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
North Sea energy transition exposed as drilling reductions are not compensated by development elsewhere
29th September 2026
That figure is down from three in 2024 and sits alongside three appraisal wells drilled, according to the government regulator North Sea Transition Ag...
EU’s first full-scale CO2 storage site opens in Danish North Sea
29th September 2026
Denmark’s King Frederik X officially opened the Greensand facility at the Port of Esbjerg on 18 September, marking the start of commercial operations ...
Rising global energy demand puts toughest climate targets further out of reach
29th September 2026
The report finds energy demand in emerging and developing economies (EMDEs) could rise by more than 60% by 2060, adding the equivalent of another Chin...
European Union and UNECE move to regulate data centre expansion
29th September 2026
The scheme is said to be specifically designed to address increasing power demand from artificial intelligence (AI) models and cloud computing infrast...
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...
Technical guidance publications
EI 3314
Guidance on passive fire protection for process and storage plant and equipment
October 2026
This technical publication provides guidance on the use of passive fire protection (PFP) materials and their application across the life cycle of proc...
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...
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