“Increasing Energy Demand”
Rising global population and urbanization significantly boost energy consumption, as more people require energy for daily activities and infrastructure development. As urban areas expand and populations grow, the demand for oil and gas intensifies to support transportation, heating, and industrial activities. Concurrently, economic development in emerging markets is accelerating energy needs. Industrialization in developing economies, coupled with improvements in living standards, leads to increased energy consumption for manufacturing, transportation, and residential purposes. These dynamics collectively heighten the need for expanded oil and gas exploration and production to meet the growing energy demands. This surge in demand drives investments in energy infrastructure and technology, pushing the oil and gas sector to explore new reserves and enhance production capabilities. Consequently, the industry faces greater pressure to innovate and increase efficiency to keep pace with the escalating global energy requirements.
For instance, China's swift urbanization has significantly boosted energy consumption. Cities such as Beijing and Shanghai have experienced a surge in energy needs due to their expanding infrastructure and improved living standards. The International Energy Agency (IEA) highlights that China has been a major force behind global energy demand growth, with substantial increases in energy consumption driven by both urbanization and economic development.
