Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
US oil sector faces complicated path
Trump energy policies and changing consumer trends to upend oil supply and demand
Brazil looks to solve its energy security travails
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
Albania’s long pursuit of gas
Gas is unlikely to assume a major role in Albania’s energy mix for years to come, but two priority projects are making headway and helping to establish the sector
Ammonia ambitions to help drive gas demand
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
Bleak times for UK North Sea
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
Sverdrup keeps on giving
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
Australia gas security faces fitness test
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
Nigeria bullish about oil recovery
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030
Middle East Gas Conference 2025
The global energy community will converge in Dubai on 10 December for a landmark event dedicated to shaping the future of natural gas across the region
New Zealand backs gas, but results take time
Government is sending out the right policy signals to support increased domestic gas development, but policy takes time to implement and even longer to yield results
Gas Upstream
Paul Hickin,
Editor-in-chief
24 April 2025
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Gas E&P enters the danger zone

Two consecutive years of sub-par hydrocarbon discoveries signal a precarious time for the energy world

A recent report by the Gas Exporting Countries Forum (GECF) put a matter-of-fact face on what was ultimately a brutal warning. The GECF noted that the total volume of discovered gas and liquids reached 5.7b boe in 2024—with gas representing 43% (420bcm) and oil making up 57% (3.2b boe). This marked an increase from the record low of 5b boe in 2023, when gas came to just 340bcm, but fell well short of anything resembling a recovery. The report highlighted the fact that the 2024 figures were well below the pre-COVID historical average and pointed to an absence of significant discoveries and underwhelming results from some high-impact exploration wells. The low levels of discovered volumes also

Also in this section
Trump’s Russia threat rings hollow
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
US oil sector faces complicated path
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
China creates two-tier oil dynamic
24 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
Brazil looks to solve its energy security travails
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search