Oil and natural gas remain the world's leading fuels, accounting for nearly 55% of global energy consumption
Oil and natural gas, formed from decayed organic matter subjected to heat and pressure over millions of years, are key energy sources that have bolstered economic sectors such as residential heating, transportation, and manufacturing. However, their role in greenhouse gas emissions and environmental disasters like oil spills has pressured the industry amidst the low carbon transition. Despite this, over 100 countries produce these fuels, and they remain significant in the energy sector. The industry is split into upstream (exploration and extraction), midstream (transport and storage), and downstream (refining and sale). Product forms include natural gas, LPG, petrol, diesel, and other petrochemicals. Recent trends show increased use of natural gas due to its cleaner burn compared to oil and coal, the rise of LNG technology, and advancements in shale gas production. Future supply depends on new deposits and production technology, while CCUS developments will influence the long-term energy mix.
You can further explore the three sectors by clicking the links below:
Learn more about oil and gas extraction by exploring our Energy Insights.
For the latest news and articles on exploration and production read New Energy World.
Explore our dedicated collections on Aviation Fuel, Road Fuels and Shale Gas
0.0 %
of global electricity generation was fuelled by natural gas in 2023 (Statistical Review of World Energy)
0Mt
of methane emissions came from production and use of fossil fuels in 2023 (IEA)
0
supply chain jobs in decarbonisation of the UKCS, CCUS and hydrogen will be supported as part of the North Sea Transition Deal, published in 2021 (Department for Energy Security and Net Zero)
0Mt
of CO2 is currently captured annually from carbon capture facilities around the world (IEA)
What's new?
US and UK take steps to reskill workers for the energy transition
30/10/2024
US initiative: Revitalising former coal communitiesThe Biden-Harris Administration is to invest $428mn investment in 14 projects across 15 coal commun...
Installed global CCS capacity on track to double once projects being constructed begin operations
30/10/2024
Findings from the Global Status of CCS 2024 report show strong growth in CCS projects across all stages of development. There are a total of 628 proje...
Flaring emissions on the rise, reversing a positive trend, according to new analysis
23/10/2024
Flaring – the process of burning off excess natural gas during oil extraction – has been a longstanding concern for environmentalists and policymakers...
IEA report predicts glut of energy in the near term, provided it is not blocked by geopolitical tensions
23/10/2024
This year’s edition of World Energy Outlook indicates that the world is set to enter a new energy market context in the coming years, marked by contin...
Report highlights disconnection between major international banks’ net zero words and deeds
16/10/2024
Furthermore, 0% of the banks are committed to ending all activities that finance deforestation by 2025, and 0% have explicitly committed to decarbonis...
Events and training
Human Factors Foundation - November 2024
04/11/2024 - 08/11/2024
This 5-day course delivers a comprehensive introduction into human factors for non-specialists. It provides a practical, engaging and interactive back...
Asset Management - November 2024
08/11/2024 - 14/11/2024
This 2 half-day training course will help you to understand the aspects involved in managing physical assets to develop and maintain your own strategi...
Economics of the Oil and Gas Industry - Nigeria
09/11/2024 - 10/11/2024
ECONOMICS OF OIL & GAS INDUSTRY TRAINING
Reservoir Microbiology Forum (RMF)
13/11/2024 - 14/11/2024
The RMF is an excellent multi-disciplinary platform that brings together oil producers, scientists, technologists, engineers, academics, and researche...
Energy Sustainability Conference 2024
14/11/2024 - 15/11/2024
The Energy Institute (EI) Nigeria branch is proud to host another edition of the Energy Sustainability Conference (ESC). The Energy Sustainability Con...
Technical guidance publications
Circular economy indicators in the oil and gas industry
002024
Developed in partnership with Ipieca, this guidance presents the first oil and gas specific set of circularity indicators, bringing together elements ...
Recommended practices for CH4 emissions detection and quantification — combustion efficiency and flaring destruction
002024
This document has been developed as a follow up of the project to IOGP Report 661 Recommended practices for methane emissions detection and quantifica...
Guidelines for integrity management of the splash zone in offshore environments
002024
The Splash Zone is one of the most aggressive environments for an offshore asset and the equipment exposed to such conditions. It is the region interm...
Guidance on ALE for offshore structures supporting wind turbines
002024
Offshore wind turbines have been operational now for some twenty years and current and future planned projects will significantly increase the global ...
IP 601: Petroleum products – Determination of boiling range distribution by gas chromatography method – Part 4: Light fractions of crude oil
002024
ScopeThis document specifies a method for the determination of the boiling range distribution of petroleum products by capillary gas chromatography us...
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