There is no denying that the oil and gas industry faces multiple challenges, however, Global Data has selected the pressure to decarbonize and diversify products as the largest, driven by climate concerns and increasing carbon taxes imposed by governments, which is perceived to threaten oil and gas companies’ profits.

The pressure also stems from investors, who are concerned with the long-term profitability of the industry, given the World Economic Forum’s forecasts of oil demand being due to peak between 2030 and 2035.