ABSTRACT
The world, since the industrial revolution, has relied significantly on oil and gas (O&G) resources to fuel, especially for its industrial and transportation activities. The major consuming block for oil before 2012 was always the Organization for Economic Cooperation and Development (OECD) countries, which are more industrialised relative to countries in the non-OECD block. In most emerging and developing countries (EDCs), when O&G resources are discovered, they are often quick to extract these resources with the aim of rapidly growing the economy, reducing poverty, and gaining some political capital without a careful management plan. Despite the transition to low carbon economy being underway along with the associated increased interest in renewable energy sources globally, especially among policymakers and investors in developed countries, demand for O&G resources will continue to surge due to growing demand from EDCs such as China, India, South Africa, and Brazil.
