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Oil and gas prices and uncertainty in the main global markets, are likely to have a profound effect on the decisions made by O&G companies regarding exploration, appraisal development and operations. In addition to commodity prices, there has been increasing volatility in the relationships between industry, government policy makers and communities.

Hence, the general object of this study will consist of analyzing the evolution of the industry within the new landscape and assess the challenges and strategies in response to them that the O&G industry must have to face in the coming years. In addition, this is complemented by a description of the value chain operations and market aspects as support and comprehension facilitator In summary, this document presents the in-depth strategic-focused conclusions that can be made from critically reviewing the current value chain.

In this document, Chapter 2 first analyzes the new landscape and challenges that O&G companies are facing in respect to the four subject areas that has been considered to conform the new landscape: climate change policies and challenges, social concerns and new market trends, technological developments and applications, and regulations. Within each of these categories, a number of key developments and trends have been defined and described, along with the multiple challenges and decisions that industry players shall face.

The dynamics of demand and supply are discussed in Chapter 3, along with the future uncertainties and factors that will have a profound effect on this balance. Within this chapter, the evolution of investments in E&P is also discussed, leading on to aspects of investments with regards to refining, and subsequently portfolio management.

As a kind of conclusion, Chapter 4 pairs the new landscape issues identified in Chapter 2, with seven general challenges and related strategies for the industry. Furthermore, a second level of challenge and response granularity has been identified, which companies shall address in order to remain competitive in the new era of O&G industry. These two chapters, which deal with the strategic responses and business models, should be read jointly, as they try to look at the current situation - and future perspectives of the O&G industry, and how industry players may respond with different strategies, be they of a general or a more specific nature.