Oil and gas remain the largest sources of energy, meeting 59% of total global demand in 2024
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.
For the latest news and articles on exploration and production, read New Energy World.
Explore our dedicated collection on Shale Gas.
≅0.0%
of methane emissions caused by human activity can be attribute to fossil fuels (IEA)
0%
of total global energy demand in 2024 was met by oil (Statistical Review of World Energy)
>0Mt
of methane emissions in 2024 came from production of fossil fuels combined with limited mitigation efforts (IEA)
0Mt
of CO2 is currently captured annually from carbon capture facilities around the world (IEA)
New Energy World stories
UK predicts sufficient gas for winter, but transatlantic trade remains vexed
3rd November 2026
Compared with last year, LNG imports are predicted to rise by 5% to 12.3bn m3, which National Gas says is to offset declines from the UK Continental S...
North Sea electrification faces growing challenges as project pipeline shrinks
3rd November 2026
Equinor and its partners in the Troll field licence have decided to complete the Troll West Electrification (TWEL) project without installing the seco...
Record CO2 levels and emission gaps affect global climate stability
3rd November 2026
The United Nation’s (UN) weather agency warned that because CO2 persists in the atmosphere for many years, this accumulation locks in long-term global...
Jackdaw gas field to begin production this week
27th October 2026
According to the government, Jackdaw is expected to produce gas with an energy equivalent of around 40mn boe over its lifetime, increase UK domestic g...
Battery storage undercuts gas as energy transition reshapes global power markets
20th October 2026
Four-hour battery storage is now cheaper than open-cycle gas in all 43 markets modelled, according to Wood Mackenzie’s latest global levelised cost of...
Technical guidance publications
EI 3652
Human factors in valve criticality analysis
October 2026
This guidance has been prepared by the Energy Institute (EI), drawing on the expertise of human factors engineering (HFE) specialists, process safety ...
EI 3314
Guidance on passive fire protection for process and storage plant and equipment
October 2026
This technical publication provides guidance on the use of passive fire protection (PFP) materials and their application across the life cycle of proc...
EI 3621
Greenhouse gas emissions calculator for remediation options appraisal (phase 2 of 2)
September 2026
The GGEC comprises a Microsoft Excel calculation tool and an accompanying user manual, both available to download with a free Energy Institute account...
EI 3636
Advancing marine net gain/net positive impact in the North Sea: current practices, future research and collaborative opportunities
September 2026
The transition to a more sustainable energy system presents both opportunities and risks for industries operating in the North Sea. As expectations ar...
IP 490: Petroleum products - Determination of sulfur content of automotive fuels - Ultraviolet fluorescence method
September 2026
The document specifies an ultraviolet (UV) fluorescence test method for the determination of the sulfur content of the following products:having sulfu...
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