Global energy demand will continue to increase, driven by rising population, urbanisation and growing affluence, particularly in Asia. In ensuring access to energy for all, the world population will have to increasingly rely on all forms of energy – from the conventional oil and gas, to the renewable energy sources. Oil and gas, however, will remain dominant, accounting for more than half of the global primary energy mix in decades to come.

Multiple challenges continue to beset the energy industry. Ensuring energy access that is affordable, reliable and sustainable is a challenge confronting every country. Amidst the rising need for energy, future supplies are becoming costlier, more difficult to access and located in areas far away from demand centres. Growing population in developing countries is being hampered from access to energy amidst rising protectionism and geopolitical instability. Without basic access to energy, clean and affordable energy is a pipe dream for many.

The global energy landscape is now going through structural changes. Climate change goals have triggered the transition towards greener, cleaner and more sustainable energy sources, and technological breakthroughs are needed to decarbonise the energy sector. To accelerate the transition, collaboration and partnership are key in opening up new channels to develop innovative solutions and find new approaches.

Forging a new energy future is a journey that starts with collaborative approach within and outside of the industry, and the agility to respond to the increasing and needs would ensure that the oil and gas industry will remain competitive and relevant.