The evolution of global energy policy in the oil and gas sector is experiencing a significant transformation as awareness regarding environmental impacts and the need to diversify energy sources increases. Since the mid-20th century, these policies have evolved to address complex and profound challenges, focusing on innovation, sustainability and reducing carbon emissions. In the 1970s, the global oil crisis opened people’s eyes to dependence on fossil energy sources. This encourages producing countries to revise the legal framework governing oil and gas exploration and production. The Organization of the Petroleum Exporting Countries (OPEC) played an important role in stabilizing the market by reducing production, which led to an increase in oil prices. On the other hand, consumer countries are starting to think about the diversity of energy sources. Entering the 1990s, attention to climate change began to emerge. The Kyoto Protocol established in 1997 put forward targets for reducing greenhouse gas emissions, encouraging countries to consider the oil and gas sector in their energy policies. Increased investment in renewable energy technologies is starting to be seen, with countries such as Germany and Denmark leading the way in the adoption of wind and solar energy. At the beginning of the 21st century, pressure to reduce dependence on fossil energy sources increased after environmental disasters such as the Deepwater Horizon oil spill in 2010. Migration policies towards clean energy became increasingly acceptable. Various countries are starting to implement incentives for renewable energy and energy efficiency policies. The plan also encourages research and development of carbon capture and storage (CCS) technology. The shale gas phenomenon occurring in the United States is also changing the energy policy landscape. With the development of fracking technology, America succeeded in achieving energy self-sufficiency, leading to a reduction in global dependence on oil and gas from major producing countries. In 2020, the COVID-19 pandemic rocked the oil and gas sector, causing a drastic drop in demand. This crisis has provided momentum for countries to switch to more sustainable energy use. This transformation is visible in policies that now place more emphasis on sustainability than just economic profit. Global energy policy in the oil and gas sector is now oriented towards a more cooperative and integrated approach between countries. Energy diplomacy, multinational cooperation and the creation of stricter regulations are important parts of the policy agenda. The emphasis on energy security also drives the development of infrastructure that supports the transition to renewable energy and efficiency. From a technological perspective, digitalization in the oil and gas sector is starting to play a central role. The use of big data and analytics facilitates more accurate and efficient decision making in exploration and production. Innovations in blockchain technology are also starting to be implemented to increase transparency and security in energy transactions. The oil and gas sector must adapt to the demands of changing global energy policies which now focus on sustainability, efficiency and emission reduction. Innovative strategies that combine traditional and renewable energy are the key to creating a sustainable balance in the future. Environmental sustainability, energy safety and economic growth must be aligned in the policies promoted by each country. With the global commitment to address climate change, the evolution of energy policy in the oil and gas sector will continue and experience complex dynamics.
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