The Future of Oil Industry

Petroleum and natural gas are two important aspects of oil industry. They are important factors that restrain China’s economic development and affect the security of its energy supply as well. The issues related to oil and gas are a very hot topic, and arouse extensive attention globally. 1. Introduction Energy structure varies constantly with time. At present, the main forms of the world energy resources are such fossil fuels as coal, petroleum and natural gas. The future of oil industry i…

The Future of Oil Industry

Oil and gas are the major energy resources all over the world but are not renewable. According to their present reserves, the resource volumes yet to be found and the large amount of non-conventional oil and gas resources, there is still great potential in oil and gas production. The proportion of oil and gas in energy structure will be influenced by four major factors: 1) Potential of the world oil and gas resources; 2) Technological progress of oil and gas exploration and development; 3) Speed of the development of substitute energy resources; and 4) Variation of oil price. It is estimated that, oil and gas will still retain an important proportion in energy structure by the first half of the 21st century.