Energy Industry Introduction

There is a broad, global focus today on energy as an economic, geopolitical and strategic resource. In addition, there is an intense interest in the environmental consequences of energy consumption, as well as a steady push toward adoption of energy conservation technologies and practices. Much of the world’s energy is generated by petroleum-based fuels (gasoline and diesel—particularly in transportation) and natural gas (particularly in electric power generation and industrial purposes). However, many other energy sources are in wide global use, from biomass to hydroelectric, to wind and solar electricity generation. Nuclear power plants also provide much of the world’s electricity, as does coal.

Advanced oil and gas production technologies, including 3D seismic, ultra-deep ocean rigs, hydraulic fracturing (fracking) and directional drilling (particularly in shale oil and gas fields), have fostered exceptional new levels of oil and gas discovery and production around the world. In fact, the application of new technologies has dramatically upset the former balance of power in the energy industry, making North American production much more important while lessening the influence of OPEC.

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Energy Industry Introduction, Business and Industry Trends Analysis

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