Despite the increasing affinity towards alternate energy sources, oil and gas (O&G) will remain the major source for power generation in the long term accounting for more than 50% of total primary energy consumption in 2030.
The upstream O&G sector will be driven by the global shale revolution. Most of the market will continue to be in North America where technological investment will increase output. Shale O&G production will gradually lead to massive decline in O&G prices.
The midstream O&G sector will be driven by internationalisation of liquified natural gas (LNG) trade. Asia will emerge as the largest consumer of LNG while the shale revolution in North America will convert the region into a net exporter of liquefied gas.
The downstream O&G sector will be driven by improvements in refinery margins that are directly impacted by end-user demand, crude oil prices, and utilization ratios. Companies are looking at restructuring strategies to offer differentiated products for end users.
Optimised drilling strategies, operational excellence, and cost reduction are key priorities for O&G companies across the entire value chain. Geopolitical equations and economic legislations will continue to impact fluctuations in O&G prices.
About this report
This study provides a detailed analysis of the key trends affecting the global O&G market over the course of the next decade and beyond, looking at the highest impact issues creating opportunities in the areas of upstream, midstream, and downstream. Despite increasing affinity towards alternate energy sources, O&G will remain the major source for power generation in the long term. The upstream sector will be driven by the global shale revolution; midstream will be driven by internationalisation of LNG trade; and downstream will be driven by improvements in refinery margins that are directly impacted by end-user demand, crude oil prices, and utilization ratios. The base year is 2014 and forecasts span 2015–2030.
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