ABSTRACT
Oil and gas are important natural resources and have propelled economic growth and increased the global competitiveness between producing nations in global trade and resulted in the associated advantages to domestic economies. This chapter examines the future of the oil and gas industry in emerging and developing countries. It discusses the exploration of oil and gas and how the environment is being impacted by the activities. The chapter looks at the role of market players along the value chain of the oil and gas sector. It then examines how the world is being transitioned to renewable energy use through an analysis of demand trends and challenges confronting the oil and gas industry. It makes the case that despite the immeasurable contributions of the oil and gas sector to the development of the global economy, there have been systemic shifts in their demand in recent times. High cost of capital requirements in oil and gas production, climate change effects and global warming, deprivations and community conflicts, and technological advancements account for these shifts in the demand trends of oil and gas.
