[MUSIC] Welcome to week three. This week, I'm going to provide some details about specific primary energy sectors. Importantly, I want you thinking about these sectors from the business perspective. From what it takes to engage in the business activities of this sectors. So, we know by now, it should be second nature to us that demand for energy varies around the globe. And importantly, it varies in ways that are completely unrelated or not necessarily related to energy supplies, in any way, so we have various forms of energy that we use to satisfy are in demand. But those different types of energy, are not necessarily distributed in ways that we need them. This week, we're gonna take a look at several of those primary energy sectors in detail, and we'll discuss a number of the essential processes and inputs utilized to develop, due to various resources. But first, let me quickly preview a few features that are common to the value chains of the various energy sectors. And you may have gleaned a lot of this information from the slides we discussed last week, specifically, if you recall the flow slides that were going from original resources in place to end use, you kind of start to get a sense for where the value was being created. Here, I want you to be thinking about, even more specifically, about the business activities necessary to facilitate those flows. From the resource in place to the point of utilization, where the energy is really valued. So we begin, of course activity is, development of the primary resource. This is all of the activities and the costs incurred to actually get the resource out of the ground, or to harness the natural flow of some renewable resource in place. So these are the potentially expenditures and activities that happen at the point of the initial location of the resource. And then, that resource may be used in its raw form, but more often, it's going to need to be converted next. So conversion is the next significant step off and in, before we get to the point of utilization. Where conversion is another point, where we're adding a lot of value. And then in between each of those stages, of course, there is a need to possibly transport this material, and this can be a very nontrivial activity, when it comes to energy getting the, the energy where you need it is actually, can be a significant portion of the overall cost. So anywhere that we're incurring costs to convert a primary energy resource from its original state and location, into a usable state and more desirable location. That is where you think that, you should be thinking. That's where we're adding value, and frankly wherever you have an opportunity to find ways to reduce the cost of that transmission, or that transformation is also an opportunity to capture some value. To capture the value of the cost that you can help someone in the chain avoid. So keep these aspects of the value chain in mind, as we talk through the various stages of energy development in the several sectors that I'm going to talk about in these videos this week. [MUSIC]
