Fossil fuels are the world’s most abundant and widely used energy sources. Despite the increased production and use of environmentally friendly renewable sources, fossil fuels continue to be critical to meet the world’s energy needs.
Rig explosions, fires, capsizing/sinking, oil spills, and the loss of workers and marine lives have been the most catastrophic forms of offshore oil and gas drilling disasters in recorded history. Investigational reports on some of the world’s worst offshore oil rig disasters suggest that most of these accidents could have been avoided. Offshore Technology lists some of the leading causes of drilling rig disasters.
The refining industry is undergoing transition due to new International Maritime Organisation (IMO) low-sulphur shipping fuel specification that came into effect in January 2020. Offshore Technology lists the ten largest refining companies in the world, based on their crude refining capacities per day in 2019.
Oil prices have rebounded after posting losses for two consecutive sessions, but are on course to post their biggest weekly losses in 2019 as a result of surging crude stockpiles and economic growth worries.