In recent years, the global oil and gas industry is facing unprecedented challenges and opportunities in the wave of energy transformation. The rapid development of new energy is profoundly changing the pattern of oil and gas industry.

From the demand side, the increasing popularity of electric vehicles has significantly reduced the demand for petroleum fuel, especially in the field of passenger cars. At the same time, the power generation of renewable energy such as wind energy and solar energy continues to rise, which makes the market share of petroleum power generation shrink. The International Energy Agency (IEA) predicts that by 2030, renewable energy will account for more than 50% of global power generation. This adjustment of energy structure undoubtedly brings great pressure to the traditional oil and gas industry.

Although the demand is facing challenges, JOYEE INTERNATIONAL is also actively exploring countermeasures. On the one hand, JOYEE reduces costs and improves production efficiency through technological innovation, such as adopting advanced downhole technology to improve oil recovery and optimizing exploration and production processes. On the other hand, JOYEE chose to diversify and set foot in emerging fields such as renewable energy.

On the supply side, global geopolitical conflicts have a lasting impact on the stability of oil and gas supply. Although some of the current conflicts have not had a major impact on the fundamentals of the oil market, the market's concerns about supply chain security have always existed. At the same time, the output policy of "OPEC+"is still the key factor affecting the global oil and gas supply. In 2024, "OPEC+"adjusted its production reduction plan several times to stabilize oil prices. However, the continuous growth of production in non-OPEC+oil-producing countries such as the United States and Brazil kept the global oil supply adequate.

From the perspective of investment, the importance of global energy security has prompted many countries to continue to attach importance to oil and gas business, and global oil and gas investment has shown a recovery trend. According to the IEA World Energy Investment Report, the global upstream oil and gas investment will increase to about 570 billion US dollars in 2024, an increase of 7% compared with 2023. National oil companies have become the main force of investment growth, and their contribution rate to global upstream oil and gas investment is expected to exceed 40% in 2024. In addition, in 2024, the integration of the global oil and gas industry was accelerated, and M&A transactions were active. By acquiring high-quality assets, oil companies optimized their layout and enhanced their market competitiveness.

Under the impact of new energy, the global oil and gas industry is in a period of deep adjustment, and JOYEE INTERNATIONAL is also actively seeking a new path of transformation and development in the face of challenges.