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The world's dependence on oil and gas is increasing as global economies and infrastructure continue to rely heavily on petroleum-based products. Discussions of when world oil and gas production will peak seem to be on the periphery, even amid a weakened global economy and the shrinking availability of oil.
The trend towards renewable and alternative energy is another threat to traditional oil and gas companies. Coupled with the rise in pro-eco legislation and governmental pressure has meant the industry is under more scrutiny than ever.
Generating electricity from solar power systems and offshore wind is becoming increasingly cheaper and cost-effective. According to IRENA, over 80 percent of newly commissioned renewable energy will be cheaper than new oil & natural gas sources.
It is estimated that 30 billion barrels are consumed globally each year, primarily by developed nations. Oil also accounts for a significant percentage of energy consumption regionally from 32% for Europe and Asia, 40% for North America, 41% for Africa, 44% for South and 53% for the Middle East.
Sustained investment in new technologies is allowing some companies to capture new growth. Today’s low oil price has created a new passion for efficiency, which highlights new technologies that can drive efficiencies—albeit at a limited investment cost.
Going forward, OFSE companies should ask themselves whether they are well positioned to face a volatile and uncertain future. To test whether they are pursuing the right strategies, they should ask themselves a few critical questions, such as the following:
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