The circular economy is an economic concept closely related to sustainability; its objective is that the value of products, materials, and resources remain in the economy for a long time trying to minimize waste.
Circular economy bases on optimizing the life cycle of resources, products, materials, and waste.
Nowadays the economy globally managed is linear, which implies acquire-use-eliminate products, that is the acquired products are not allowed to complete a useful life cycle or once their life cycle is finished, there is no possibility of repair or recycling them. It means just throw them away and buy a new one. A clear example is the smartphone industry.
In the circular economy, the way to optimize resources is to generate a product that at the end of its useful life can be disassembled to obtain raw materials again for recycling and reuse.
The main objective of this work is to study and understand an economic concept of great current interest like the Circular Economy through the search and analysis of information about this topic and analyze its possibilities of application in the oil & gas industry.
Most of the authors of this paper are petroleum engineering students so another objective is to study and research this topic as future oil & gas sector professionals.
Specific objectives are to know the concept of Circular Economy, application methodology, and examples. Study the relationship between the circular economy and the oil & gas industry; analyze aspects of the circular economy that can be applied in the oil industry in the world and Argentina. Specifically, in Argentina identifies the current state of circular economy in oil & gas companies; and finally defines the sectors of the oil & gas industry in which it is possible to use this economic concept, with its advantages and disadvantages.