2024 outlook

Upstream oil & gas: region-by-region predictions for 2024

From investment to M&A and decarbonisation strategies, read our predictions of the global upstream trends to watch – and how they could play out in your region

Get complimentary reports from our 2024 Outlook series, including:

  • Global upstream: 5 things to look for in 2024
  • North Sea
  • Asia Pacific
  • US Lower 48
  • And more from our teams around the world.

1 minute read

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.

View Fraser McKay's full profile

Global upstream: 5 things to look for in 2024

Geopolitical tensions, a record year for elections and economic uncertainty will provide the backdrop to 2024. Energy policy will continue to be a frontline issue, exposing wide divides in countries’ energy transition strategies.

Most upstream operators have little influence on these external forces. But they will seek to mitigate their impact by focusing on efficiency, sustainability and concentration risk.

Upstream operators will remain focused on resilience, sustainability and efficiency.

So, how will these priorities shape the global upstream oil and gas landscape in 2024? What forces will define the regional outlook?

Our global team of experts have drawn on unique insight from Lens Upstream to produce our ever-popular annual round-up of predictions for the year ahead – and the wildcards we’ll be watching out for.

Read Global upstream: 5 things to look for in 2024 for our take these pivotal themes:

  1. Upstream investment will plateau
  2. Project delivery will test supply chain relationships
  3. M&A will focus on scale and improving asset performance
  4. Some decarbonisation gains will reverse in 2024
  5. US Lower 48 oil supply will enter a new type of growth phase.

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

Also available in this complimentary series: