Oil and gas

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In our survey of nearly 450 senior oil and gas executives, 68% are optimistic about growth in the year ahead — the highest number since late 2018 (76%). 

(Source: DNV, 2024, The paradox of petroleum) 

Seven in ten oil and gas sector respondents have reported that the overall prospects for their organization have been improving each year since the start of the conflict in Ukraine (68% in 2022; 73% in 2023; and 70% in 2024). 

(Source: DNV, 2024, The paradox of petroleum) 

51% of oil and gas executives say that globally there is not enough investment in new oil and gas capacity. This is especially the case among North American respondents, where 70% believe that not enough has been invested, compared to 40% of respondents from Europe. 

(Source: DNV, 2024, The paradox of petroleum)

In our survey of nearly 450 senior oil and gas executives, 50% still see exploring and developing new oil and gas fields as a top or critical priority for their organization's future. 

(Source: DNV, 2024, The paradox of petroleum) 

57% of nearly 450 oil and gas respondents said that political issues – including elections, policy uncertainty, regime changes, etc – are a major threat to their organization’s success in the year ahead.

(Source: DNV, 2024, The paradox of petroleum)

66% of oil and gas executives said that attracting younger workers is of high or critical importance to the future of their organization. However, 65% say that not enough people are entering the workforce, and 59% say that their organization is finding it increasingly difficult to attract employees with the skills needed for the energy transition.

(Source: DNV, 2024, The paradox of petroleum) 

In our survey of nearly 450 senior oil and gas executives, 62% said they are increasing investment in energy efficiency, 60% in decarbonization, and 50% investing in carbon capture and storage.

(Source: DNV, 2024, The paradox of petroleum)

77% of oil and gas respondents said improvement to operational performance, efficiency, and safety was a key priority for the future of their organization – making it the top priority for companies in this sector. 

(Source: DNV, 2024, The paradox of petroleum) 

Reducing the negative environmental impacts of operations is a top or critical priority for 61% of oil and gas sector executives. 74% say that oil and gas companies should play a leading role in accelerating the energy transition, only 55% of them say that their organization is actively adapting to a less carbon-intensive energy mix, and 51% say that their organization will shift towards opportunities outside of oil and gas in the year ahead.

(Source: DNV, 2024, The paradox of petroleum) 

In our survey of nearly 450 senior oil and gas executives, the top barrier to focusing on renewables and clean energy is low returns or profitability. The leading challenge, cited by 49% of respondents, is the low financial return or profitability associated with these initiatives.

(Source: DNV, 2024, The paradox of petroleum)