A Comprehensive Review and Status of Renewable Resources and Oil & Gas Under the Supply and Demand Dynamics in the World

Abstract

Abstract As major oil and gas companies have been investing in renewable energy, renewable energy has been part of the oil and gas industry in the last decade. Originally, renewables were seen as a competing form of energy source as a threat that may replace or decrease the share of fossil fuels as an alternative energy resource in the US and developed countries. However, oil and gas industry has adapted to the wind of change and has started investing and utilizing the renewable sources of energy significantly. In this perspective, this study investigates and outlines the latest advances, technologies, potential of renewables both as an alternative and a complementary source of energy in the world n the current supply and demand dynamics of oil and gas resources. A comprehensive literature review focusing on the recent developments and findings in the renewable resources along with the availability of the renewable energy and locations are outlined and discussed under the current dynamics of the oil and gas market and resources. Literature review includes a broad spectrum that spans from technical petroleum literature with very comprehensive research using SCOPUS database to non-technical but renowned resources including journals and other publications including raw data as well as forecasts and opinions of respected experts. The raw data and expert opinions are organized, summarized and outlined in a temporal way within its category for the respective energy source. Not only the facts and information are outlined for the individual type of energy resource but also the relationship between the forms of energy resources are discussed from a perspective of their roles either as a competing or a complementary source to oil and gas. In this sense, this study goes beyond only providing raw data or facts about the energy resources but also a thorough publication that provides the oil and gas industry professional with a clear image of the past, present and the expected near future of the oil and gas industry as it stands with respect to renewable energy resources. Among the few existing studies that shed light on the current status of the oil and gas industry facing the development of the renewable energy are up-to-date and the existing studies within SPE domain focus on facts only lacking the interrelationship between the individual form of renewable energy and oil and gas such as solar energy used in oil and gas fields as a complementary renewable energy.