Global Oil and Gas Outlook, 2022

Global Oil and Gas Outlook, 2022

Energy Transition, Decarbonization, Digitalization, and New Business Models Drive Industry Transformation

RELEASE DATE
21-Jun-2022
REGION
Global
Research Code: K609-01-00-00-00
SKU: EN01325-GL-MO_26649
$4,950.00
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Description

The oil and gas industry recovered strongly in 2021 after recording an all-time low in 2020 due to the COVID-19 pandemic. Oil prices in 2021 increased by 70.5% and reached a yearly average of $67.7 per barrel. Amid the geopolitical chaos and Russo-Ukrainian, the oil price rose to $117 per barrel in Q1 2022. Despite the better-than-expected recovery in the oil and gas industry, uncertainty still looms due to changes in market dynamics in the coming years. This outlook study addresses the global market dynamics and implications in regional hot spots. As we move toward the second half of 2022, we observe that oil and gas companies are very disciplined with their capital spending, focusing more on their financial health, investing in more sustainable businesses, and committing toward climate change and transforming their business models. We have identified 5 major trends representing key pillars for growth within the oil and gas industry in the medium to long term.

• With increased oil prices, companies will have additional funds to invest in decarbonization and green energy solutions, such as carbon capture,
utilization, and storage (CCUS).
• Liquefied Natural Gas (LNG) will play a significant role in the Oil and Gas Industry, driven by Europe’s urgent need for a quick natural gas supply.
United States will rise as the main LNG supplier to Europe.
• Electrification will play a growing role in industrial decarbonization, focusing mainly on oil and gas, cement, iron and steel, and chemicals
industries.
• Demand for low carbon hydrogen is forecast to reach 60 Mt by 2030, with a potential to reduce 700 Mt of CO2 annually.
• Digitalization technologies will underpin the energy transition within oil and gas companies. Automation technologies such as artificial
intelligence, robotics, and the internet of things will be implemented to increase energy efficiency.

Author: Mahesh Radhakrishnan

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Oil and Gas Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

2021 Highlights of the Global Oil and Gas Industry

Top 7 Oil and Gas Predictions for 2022

2021 Key Performance Indicators at a Glance

2022 Oil and Gas KPIs at a Glance—Forecast

Trends and Events in Historical Prices for WTI and Brent

Global Average Rig Count vs Benchmark Crude Oil Prices

Global Oil and Gas Industry Upstream CAPEX

Key Market Trends

Trend 1—CCUS an Important Equation in Decarbonization

Trend 1—CCUS an Important Equation in Decarbonization (continued)

Trend 1—CCUS an Important Equation in Decarbonization (continued)

Trend 1—CCUS an Important Equation in Decarbonization (continued)

Trend 1—CCUS an Important Equation in Decarbonization (continued)

Trend 1—CCUS an Important Equation in Decarbonization (continued)

Trend 2—Role of LNG in the Energy Spectrum

Trend 2—Role of LNG in the Energy Spectrum (continued)

Trend 3—Industrial Electrification as a Decarbonization Pathway

Trend 3—Industrial Electrification as a Decarbonization Pathway (continued)

Trend 3—Industrial Electrification as a Decarbonization Pathway (continued)

Trend 4—Rise of the Hydrogen Economy

Trend 5—Oil and Gas Automation

Trend 5—Oil and Gas Automation (continued)

Trend 5—Oil and Gas Automation (continued)

Top 8 Upstream Oil and Gas Predictions for 2022

Oil Production Forecast

Gas Production Forecast

Oil and Gas Upstream CAPEX Investments

2022 Oil and Gas Predictions—North America

2022 Oil and Gas Predictions—Latin America

2022 Oil and Gas Predictions—Europe

2022 Oil and Gas Predictions—Middle East And Africa

2022 Oil and Gas Predictions—Asia-Pacific

2022 Oil and Gas Predictions—Russia and CIS

Growth Opportunity 1—Modularization of CCUS Plants for Small Industries with Less CO2 Emissions

Growth Opportunity 1—Modularization of CCUS Plants for Small Industries with Less CO2 Emissions (continued)

Growth Opportunity 2—CCUS Clusters and Hubs for Integrating Different Industrial Clusters

Growth Opportunity 2—CCUS Clusters and Hubs for Integrating Different Industrial Clusters (continued)

Growth Opportunity 3—Floating Storage Regasification Units (FSRUs) for Rapid Supply of LNG in Europe

Growth Opportunity 3—Floating Storage Regasification Units (FSRUs) for Rapid Supply of LNG in Europe (continued)

Growth Opportunity 4—Increased DER and BESS Integration to Drive Electrification Technology Adoption

Growth Opportunity 4—Increased DER and BESS Integration to Drive Electrification Technology Adoption (continued)

Growth Opportunity 5—Blending Green Hydrogen into Existing Natural Gas Pipelines to Reduce CO2 Emissions

Growth Opportunity 5—Blending Green Hydrogen into Existing Natural Gas Pipelines to Reduce CO2 Emissions (continued)

Growth Opportunity 6—AI as a Tool to Achieve Sustainability

Growth Opportunity 6—AI as a Tool to Achieve Sustainability (continued)

Growth Opportunity 7—Robotics for the Upstream Sector

Growth Opportunity 7—Robotics for the Upstream Sector (continued)

Growth Opportunity 8—IoT to Boost Efficiency

Growth Opportunity 8—IoT to Boost Efficiency (continued)

Key Conclusions

Abbreviations and Acronyms

References

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

The oil and gas industry recovered strongly in 2021 after recording an all-time low in 2020 due to the COVID-19 pandemic. Oil prices in 2021 increased by 70.5% and reached a yearly average of $67.7 per barrel. Amid the geopolitical chaos and Russo-Ukrainian, the oil price rose to $117 per barrel in Q1 2022. Despite the better-than-expected recovery in the oil and gas industry, uncertainty still looms due to changes in market dynamics in the coming years. This outlook study addresses the global market dynamics and implications in regional hot spots. As we move toward the second half of 2022, we observe that oil and gas companies are very disciplined with their capital spending, focusing more on their financial health, investing in more sustainable businesses, and committing toward climate change and transforming their business models. We have identified 5 major trends representing key pillars for growth within the oil and gas industry in the medium to long term. • With increased oil prices, companies will have additional funds to invest in decarbonization and green energy solutions, such as carbon capture, utilization, and storage (CCUS). • Liquefied Natural Gas (LNG) will play a significant role in the Oil and Gas Industry, driven by Europe’s urgent need for a quick natural gas supply. United States will rise as the main LNG supplier to Europe. • Electrification will play a growing role in industrial decarbonization, focusing mainly on oil and gas, cement, iron and steel, and chemicals industries. • Demand for low carbon hydrogen is forecast to reach 60 Mt by 2030, with a potential to reduce 700 Mt of CO2 annually. • Digitalization technologies will underpin the energy transition within oil and gas companies. Automation technologies such as artificial intelligence, robotics, and the internet of things will be implemented to increase energy efficiency. Author: Mahesh Radhakrishnan
More Information
Author Mahesh Radhakrishnan
Industries Environment
No Index No
Is Prebook No
Podcast No
WIP Number K609-01-00-00-00