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
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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?
Shell and Equinor form largest UK North Sea oil and gas joint venture
11/12/2024
The 50:50 joint venture will be based in Aberdeen and pool the companies’ resources to cut costs and boost profitability. The jv will include Equinor’...
Egypt’s largest wind energy project secures African bank funding while Namibia unveils new local content policy
11/12/2024
Total costs for the Suez Wind project are put at $1.1bn. The AfDB’s financing is in addition to funding expected from a consortium of development fina...
What is needed to improve methane abatement in upstream oil and gas?
4/12/2024
According to McKinsey’ report titled The true cost of methane abatement: A crucial step in oil and gas decarbonization, since 2021, when many oil and ...
New Indonesian President signs off $7bn gas project while reaffirming 2050 net zero target
4/12/2024
The $7bn Tangguh Ubadari CCUS Compression (UCC) project will comprise development of the Ubadari gas field, enhanced gas recovery through CCUS and ons...
New decom initiatives aim to speed up UKCS 2023 slowdown
27/11/2024
Less UKCS offshore decommissioning carried out despite spending rise of £1.7bnOEUK’s annual offshore decommissioning report says £1.7bn wa...
Events and training
Asset Management - March 2025
10/3/2025 - 11/3/2025
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...
Hazardous Area Classification - April 2025
8/4/2025 - 10/4/2025
This 3-day training course will provide delegates with training on the Energy Institute Model Safe Code of Practice 15, Area Classification for Instal...
Human Factors Foundation - October 2025
6/10/2025 - 10/10/2025
This 5-day course delivers a comprehensive introduction into human factors for non-specialists. It provides a practical, engaging and interactive back...
Economics of the Oil and Gas Industry - October 2025
13/10/2025 - 14/10/2025
A 2-day introduction to the economics of the oil and gas industry. This course is suitable for students who are new to the oil and gas industry.
Maintenance Strategy Fundamentals - October 2025
17/10/2025 - 20/10/2025
In this 2 half-day training course on the 17 & 20 of October 2025, you will gain the fundamental knowledge and understanding to develop an efficie...
Technical guidance publications
No publications found.
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