In the past 24 months, the oil and gas industry has experienced the best macroenvironment in more than 20 years. Global demand for crude oil and natural gas is strong; interest rates and cost inflation are low; and, hydrocarbon prices are at historic highs. As a result, large integrated oil companies and those operating in related sectors are experiencing record profitability and cash flows.

After years of cautious investment to find new oil and gas reserves, companies finally are increasing their efforts in exploration and development — improving the margins in the oilfield services sector. Additionally, the shift to natural gas is accelerating in many markets, with unprecedented levels of investment in liquid natural gas plants, pipelines and ships for production and transportation.

Through our member firms, Deloitte helps companies address many of these challenges by providing a range of services to companies in all segments of the oil and gas industry. We have significantly strengthened our global practice recently by adding hundreds of energy-focused professionals around the world.

We provide ongoing services to 50 percent of the world's largest oil and gas companies. In addition, our commitment to the industry includes research and analysis of industry issues and trends as well as participation in events and conferences where industry leaders share their insights on trends and issues..

Learn more about our global Oil & Gas qualifications and our Petroleum Services Group.

Producers' dilemma  From development to labour, the challenges facing oil sands producers are intensifying. Read the report or download our podcast on the producers' dilemma, an approach to better planning for the future.

Presenting the full picture: Oil and gas reserves measurement and reporting in the 21st century Deloitte is urging regulators around the world to update reporting requirements for oil and gas reserves to expand the scope of mandatory disclosures in annual reports and financial statements. The recommendations, included in a report by Deloitte’s Global Oil & Gas Group, seek to improve information available to markets and restore investor confidence in reserves reporting. Learn more about Canada's new standard of reporting oil and gas reserves.