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 Road Fuels and Shale Gas.
0.0 %
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?
Latest Statistical Review of World Energy signposts age of energy additions
26th June 2025
In a year when average air temperatures consistently breached the 1.5°C warming threshold, global CO₂-equivalent emissions from energy rose by 1%, mar...
US utility trials 50-50 hydrogen/natural gas mix in CCGT
25th June 2025
‘Hydrogen fuel in gas turbines is seen as a promising bridge to a low/zero carbon future power system,’ explains Mitsubishi Power. ‘Since it contains ...
UK supercharges offshore wind with £1bn investment
25th June 2025
The funding will support the production of turbines, floating platforms, high-voltage cables and emerging technologies, as well as upgrades to key por...
Down, down, down: new drilling technologies are improving prospects for geothermal power by reducing project duration, cutting costs and drilling deeper wells
18th June 2025
Fervo Energy drills a 15,000-foot, 500°F geothermal wellHouston-based Fervo Energy has announced the successful drilling and logging of it...
EU gas demand set to drop 7% by 2030 – but UK deal with Norway bucks the trend
18th June 2025
EU gas decline acceleratesEmber’s analysis of EU member states’ national plans predicts that EU gas demand is set to fall from 326bn m3 in...
Events and training
Human Factors Foundation - October 2025
6th October 2025 - 10th October 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
13th October 2025 - 14th October 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
17th October 2025 - 20th October 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...
Introduction to LNG - October 2025
20th October 2025 - 21st October 2025
This 2-day training course provides an introduction to the LNG chain. Suitable for students who are new to the LNG sector and/or those with a non-tech...
Hazardous Area Classification - November 2025
4th November 2025 - 6th November 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
EI 3570
Research report: Circular economy indicators, potential for use in the oil and gas industry
June 2025
This report marks an initial step in exploring how to measure circular economy (CE) practices in the oil and gas (O&G) industry. Developed in partners...
IP 643: Automotive fuels – Determination of content of butoxy-benzene in middle distillates – Gas chromatographic method using a flame ionization detector (GC-FID)
June 2025
This document specifies a test method for the determination of the content of n-butyl phenyl ether (BPE, CAS: 1126-79-0, also known as butoxy-benzene)...
EI 3588
Recommended practices for methane emissions detection and quantification technologies – upstream
May 2025
Responding to the continuous advancement of technology, the Energy Institute, Ipieca, IOGP, and OGCI have updated their guidance and online tool to su...
EI 3199
Guidelines for the management of flexible hose assemblies
May 2025
This technical publication is intended for all personnel involved in the life cycle deployment of flexible hose assemblies (FHAs). It applies to FHAs ...
HM 6. General guidance on the test methods for sulfur determination
March 2025
HM6 provides a synopsis of the laboratory test methods for the determination of sulfur content for use in the quality control of petroleum and petrole...
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Shale gas collection
The Shale gas Collection addresses the scientific and technological aspects of shale gas and its development. You can also download our publication: An Energy Essentials guide to shale gas
Oil & Gas training
The EI offers a comprehensive portfolio of oil and gas training courses.
