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)
New Energy World stories
Aberdeen oil and gas industry hits out at taxation at Offshore Europe
10th September 2025
It argued that the levy is already having a severe impact on the sector by blocking new field development and stalling existing projects. With 282 fie...
Global FLNG capacity will triple by decade-end, while LNG supply is set to surge in 2026, say new reports
6th August 2025
Rystad estimates global FLNG capacity will reach 42mn t/y by 2030, climbing to 55mn t/y by 2035, almost four times the 14.1mn t/y recorded in 2024. Te...
Middle East to overtake Asia in gas output in 2025, predicts market report
23rd July 2025
The Middle East currently produces about 69.6bn cf/d of gas, up from an average of 67.1bn cf/d in 2024, reports Rystad. Production is forecast to incr...
Nations of the Andes power ahead with plans for an interconnected regional electricity market and other grid improvements
23rd July 2025
Countries of the Andes agree to consolidate regional electricity integration and interconnectionBolivia, Chile, Colombia, Ecuador and Peru...
Study reveals multi-million-dollar energy blind spot in pump efficiency
16th July 2025
Despite being responsible for 20% of global electricity demand, pumps are rarely prioritised in energy efficiency strategies, with many operators focu...
Technical guidance publications
EI 3299
Guidelines on earthing/grounding/bonding in the oil and gas industry
September 2025
This publication brings together the essential requirements relating to earthing/grounding and bonding for installations in hazardous areas in the oil...
HM 60. Guidelines for the auditing of hydrocarbon measurement systems
August 2025
This publication has been produced as a high level guideline on auditing for use by all of those involved in the measurement process in the upstream o...
HM 56/API MPMS Ch 10.10 – On-line measurement of water content in petroleum and petroleum products
July 2025
This document provides guidance for the application, installation, operation, verification, and proving of on-line water devices (OWDs) for use in the...
EI 3570
Research report: Circular economy indicators, potential for use in the oil and gas industry (2nd edition)
June 2025
This report explores how to measure circular economy (CE) practices in the oil and gas (O&G) industry. Developed in partnership with Ipieca, it outlin...
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)...
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