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
Floating wind turbine arrives to power Culzean offshore gas platform
15th September 2026
Now sitting in its permanent location 2km west of the Culzean platform, 220km off the eastern coast of Scotland, it will supply approximately 20% of t...
Grid and bear it: British Isles celebrates and sweats over electricity grid upgrades
15th September 2026
The NAO report points out that the grid upgrades need to meet tight deadlines in order to head off rising constraint costs. Constraint costs are paid ...
Deals signed to make Venezuelan oil great again
8th September 2026
The US deal is for the development of 17 fields in the Orinoco oil belt by Barbados-based private company North American Blue Energy Partners (NABEP),...
Apprentices and graduate schemes in focus as students go back to school
8th September 2026
ADNOC has announced the first cohort of Emirati women who will join ADNOC Technical Academy’s (ATA) Female Technician Diploma Program in September 202...
Clean energy projects face fewer hurdles under England’s new planning framework
28th August 2026
Local planning policies will now carry less influence over energy projects when they conflict with the government’s clean energy priorities. The new N...
Technical guidance publications
EI 3621
Greenhouse gas emissions calculator for remediation options appraisal (phase 2 of 2)
September 2026
The Energy Institute greenhouse gas emissions calculator for remediation options appraisal (GGEC) is a Microsoft Excel-based tool that enables practit...
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...
IP 571: Ethanol as a blending component for petrol - Determination of higher alcohols, methanol and volatile impurities - Gas chromatographic method
September 2026
This document specifies a gas chromatographic method for ethanol,in which higher alcohols (propan-1-ol, butan-1-ol, butan-2-ol, 2-methylpropan-1-ol (i...
EI 3340
Guidelines for the management of microbiologically influenced corrosion in oil and gas production
July 2026
This second edition EI 3340 Guidelines for the management of microbiologically influenced corrosion (MIC) in oil and gas production has been developed...
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