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
Liverpool Bay CCS secures seabed lease for UK-first carbon storage project
4th August 2026
The lease enables Liverpool Bay CCS, part of Eni CCUS, to access the seabed and redeploy legacy offshore assets to transport and permanently store CO2...
UK launches AR8 clean energy auction as new Prime Minister cuts tax on household electricity
28th July 2026
The contracts for difference (CfD) Allocation Round 8 (AR8) enables developers of offshore wind, onshore wind, solar and emerging clean power technolo...
Energy security fears increase as Middle East conflict escalates again
27th July 2026
On 21 July IEA Executive Director Fatih Birol said: ‘The escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the reg...
EC clarifies methane rules, signalling flexibility to safeguard energy supply
27th July 2026
The move comes amid ongoing Middle East tensions and tight global oil and gas markets, as Europe competes for supply and prices remain elevated. In re...
Mitsubishi Power secures Saudi project; Air Liquide to invest $200mn in US expansion
20th July 2026
First, Mitsubishi Power has been awarded a contract to supply boiler components for a fuel conversion project at two thermal power plants in Saudi Ara...
Technical guidance publications
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...
EI 3053
Petroleum road tanker design and construction
July 2026
This publication is intended to provide comprehensive recommendations for the design and construction of complete road tankers for the conveyance of p...
EI 3604
Embedding circularity across the life cycle of assets
July 2026
EI 3604 Embedding circularity across the lifecycle of assets helps companies integrate circular economy principles into every stage of an asset’s life...
IP 620: Standard test method for flash point by modified continuously closed cup (MCCCFP) tester
July 2026
ScopeThis standard specifies a test method for the determination of the continuously closed cup flash point of chemicals, lube oils, aviation turbine ...
EI 3641
Effects of carbon capture and storage plant on thermal power station operation
July 2026
This report explores the operational, economic and environmental implications of integrating carbon capture and storage (CCS) technologies into therma...
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