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Oil and natural gas remain the world's leading fuels, accounting for nearly 60% of global energy consumption.
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Oil and natural gas are formed from decaying plant and animal remains that became buried within layers of the earth and subjected to heat and pressure over millions of years. These two types of fossil fuels have been the world’s primary sources of energy for decades. They have enabled advances in quality of life and in all sectors of the economy, from residential lighting, cooking and heating to transportation and industrial manufacturing. However, the low carbon transition has put the oil and gas industry under pressure as these fuels are two of the main sources of greenhouse gases. The industry is associated with environmental disasters such as oil spills, and the prices of the two fuels – especially oil – are highly volatile with fluctuations directly impacted by political and socioeconomic events. Nevertheless, more than 100 countries currently produce oil and/or natural gas and the two fuels are expected to maintain their importance across the energy sector for many decades to come.
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The production of oil and natural gas are often coupled as the two are typically found together in nature. The industry is commonly divided into three main operational sectors: upstream, midstream and downstream. The upstream sector incorporates the exploration and extraction of crude oil and natural gas reserves, while midstream focuses on transporting and storing the extracted products. The oil and natural gas then reach downstream processing facilities where they are refined, distributed and sold to the end customer.
The product that reaches the end customer can take a number of forms including natural gas (LNG, once it is liquefied to facilitate its transport), and derivate from oil, liquefied petroleum gas (LPG), petrol, diesel fuel, jet fuel, heating oil, kerosene, asphalt and other petrochemicals. Several trends are currently impacting the future outlook of the oil and gas industry.
Liquefied Natural Gas
The use of natural gas has increased across all economic sectors over the last few decades since natural gas – often viewed as a bridge fuel towards a low carbon energy system – burns cleaner than oil or coal for electricity generation. The switch to natural gas is becoming more widespread with the proliferation of the technology to liquify it (to LNG) for transport.
LNG: clean carbon-free energy source of the future. Scientists and the Department of Energy highlight LNG to be the cleanest fossil fuel and possibly to comply with the new environmental standards.
When compared with diesel, natural gas fuel illustrates the following reductions: a 25% reduction in carbon dioxide (CO2), and 80% reduction in nitrogen oxide (NOx), and a 97% reduction in carbon monoxide (CO) emissions.
The reduction in CO2 emissions is vital during the current energy transition sought by the European Commission, it represents an excellent alternative to reduce greenhouse gas emissions and help combat global warming.
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The properties of natural gas (low environmental impact of its combustion), its energy performance and its abundant reserves distributed around the globe make it an energy of the future: natural gas use is expected to account for 25% of the world energy portfolio by 2035, compared to 21% today. In retrospect, natural gas is an excellent complementary solution in the context of an energy mix with renewable energies (solar, wind, hydropower, biomass, Biofuels: Ethanol and Biodiesel) to produce the global necessity of electricity or fuel.
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Oil
Petroleum—or crude oil—is a fossil fuel that is found in naturally occurring large in quantities beneath the Earth's surface in many countries worldwide and is often used as a fuel or raw material in the chemical industry. It is Crude oil is often referred as “Black Gold” because when crude oil is extracted from beneath the earth it is black in color and gold because of its oils and value.
It primarily consists of hydrogen, carbon and oxygen. Oils contain high amounts of carbon and hydrogen content making them highly flammable. An "oil field'' is referred to as a region with plenty of oil wells extracting petroleum (crude oil) from beneath the ground. Since the oil reservoirs are typically spread over a large area, possibly several hundred kilometres across, full exploitation results in multiple wells scattered all over the area.
Oil drilling is oftentimes referred as a complicated process that involves the drilling and pumping of oil from underground wells.
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