According to the International Energy Agency (“IEA”)¹, the relative distribution between the world’s primary energy sources was as follows in 2011: Oil 32 percent, coal 28 percent, natural gas 21 percent, nuclear power 5 percent, hydroelectric power 2 percent and other energy sources 12 percent. The use of alternative energy sources, such as wind and wave power, solar power and biofuels was very limited. Thus, around 53 percent of all energy consumption comes from oil and natural gas.
The oil industry is divided up into two main segments, upstream and downstream. Upstream means prospecting and production of crude oil and natural gas. Downstream means refining and distribution of petroleum products in the form of fuel, heating oil or as a raw material for the petrochemical industry. Interfox Resources focuses on prospecting and production and is thus a pure upstream company.