Introduction

The global energy industry has been greatly affected by recent economic and geopolitical challenges, creating significant uncertainty and upending the industry landscape. However, despite these obstacles, new opportunities and emerging trends have emerged in the aftermath of the pandemic and the year-long conflict in Ukraine.

In this report, we present a comprehensive overview of the global energy sector, highlighting seven critical trends that will influence the industry in the coming years:

1 . Economy: A sluggish economy won’t derail the post-pandemic recovery of energy demand.

2 . Future of oil: Oil is expected to maintain its position as a major source of energy until 2050 and beyond.

3 . Energy transition: The ongoing energy transition is undergoing a recalibration that prioritises energy security alongside decarbonisation, driving growth in both green energy and fossil fuels.

4 . Investment: The prolonged underinvestment in the oil and gas industry has contributed to a surge in prices and an investment boom.

5 . Green energy: Recent energy and geopolitical crises are expected to accelerate investment in clean energy, leading to a multi-wave clean energy boom.

6 . Offshore sector: The offshore energy industry is poised for sustained growth, presenting new opportunities for offshore engineering and fabrication.

7 . Global competition: The clean energy industry has entered a phase of intensified international competition, particularly between Europe, America and China, triggering a new wave of investment and opening up new international market opportunities.

We trust that our report provides you with a timely overview of the dynamics and prospects of the global energy industry.