The Future of the Oil and Gas Industry: Exploration and Production
The oil and gas industry is facing a major disruption due to the ongoing war in Ukraine. With price spikes and competition for LNG shipments on the rise, the industry is looking towards more sustainable solutions such as energy efficiency and clean energy transitions. According to the International Energy Agency, the Asia-Pacific region is expected to account for 50% of global gas demand by 2025, with industry accounting for 60% of global demand. However, these projections are subject to downward risks from high prices and potentially lower economic growth. As the European Union phases out gas imports from Russia, the global repercussions are being felt in the industry.