Global upstream update: the biggest issues revisited

In the latest annual GUU special edition (available to upstream subscribers of Wood Mackenzie), we revisit the forces shaping the industry and reflect on how our views have evolved. We also spotlight the key signals and strategic decisions that could redefine the sector’s path in the year ahead.

This edition examines the upstream trends that defined 2025 and explores how they may influence investment decisions, exploration momentum and project delivery in the year ahead. From shifting capital discipline to evolving geopolitical risk, we analyse the forces shaping the next phase of upstream growth. 

In the video below, our experts walk through selected slides from the report, sharing regional insights including: 

• Otway Basin, Australia – Exploration continues to deliver strong results at the drill bit, reinforcing confidence in near-term potential 

• Syria – Upstream recovery has accelerated beyond expectations, signalling renewed activity and opportunity 

• Gulf of America – Growth stands at a crossroads, presenting critical decisions for explorers and acquirers alike 

• Caspian Sea – Infrastructure attacks are introducing new risks, reshaping assumptions around project timing and execution 

Complete the form to access a complimentary extract from Global Upstream Update: the biggest issues in upstream revisited to explore our latest thinking in more detail.