policies. Mankind’s constantly growing need for energy and its dependence on petroleum to meet this requirement on a sustained basis causes energy security concerns among oil and gas importing nations. Even a notional risk to supplies of petroleum and its products has the potential to spark political tensions and conflicts.