ENERGY TRANSITION: THE FUTURE OF PETROLEUM INDUSTRY

The petroleum industry has always changed and caused changes not only in the industry but also in the societies in which it operates. The fall in the oil prices in the second half of 2014. can be qualified as the significant event which brought to an end a four-year price stability around $105 per barrel. The changes that industry and we are facing now require long-term responses from the governments and political structures. Those who are responsible need to try to understand what is happenning now and how it may affect the future, they have to explain and establish their strategies clearly and to adapt to new situation. Clear and stable legislative frameworks are needed to ensure financial predictability for markets to develop and for industry to provide solutions to rising global energy needs. The future of petroleum industry, both on global and national level should be strategically discussed and shaped in form of scenarios in order to meet the requirements and challenges of energy supply, energy security and energy demand increase.