The world's dependence on oil and gas is increasing as global economies and infrastructure continue to rely heavily on petroleum-based products. Discussions of when world oil and gas production will peak seem to be on the periphery, even amid a weakened global economy and the shrinking availability of oil. Indeed, the oil and gas industry continues to wield incredible influence in international economics and politics - especially in consideration of employment levels in the sector.

There are over 200 oil and gas companies in the world. In recent years the traditional supermajors have seen stiff competition from the growing number of National Oil Companies – state-owned entities that are increasingly seizing sole rights to major oil reserves.