Market Trends and Outlook for Oil and Gas, a Review

Abstract

Hydrocarbon business globally, commands enormous influence over the dynamics of financial integrity on wealth creation in the world economy, through global trade. Citing example with Nigeria’s Oil and Gas industry, her richly endowed mineral deposits, for the past six decades has (directly or indirectly) played very significant role on virtually all economic and commercial activities; in determining the financial health/viability of the nation’s economy. The global economy presently faces challenges of the global warming due to the climate change that has occurred as a result of incremental growth in energy demands and consumption. Energy, known as a critical factor to life is essential for purposes of powering the economy through daily economic activities, and also for maintenance of man’s existence, has its own consequences on the environment in the course of its production and utilization. As a result, it has been proven to be posing a number of challenges, threats to life and man’s sustainable existence because of the adverse incidences on the planet, resulting from impact of carbon emissions being generated from energy consumption of fossil fuels/Oil and Gas sources (among other greenhouse gases, GHGs). Energy transition, as a phenomenal trend on the global energy solutions management, would contain these global challenges (in ever increasing global population with its imminent threat of energy crisis/poverty) by applying energy-mix menu and technologically advanced initiatives (the proposed Maximum energy-minimum emissions strategy) to control global warming by net-zero carbon emissions target through decarbonizing technologies; for sustainability of the planet.