Oil and gas will continue to remain the major sources of energy for the next 25 years despite significant progress in developing renewable and other alternative energy sources, Deloitte Touche Tohmatsu Limited said in its 2011 Oil & Gas Reality Check report.
And, despite the staggering $35 billion liability that the Deepwater Horizon spill caused to oil explorer BP as also the changes in safety parameters it necessitated, deep-sea will continue to remain a major hunting ground for petroleum resources, the study said.
The study pointed to the record 356 exploration licences granted for exploration in the North Sea in the latest round of approvals.
Recent discoveries of shale gas is swiftly becoming a game-changer for the US and Canada, unconventional gas will demand new markets, according to the report.
Oil is still viewed as a global, unified measure of economic recovery and while economic indicators, particularly in the West, have been bearish of late, oil prices are still trending upward, the study noted.
The study says this has been due to the rising demand in Asia, which has become a hotbed of oil and gas activity.