Ak
Ak
Ak
Learn about the three key sectors in oil and gas, the current state of the industry
and future outlook
Tags: Oil And Gas Industry Upstream Midstream Downstream Petroleum Gas Oil
Exploration Production Refinery Lubricant Natural Gas Liquefied Natural Gas Lng Oil
Spill Deepwater Horizon E & P
Adam Muspratt
05/01/2019
In this introduction to the oil and gas industry, we provide a snapshot of the
petroleum sector.
The world's dependence on oil and gas is increasing as global economies and
infrastructure continue to rely heavily on petroleum-based products. Discussions of
when world oil and gas production will peak seem to be on the periphery, even amid
a weakened global economy and the shrinking availability of oil. The oil and gas
industry continues to wield incredible influence in international economics and
politics - especially in consideration of employment levels in the sector, with the
U.S. oil and gas industry supporting at least 10 million jobs.
The recovery occurred for several reasons, but the chief among them is the success
of the production restraint agreement between OPEC and non-OPEC nations. In
addition, developing nations such as China, Brazil and Russia are increasing
exploration and production efforts. However, geopolitical considerations such as
the ongoing troubles in Venezuela, Iran, and Qatar's exit from OPEC will influence
oil and gas supply.
The trend towards renewable and alternative energy is another threat to traditional
oil and gas companies. Coupled with the rise in pro-eco legislation and
governmental pressure has meant the industry is under more scrutiny than ever.
Generating electricity from solar power systems and offshore wind is becoming
increasingly cheaper and cost-effective. According to IRENA, over 80 percent of
newly commissioned renewable energy will be cheaper than new oil & natural gas
sources.
The UK continental shelf also appears to be back, with the potential to unlock
dozens of undeveloped discoveries with drilling prospects on the horizon.
Additionally, we can expect an improved outlook for UK upstream production. The UK
offshore sector is expected to improve after historical lows in the past few years
as there are 16 planned greenfield projects with identified development plans and
29 announced greenfield projects forecast to start production between 2019 and
2025.
It is estimated that 30 billion barrels are consumed globally each year, primarily
by developed nations. Oil also accounts for a significant percentage of energy
consumption regionally from 32% for Europe and Asia, 40% for North America, 41% for
Africa, 44% for South and 53% for the Middle East.
In this resource centre, you will find Oil & Gas IQ’s top-rated oil and gas
industry content including articles, videos, webinars, podcasts and in-depth
reports. You can find the latest content in the sidebar on the right.
Oil & Gas IQ is the online portal dedicated to providing the latest intelligence
for the oil and gas community worldwide. We explore oil and gas industry
developments and facilitate the continued learning of oil and gas professionals.
Our online oil and gas content we offer a slew of technical and strategic oil and
gas industry conferences across Europe, Asia, the US, and the Middle East.
Make sure you don’t miss any of our oil and gas industry updates and analysis. Join
Oil & Gas IQ today
Oil Price: The Top 25 Events That Rocked The Cost Of Crude Oil
Latest Webinars
Begin your Digital Transformation Journey with the Digital Twin
2019-07-18
12:00 PM - 01:00 PM GMT
This high-fidelity simulator, known as a “digital twin,” runs in parallel with the
real control syst...
Begin your Digital Transformation Journey with the Digital Twin
IIoT in Oil and Gas: Online 2019
2019-05-28
10:00 AM - 11:00 AM GMT
Join Oil & Gas IQ and some of the world's thought leaders over three days of
webinars focussing on I...
IIoT in Oil and Gas: Online 2019
Digital transformation in oil and gas
2019-04-10
07:00 AM - 08:00 AM GMT
Join Mohamad Awad, VP, Middle East, Africa and Pakistan, at AVEVA for the latest
insights into our t...
Digital transformation in oil and gas
MORE WEBINARS
Latest Online Events
OPEX in Oil and Gas LIVE
22 - 23 April, 2020
OPEX in Oil and Gas LIVE