The 2024 oil and gas industry outlook explores five trends and industry drivers that are expected to play an important role in shaping the strategies and priorities of O&G companies in the upcoming year: Energy transition: Prudently allocating capital and
5 · By contrast, demand in advanced economies will continue its decades-long decline, falling from 45.7 mb/d in 2023 to 42.7 mb/d by 2030. Apart from during the
6 · Extensive coverage of the global oil and gas industry. The latest news from oil and gas companies and analysis of oil prices and production, including fracking, drilling
5 · Oil & Gas Journal provides its audience of industry executives, managers, and engineers with operations-focused news across the upstream, midstream, and downstream segments.
With its major emissions footprint, the energy sector – including the oil and gas industry – is at the heart of the matter. Demand growth for gasoline and diesel between 2019 and 2025 is set to weaken as countries around the world implement policies to improve efficiency and cut carbon dioxide (CO2) emissions, and as electric vehicles
The Global Energy Perspective 2023 models the outlook for demand and supply of energy commodities across a 1.5°C pathway, aligned with the Paris Agreement,
Investment in clean energy is accelerating at a faster rate than for fossil fuels, helping bring peak oil demand into view. Oil 2023, the IEA''s medium‑term outlook, provides a comprehensive overview of evolving oil supply and demand dynamics through to 2028. The report examines how a stronger drive by governments towards a low
Soaring oil use for power generation and gas-to-oil switching are boosting demand. In this Report, we have raised our estimates for 2022 global demand growth by 380 kb/d, to 2.1 mb/d. Gains mask relative weakness in other sectors, and a slowdown in growth from 5.1 mb/d at the start of the year to less than 100 kb/d by 4Q22.
2 · The oil and gas (O&G) industry earned record profits in 2022, providing ample cash flow to fund their strategies in 2023. And while O&G companies recognize geopolitical and macroeconomic uncertainty in the
4 · In our 2023-2030 forecast period, India accounts for more than one-third of global oil demand growth. The Report looks in-depth at how India''s role on the global oil market may evolve over the period through to 2030. It examines investment plans for the refining and petrochemical industry and how these developments may impact Indian crude and
Bharat Petroleum estimates that India''s energy demand will double, while natural gas demand is expected to grow five-fold by 2050. As on Apr 2022, estimated reserves of crude oil in India stood at 653.02 Mn tonnes, and natural gas stood at 1149.46 Bn cubic meters. India has set a target to raise the share of natural gas in the energy mix to 15%
Oil and gas industry in Malaysia - statistics & facts. No other brand is as quintessentially Malaysian as Petronas. Not only is it the namesake of the iconic twin towers in the capital city, Kuala
Diesel demand in India is expected to double to 163 MT by 2029-30, with diesel and petrol covering 58% of India''s oil demand by 2045. Demand is not likely to simmer down anytime soon, given strong economic growth and rising urbanisation. Natural Gas consumption is forecast to increase at a CAGR of 12.2% to 550 MCMPD by 2030
Pressure is coming from all sides: a precipitous decline in global oil demand as the pandemic has slashed fuel consumption, especially in the transport sector, aggravated by a supply shock due to the end of
Total revenue of oil and gas companies is listed in billions of U.S. dollars. Total revenue is usually self-reported by the company, and often reported by neutral, unbiased, reliable publications. Reported data may be subsequently revised or restated due to a wide range of issues such as exchange rates, contract settlements, or mid-year
The petroleum industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam.The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Maharashtra (Mumbai High Field).As on 31 March 2018, India had estimated crude
A clash between Britain''s 363-year-old Royal Society and more than 2,000 UK academics has escalated over the national academy of scientists'' refusal to attribute the role of oil and gas
A number of oil and gas companies are already scaling up their commitments in these areas. An effective and orderly transition will be critical – not only to reach international climate targets but also to prevent
The IEA Oil Market Report (OMR) is one of the world''s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including
2 · World oil reserves as of 2013. The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines ), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol).
The oil and gas industry is one of the most influential sectors in the world. The United States alone generated an estimated 332.9 billion dollars in 2022. As the demands placed on this massive industry continue to shift, it''s essential for O&G companies to have effective and precise accounting practices to optimize operations.
*Oil demand in India is projected to register a 2x growth to reach 11 million barrels per day by 2045. * Diesel demand in India is expected to double to 163 MT by 2029-30, with diesel and gasoline covering 58% of India''s oil demand by 2045. * Consumption of natural gas in India is expected to grow by 25 billion cubic metres
The industry struggled over the past decade as its overinvestment in fracking contributed to a global glut of oil and gas, depressing prices. In early 2020, global energy prices collapsed as COVID
The share of LNG in the global gas supply is projected to increase. Across scenarios, LNG demand is projected to grow by between 1.5 and 3.0 percent CAGR from 2023 to 2035, mainly driven by demand growth in the ASEAN and South Asia regions. In contrast, Europe is projected to see a gradual decline in LNG imports in line with overall
Global oil demand is now expected to rise by 1.1 mb/d in 2024, 140 kb/d less than projected in last month''s Report. Our global outlook for 2025 is largely unchanged, with the pace of growth now marginally eclipsing 2024 at 1.2 mb/d. The health of global oil demand will likely be a key topic for discussion when OPEC+ ministers meet in Vienna
The oil and gas industry in New Zealand explores and develops oil and gas fields, and produces and distributes petroleum products and natural gas. In 2022, New Zealand''s net self-sufficiency in oil (mmbls production divided by consumption) was 12%, i.e. the country imported much more crude and refined oil than it exported.
Regulators should therefore adopt a prudent and scalable approach to market design to ensure security of supply in a transitioning gas system. This new
Global oil demand is forecast to rise by a higher-than-expected 1.7 mb/d in 1Q24 on an improved outlook for the United States and increased bunkering. While 2024 growth has been revised up by 110 kb/d from last month''s Report, the pace of expansion is on track to slow from 2.3 mb/d in 2023 to 1.3 mb/d, as demand growth returns to its
Global Energy Perspective 2023 – Executive Summary. (26 pages) The Global Energy Perspective 2023 offers a detailed demand outlook for 68 sectors, 78
1 · The Oil and Gas Industry in Net Zero Transitions. World Energy Outlook Special Report. Fuel report — November 2023 World Energy Outlook 2023. Flagship report — October 2023 World Energy Investment 2023. Flagship report — May 2023 Clean energy can help to ease the water crisis. Commentary — 22 March 2023