Thematic Intelligence: Top 20 Oil & Gas Themes 2024
Summary
In this report, we identify the top 20 themes that will impact the oil and gas industry in 2024. For each theme, we offer a series of predictions, identify winners, and point you to further reading. We classify these 20 themes into four categories: macroeconomic themes, ESG themes, industry themes, and technology themes. In the following pages, we rank them in order of importance, with geopolitics as the highest priority theme for the oil and gas industry in 2024.
Scope
We classify these 20 themes into four categories: macroeconomic themes, ESG themes, industry themes, and technology themes. In the following pages, we rank them in order of importance, with geopolitics as the highest priority theme for the oil and gas industry in 2024.
Reasons to Buy
Our research shows that companies who invest in the right themes become success stories; those who miss the big themes ultimately fail. Given that so many themes are disruptive, it is very easy to be blindsided by industry outsiders invading your sector.
So, to help our clients gain a competitive advantage, we have developed GlobalData’s thematic research ecosystem, a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
- Executive Summary
- Top Themes for 2024
- Viewing the world’s data by theme helps you make important decisions
- Geopolitics
- Geopolitical issues are likely to continue weighing on global oil & gas operations
- Efforts to move away from fossil fuels could be slow
- The OPEC cartel is likely to regain centerstage in an increasingly bipolar world
- Winners
- Further reading
- Supply Chain
- Energy security concerns are expected to influence oil & gas trade flows in 2024
- Global supply chains are likely to remain fragile
- Supply chains might increase their reliance on automation
- Winners
- Further reading
- ESG – Environment
- Profitability remains critical for financing decarbonization projects in oil and gas
- Consistency in government decisions essential for stable investment flows
- More work needs to be done in the reporting of Scope 3 emissions
- Winners
- Further reading
- ESG – Social
- Attacks on energy infrastructure could raise issues over worker safety
- Growing ESG importance giving fillip to job creation in the oil and gas industry
- Technological advancements are pivotal in transforming safety in oil & gas
- Winners
- Further reading
- Energy Transition
- Major economies likely to continue pursuing energy transition
- Climate change-related regulations could take a backseat in 2024
- Oil majors could try and capitalize on strong oil demand in the short term
- Winners
- Further reading
- Renewable Energy
- Oil and gas investments in renewable energy could slow down in 2024
- Supply chains for renewable energy could be under stress
- Advances in AI could help improve renewable energy projects
- Winners
- Further reading
- Hydrogen
- Hydrogen capacity anticipated to increase at a healthy rate in 2024 and beyond
- Growing awareness about hydrogen could pave the way for its wider adoption
- Focus on technology development essential to enable the hydrogen economy
- Winners
- Further reading
- Carbon Capture and Storage
- The oil and gas industry expected to continue investing in carbon capture projects
- Government support would facilitate investments in carbon capture
- Efforts to reduce capture costs likely to gain emphasis
- Winners
- Further reading
- Energy Storage
- Energy storage capacity is anticipated to continue rising exponentially
- Grid-scale storage could play an increasing role in power distribution
- Digital technologies could help optimize energy storage systems
- Winners
- Further reading
- Electric Vehicles
- The EV market is likely to continue growing in 2024
- Oil and gas players might expand their footprint in EV charging
- China’s dominance in the EV market is anticipated to continue
- Winners
- Further reading
- Liquefied Natural Gas
- Geopolitical upheavals could influence the LNG industry's outlook
- Promising gas demand outlook likely to promote LNG capacity growth
- LNG to continue supporting global decarbonization goals in the medium term
- Winners
- Further reading
- Shale
- Industry consolidation might continue in the US shale industry
- Shale oil and gas production could reach record levels in 2024
- ESG goals may suffer as drillers capitalize on rising demand
- Winners
- Further reading
- Integrated Refineries
- Global integrated refinery capacity growth may continue at a steady pace
- Strong petrochemical demand could prove beneficial for integrated refineries
- Integrated refiners need to pay attention to long-term sustainability
- Winners
- Further reading
- Artificial Intelligence
- The AI market for the energy sector is expected to grow rapidly
- AI could support net-zero ambitions in the oil and gas industry
- AI may gain more prominence in undertaking operational decisions
- Winners
- Further reading
- Blockchain
- Blockchain could form an important backbone in global energy transition efforts
- Blockchain could boost reliability in oil and gas trade agreements
- The slow pace of blockchain regulations anticipated to remain a major hindrance
- Winners
- Further reading
- Cloud Computing
- Cloud computing might play an increasing role in oil and gas operations
- Cloud computing could enhance the utility of other digital technologies
- Edge computing to become a viable option as cloud adoption increases
- Winners
- Further reading
- Cybersecurity
- Oil and gas companies likely to focus on upskilling the cybersecurity workforce
- Generative AI may pose a wider threat to oil and gas operations
- Stronger cybersecurity regulations are needed to counter threats to industries
- Winners
- Further reading
- Internet of Things
- Technology development expected to spur IoT adoption in oil and gas
- Wearables could transform IoT use cases
- Improved ESG performance expected through IoT deployment
- Winners
- Further reading
- Robotics
- Robotics likely to continue to drive automation in the oil and gas industry
- Drone-based applications are expected to attract considerable interest
- AI might enhance robotic capabilities in field applications
- Winners
- Further reading
- The Metaverse
- Metaverse adoption in the oil and gas industry could be slow in 2024
- The metaverse may shape the future of work practices in the oil and gas industry
- The development of a regulatory framework for metaverse might be delayed
- Winners
- Further reading
- Glossary
- Data Sources
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook