Just 14% of oil and gas executives expect to see growth within their core business over the next decade, finds survey

October 2023

Just 14% of oil and gas executives expect to see growth within their core business over the next decade: A survey of Energy and Natural Resources executives has found that just 14% of oil and gas respondents expect to see growth within their core business over the coming decade, revealing far less optimism than other ENR industries.

In comparison, almost two-thirds of utilities and renewables respondents said they expect to grow rapidly; compared with 30% of mining and minerals execs, 37% of agribusiness and a quarter of chemicals executives (24%). 

Almost half the oil and gas respondents polled said they expect to see some decline (48%), compared to 9% of utilities/renewables, 19% of mining and minerals and 14% of chemicals.

No respondents at all polled in the agribusiness sector said they expect their core business to decline. The only sector to anticipate that they will see rapid decline in the next 10 years was the oil and gas sector, with 4% believing that over the next 10 years their core business will deteriorate.

When asked about the top ESG priorities of their company, reduction of Scope 1 and 2 emissions was the top answer given for all ENR industries overall, with 88% of respondents ranking emissions reductions in their top three issues. 

Looking at the oil and gas industry specifically, 95% of oil and gas respondents cited Scope 1 and 2 emissions reductions in their top three priorities with 56% citing impact of local communities and 51%, Scope 3 emissions reductions.

Other sectors which highly prioritised a Scope 1 and 2 emissions reduction were chemicals (95%), agribusiness (86%), mining and minerals (86%) and utilities (84%).

Notes 

• Scope 1 – measures greenhouse gases directly emitted by an organisation or by activities under its control
• Scope 2 – measures indirect emissions from electricity or other power used by an organisation 
• Scope 3 – measures other indirect emissions related to an organisation, including those resulting from the use of its products