Application of Operations Research in Oil Industry: A Systematic Literature Review

Authors : Vedant Parekh; Utkarsh Narayan Singh; Vaaniya Lodhi; Vanshika Jain; Yugansh Pawah; Tanishka Sharma

Volume/Issue : Volume 7 - 2022, Issue 9 - September

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In the following bibliometric research paper, we have solely focused on applications of various methodologies of operations research focused on the addition, contributions, methodological focuses, and findings related to the oil industry. Starting from the 1940s to most recent publications available the authors and most relevant papers have been chosen and their contributions specified to provide complete information about their methodological work and the reasons they did it. To give a regressing brief about the paper our major findings include the MOEA, DOSC and Simplex methods and how they currently affect the oil industry along with what other questions our paper creates like how Covid-19 would affect the functioning/ working of these methods. To regress to the previous point that states a summary concluding our findings. Followed by the 4 most important methodologies and their applications in certain sectors within optimization withing the oil industry. This is then backed by our list of reviewed articles and what is stated within them to support the findings within the paper. Lastly the introduction consists of the issues and errors that created the need for these methods to be applied in the industry. This paper doesn’t prove any hypothesis or work on filling gaps within the industry instead gives a competent collection of data over the years that have been slowly solving these problems and how they could help people identify other problems to solve after having detailed knowledge of most existing methods used within the oil industry.

Keywords : Optimization, Energy, Operations Research, Supply chain management, Oil industry, logistics, Transportation.


Paper Submission Last Date
31 - March - 2024

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