oil & Gas Market Research Reports

Fossil fuels like oil & gas are fuels formed by natural processes such as anaerobic decomposition of buried dead organisms. The age of the organisms and their resulting fossil fuels is typically millions of years, and sometimes exceeds 650 million years.[1] Fossil fuels contain high percentages of carbon and include coal, petroleum, and natural gas.[2] They range from volatile materials with low carbon:hydrogen ratios like methane, to liquid petroleum to nonvolatile materials composed of almost pure carbon, like anthracite coal. Methane can be found in hydrocarbon fields, alone, associated with oil, or in the form of methane clathrates. Fossil fuels formed from the fossilized remains of dead plants[3] by exposure to heat and pressure in the Earth’s crust over millions of years.[4] This biogenic theory was first introduced by Georg Agricola in 1556 and later by Mikhail Lomonosov in the 18th century.

It was estimated by the Energy Information Administration that in 20...
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Fossil fuels like oil & gas are fuels formed by natural processes such as anaerobic decomposition of buried dead organisms. The age of the organisms and their resulting fossil fuels is typically millions of years, and sometimes exceeds 650 million years.[1] Fossil fuels contain high percentages of carbon and include coal, petroleum, and natural gas.[2] They range from volatile materials with low carbon:hydrogen ratios like methane, to liquid petroleum to nonvolatile materials composed of almost pure carbon, like anthracite coal. Methane can be found in hydrocarbon fields, alone, associated with oil, or in the form of methane clathrates. Fossil fuels formed from the fossilized remains of dead plants[3] by exposure to heat and pressure in the Earth’s crust over millions of years.[4] This biogenic theory was first introduced by Georg Agricola in 1556 and later by Mikhail Lomonosov in the 18th century.

It was estimated by the Energy Information Administration that in 2007 primary sources of energy consisted of petroleum 36.0%, coal 27.4%, natural gas 23.0%, amounting to an 86.4% share for fossil fuels in primary energy consumption in the world.[5] Non-fossil sources in 2006 included hydroelectric6.3%, nuclear 8.5%, and others (geothermal, solar, tidal, wind, wood, waste) amounting to 0.9%.[6] World energy consumption was growing about 2.3% per year.

Fossil fuels are non-renewable resources because they take millions of years to form, and reserves are being depleted much faster than new ones are being made. The production and use of fossil fuels raise environmental concerns. A global movement toward the generation of renewable energy is therefore under way to help meet increased energy needs.