1. Upstream oil & gas regions 2025 outlook
An aerial view of an oil rig in the ocean at sunset, with other rigs in the distance.
Featured

2025 outlook

Upstream oil & gas: region-by-region predictions for 2025

It’s shaping up to be a year of mixed messages for the upstream sector in 2025. So what are the key themes to look out for?

Get complimentary reports from our 2025 Outlook series, including:

  • Global upstream: 5 things to look for in 2025
  • North Sea
  • US Lower 48
  • Middle East
  • And more.

1 minute read

Fraser Mckay headshot.

Fraser McKay

Head of Upstream Analysis

As head of upstream research, Fraser maximises the quality and impact of our analysis of key global upstream themes.

Latest articles by Fraser

View Fraser McKay's full profile

Angus Rodger

Vice President, SME Upstream APAC & Middle East

Angus leads our benchmark analysis of global Pre-FID delays, and deep water developments.

View Angus Rodger's full profile

Robert Clarke

Vice President, Upstream Research

Robert leads our US onshore research, with a particular focus on the evolution of the tight oil sector.

Latest articles by Robert

View Robert Clarke's full profile

Ian Thom

Research Director, Upstream

Ian brings 18 years of experience to his role as head of regional analysis for Europe, Russian, Caspian and Africa

Latest articles by Ian

View Ian Thom's full profile

Global upstream: 5 things to look for in 2025

While all four of our global energy transition outlook scenarios remain possible, the potential for a delayed transition scenario is increasing. The upstream industry's confidence in longer-term demand resilience is therefore growing.

But while next year will present a host of opportunities for global upstream players, there are plenty of challenges to navigate too. 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.

Our global team of experts have drawn on unique insight from Lens Upstream to put together our annual round-up of predictions for the year ahead – plus a few wildcards to watch out for.

Key themes include:

  • Upstream will obsessively focus on efficiency
  • Resource capture will be back in vogue
  • M&A will be high on strategic agendas
  • Americas liquids growth won’t just come from the Permian
  • Will a new wave of LNG projects take shape?

Fill in the form at the top of the page for your complimentary copy of Global upstream: 5 things to look for in 2025.

Plus, drill down into our predictions for your region with this series of complimentary insights:

  • Opinion

    Asia Pacific

    Will Asia Pacific's recent hot streak in attracting renewed interest from the Majors and other IOCs continue in 2025?

    Get the report Asia Pacific
  • Opinion

    Canada

    Canada's production growth carries on. But there are important nuances underneath total volume numbers.

    Get the report Canada
  • Opinion

    Caspian

    The Caspian upstream sector approached 2025 in need of a reset.

    Get the report Caspian
  • Opinion

    Continental Europe

    Continental Europe is intensifying efforts to bolster energy security through increased gas production.

    Get the report Continental Europe
  • Opinion

    Latin America

    The Latin America upstream sector will continue with its successful track record of expanding production but will also face challenges in 2025.

    Get the report Latin America
  • Opinion

    Middle East & North Africa

    From the impact of 'Trump 2.0' to increased supply chain pressure, deepening gas deficits in Iraq, Iran and Egypt and exploration highlights.

    Get the report Middle East & North Africa
  • Opinion

    North Sea

    After the fallout and uncertainty around the UK windfall tax, companies and government may put their differences aside and agree on an EPL successor.

    Get the report North Sea
  • Opinion

    Sub-Saharan Africa

    From exploration in the deepwater Atlantic margin to LNG momentum and licensing rounds, a look at key themes this year.

    Get the report Sub-Saharan Africa
  • Opinion

    US Gulf of Mexico

    With a new administration and refreshed focus on domestic production growth set to take effect in January, the regulatory future looks bright.

    Get the report US Gulf of Mexico
  • Opinion

    US Lower 48

    The overarching theme for the US Lower 48 next year will be change. The question is: how much?

    Get the report US Lower 48

Also in this series:

Related content

Webinar

Webinar | Upstream Global Deepwater
Opinion

Energy transition outlook: Middle East

Opinion

Energy transition outlook: Asia Pacific

Opinion

Five things to watch at COP30

Opinion

AI could break the electricity grid