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Oil and Gas Industry Outlook and Growth Opportunities, 2024

  • Report

  • June 2024
  • Region: Global
  • Frost & Sullivan
  • ID: 5983914

Transformative Megatrends Drive Oil and Gas Companies to Digitize and Implement Decarbonization Initiatives

The global energy industry is undergoing an unprecedented transition, bringing exciting new growth opportunities to the oil and gas (O&G) industry. However, shifting to a net-zero future for carbon emissions means many companies struggle with pricing, energy security, and industry disruption.

As the industry moves to meet decarbonization and sustainability goals, the report has identified five key pillars of opportunity for the energy transition: Carbon Capture, Utilization, and Storage (CCUS); Emissions Management; Automation, Autonomy, and Augmentation; Upstream Electrification; and Future Fuels. Meanwhile, the main challenge of today’s O&G industry is balancing the transition to net zero while meeting the current demand for fossil fuels as efficiently and sustainably as possible.

The competitive landscape for the future O&G industry is also changing, driven by innovation, market transformation, ambitious sustainability goals, and disruptive business models.

Notably, the study offers stakeholders insights and opportunities they can leverage in the dynamic O&G space over the next decade.

Table of Contents

Analysis Highlights
  • The 2023 Oil and Gas Industry: Forecast vs. Actual
  • Historical Analytics: Global O&G Industry Upstream Capital Expenditure (CAPEX)
  • Top Predictions for 2024
Strategic Imperatives
  • Why is it Increasingly Difficult to Grow?
  • The Strategic Imperative 8™
  • The Impact of the Top 3 Strategic Imperatives on the O&G Industry
  • Growth Opportunities Fuel the Growth Pipeline EngineTM
Growth Environment
  • Research Scope
  • What Does the Global O&G Outlook Cover?
  • 2023 Highlights of the Global O&G Industry
  • 2023 O&G Key Performance Indicators (KPIs): Actual
  • 2024 O&G KPIs: Forecast
  • Trends and Events in Historical Prices for West Texas Intermediate (WTI) and Brent
  • Global Average Rig Count vs Benchmark Crude Oil Prices
O&G Trends, 2024
  • O&G Industry Trends
  • Trend 1: CCUS an Important Equation in Decarbonization
  • Trend 2: Global CCUS Project Type and Status
  • Trend 3: CCUS Landscape in the Americas
  • Trend 4: CCUS Landscape in Europe
  • Trend 5: CCUS Landscape in APAC
  • Trend 6: CCUS Landscape in MEA
  • Trend 7: Direct Air Carbon Capture (DACC)
  • Trend 8: Endgame Scenarios for Profitable DACC Implementation
  • Trend 9: CCUS Growth Opportunity Areas
  • Trend 10: Role of LNG in the Energy Spectrum
  • Progress on Developing Lower-emission LNG Technologies
  • Trend 11: O&G Electrification as a Decarbonization Pathway
  • Trend 12: Growth of the Hydrogen Economy
  • Trend 13: O&G Automation
  • Trend 14: Emissions Management
  • Trend 15: Alternative Fuels - A Catalyst to Decarbonize Hard-to-abate Industries
  • Trend 16: The Role of Drilling Automation in Upstream Operations
  • Trend 17: Drilling Automation
O&G Upstream Segment Outlook, 2024
  • Top 8 Upstream O&G Predictions for 2024
  • Global Oil Production Forecast
  • Natural Gas Production Forecast
  • O&G Upstream CAPEX Investments
Regional Predictions, 2024
  • North America
  • LATAM
  • Europe
  • MEA
  • APAC
  • Russia and CIS
Growth Opportunity Universe
  • Growth Opportunity 1: Increased DER and BESS Integration to Drive Electrification Technology Adoption
  • Growth Opportunity 2: AI as a Tool to Achieve Sustainability
  • Growth Opportunity 3: DACC with CO2 Used for SAF
  • Growth Opportunity 4: Negative-emission Technologies for Achieving the Net-zero Target
  • Growth Opportunity 5: Modularization of CCUS Plants for Small Industries with Fewer CO2 Emissions
  • Growth Opportunity 6: CCUS Clusters and Hubs for Integrating Different Industrial Clusters
  • Growth Opportunity 7: Floating Storage Regasification Units (FSRUs) for Rapid LNG Supply in Europe
  • Growth Opportunity 8: Blending Blue Hydrogen in Existing NG Pipelines
  • Growth Opportunity 9: Robotics for Subsea Automation
  • Growth Opportunity 10: IoT for Boosting Efficiency and Accuracy
Conclusions
  • Conclusions and Future Outlook
Best Practices Recognition
  • Best Practices Recognition
Frost Radar
Next Steps
  • Benefits and Impacts of Growth Opportunities
  • Next Steps
  • Take the Next Step
List of Exhibits