Insight
Global upstream: 5 things to look for in 2025
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
While all our global energy transition outlooks remain possible, there is an increasing probability of a slower-paced transition. But improving upstream sentiment comes at a time of high geopolitical tensions, and both supply and demand concerns. Near-term price weakness may belie longer-term market strength, setting 2025 up to be a year of mixed messages. Key themes include: 1. Upstream will obsessively focus on efficiency, 2. Resource capture will be back in vogue, 3. M&A will be high on strategic agendas, 4. Americas liquids growth won’t just come from the Permian 5. A new wave of LNG projects will start to take shape.
Table of contents
- Executive summary
- 1. Upstream will obsessively focus on efficiency
- 2. Resource capture will be back in vogue
- 3. M&A will be high on strategic agendas
- 4. Americas liquids growth won’t just come from the Permian
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5. A new wave of LNG projects could take shape
- Things to look for in 2025 – a regional upstream series
- Global upstream insights:
- Regional upstream insights:
Tables and charts
This report includes the following images and tables:
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Conventional new project costs*US Lower 48 unconventional unit costs**Future unconventional capex by geography
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International shale and tight play materialityUS Lower 48 proportion of global dealsNOCs deal activity by decade
What's included
This report contains:
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