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)
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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 wins appeal against court order to cut GHG emissions
20/11/2024
The 2021 mandate had required Shell to cut its net carbon emissions across Scopes 1, 2 and 3 by 45% this decade, compared to 2019 levels. This include...
EU steps up efforts to abate methane emissions at COP29
20/11/2024
This new roadmap, announced at COP29 last week, provides directions for cooperation between fossil fuel importing and exporting countries, which will ...
Canada introduces draft regulations to cap oil and gas emissions
13/11/2024
The government will freely allocate emissions allowances to facilities covered by the system. The number of these will be capped. Companies will need ...
Trump’s election could reshape US energy policy and hinder global climate action
13/11/2024
Known for his climate scepticism, Trump has consistently dismissed efforts to boost green energy as a ‘scam’. He previously withdrew the US from the P...
Energy industry ‘disappointed’ by increase in windfall tax, but reaction to other parts of UK Autumn Budget more positive
6/11/2024
In response, David Whitehouse, CEO of trade association Offshore Energies UK, said: ‘With an increase in tax despite commodity prices at recent lows, ...
Events and training
Microbiologically Influenced Corrosion - Corrosion Management & Failure Analysis - November 2024
25/11/2024 - 26/11/2024
This 2-day live-online course will cover basic corrosion management principles, basic Microbiologically Influenced Corrosion (MIC) mechanisms, use of ...
Hazardous Area Classification - December 2024
3/12/2024 - 5/12/2024
This 3-day training course will provide delegates with training on the Energy Institute Model Safe Code of Practice 15, Area Classification for Instal...
Safety Critical Task Analysis December 2024
9/12/2024 - 13/12/2024
5 X 1.5hr seminars (and Bonus material) on Human Factors Safety Critical Task Analysis (SCTA).
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...
Technical guidance publications
No publications found.
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