Researchers from the Intelligence Centre of GlobalData have identified 2019’s top trends for the global oil and gas industry. Using several methods, including qualitative data analysis, number of mentions and online data analysis, Global Data has published the top ten trends we can expect to see over the coming year.
Marcel Kooter has almost three decades of experience in the oil and gas industry, working across upstream, downstream and midstream projects as well as the wider supply chain. You can find out more about the difference between upstream, midstream and downstream in the PDF attachment to this post. This post looks at some of the trends identified by GlobalData and how they were identified.
The methodology used by GlobalData to predict the top ten trends for oil and gas in 2019 is strong. The organisation utilises a combination of methods to accurately interpret current trends, including comprehensive historical data and a rigorous fact-checking process. Geopolitical scenarios are considered and impending planned fields are continually assessed to ensure accurate data, backing up strong forecasts in the short-term to medium-term. Estimates are also being continually refined in accordance with periodically released reports and flash news, although uncertainties in the marketplace can still make forecasts vulnerable to some extent.
2019 Oil Suppliers
The top five global oil producers are set to dominate the supply forecast for 2019, led by the United States. In the infographic attachment you can find out more about the leading oil producers in the world by country. US sanctions imposed by the United States on top oil exporters including Venezuela and Iran show that the global oil industry is impacted significantly by the supply of oil. Recent events have shown how oil prices can become quickly inflated when the global oil supply is retracted.
In the United States, fracking (or hydraulic fracturing) is a popular method of extracting petroleum and natural gas that is trapped beneath the earth. Fracking companies inject a specialised fluid into the rock at a high pressure which causes it to fracture, allowing the gas or petroleum to be released. However, plans to restart fracking in the United Kingdom have caused small-scale seismic activity and come up against much protest and legal challenge.
The term ‘energy transition’ can be used to describe a transition from any form of energy to another, including from one fossil fuel to another. However, it is most commonly used in the modern world to describe policies being put into place by governments and large organisations to transition away from the use of fossil fuels towards cleaner renewable sources of energy. Energy transition is a long-term change in the structure of the energy mix of a nation, rather than a short-term alteration.
Natural Gas Supply
There has been a recent shift towards more natural gas production by governments and companies around the world, based on the assumption that this is less harmful to the environment than the extraction of other fossil fuels such as oil and coal. Hydrocarbon gas mixtures can often be produced and exported in more environmentally friendly ways than other fossil fuels. The short video attachment looks at the definition of a hydrocarbon.
Energy policies are those strategies put into place by governments, intergovernmental agencies or firms to improve the energy landscape and balance resources. Energy policies adhere to guidelines put forward by any relevant international organisation of which the country in question is a member.