A drilling platform in Louisiana
Letter from London: Beware false prophets
The oil and gas sector’s renewed upstream activity stands in marked contrast to just a few years ago, highlighting that the market does indeed cycle
The oil and gas upstream has changed significantly in the last few years, shifting gears from the pandemic-era doldrums to the current period, with re-energised majors once more focused on exploration and investment. The trends of the past three years demonstrate how all commodity markets experience cycles of investment and divestment and of optimism and pessimism despite false claims that it is radically different this time. When your correspondent started working for Petroleum Economist back in 2021, the upstream environment was radically different. The pandemic caused a global slump in oil and products demand, and with it a steep drop-off in upstream investment across the board. The exten
Also in this section
16 April 2025
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
15 April 2025
Loss of US shipments of key petrochemical feedstock could see Beijing look to Tehran with tariffs set to upend global LPG flows
15 April 2025
Australia’s East Coast Gas projections for a supply shortfall have been pushed further out, but the challenge to meet evolving gas demand and the shifting assumptions around the fundamentals remain just as stark
15 April 2025
Long-delayed prospects for onshore LNG production in Mozambique have improved thanks to US financing approval, but security challenges blight way ahead
