Workers capping an oil well in Texas. After last year’s jump in demand, spending on oil and gas production is expected to be soft for several years.Oil and gas prices are rebounding from their pandemic losses, but the road ahead for the industry remains challenging amid fresh competitive demands and threats from investors.Global spending on oil and gas production is expected to remain below pre-pandemic levels through at least 2025, according to consulting firm Wood Makenzie, as companies face pressure to improve returns and minimize their greenhouse-gas emissions. Meanwhile, investment in renewables and other clean energy technologies is taking off, threatening to bite into the market for long-term oil and gas.However, oil prices have notched gains since November, they’re expected to stay below levels that support attractive returns, particularly for an industry still recovering from last year’s historic fall in fuel demand.