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Producing crude oil and refined products at a lower cost to stay competitive on the market is one of the industry's major challenges. high-level, informal reference tool for understanding oil and gas industry terminology. It is not intended to be a definitive or exhaustive reference, The oil and gas industry is facing increasing demands to clarify the implications of energy transitions for their operations and business. 35 What's next for the global oil and gas industry? 17. simmonsco-intl.com/files/HBS%20Energy%20Forum.pdf. 18. simmonsco-intl.com.2022 oil and gas industry outlook. Oil and gas companies build momentum as they look to reinvent themselves. By now, close to 50% of the world's population Organization of the Petroleum Exporting Countries, 2013. Second edition. ISBN 978-3-200-02193-8. Designed and illustrated by Michael Haderer, Vienna, The process of getting oil out of the ground and to end-users is divided between upstream operations, which include exploration and production, and downstream.