Robert Clarke
Vice President, Upstream Research
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
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Featured
Upstream-oil-gas-2026-outlook
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The Edge
US Lower 48 upstream: the US Majors’ long-term strategic advantage
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Opinion
Video | Tariff turmoil: how big a cost hit will US oil and gas operators take?
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Featured
Upstream oil & gas regions 2025 outlook
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Opinion
Global upstream update: oil supply questions and portfolio resets
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The Edge
Three factors driving US liquids production to new heights
Fraser McKay
Head of Upstream Analysis
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
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Featured
Upstream-oil-gas-2026-outlook
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Opinion
Venezuela regime change: what it means for oil production, crude and product markets
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Opinion
The latest developments in global upstream
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Opinion
Global upstream update: diverging development strategies in Latin America, investment at risk in Africa, and Kazakhstan supply tensions explained
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Opinion
Is oil price volatility a threat to upstream production, investment and supply chains?
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Opinion
Global upstream update: UK fiscal changes and an Asia-Pacific licence bonanza
Ian Thom
Research Director, Upstream
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
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Featured
Upstream-oil-gas-2026-outlook
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Opinion
Video | Global upstream update: winter 2025
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Opinion
Revitalisation meets frontier exploration in West Africa’s twin-track energy future
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Opinion
Video | Lens Emissions: Africa’s oil – legacy fields vs low-carbon future
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Opinion
Namibia faces setback as Shell downgrades oil discoveries
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Featured
Upstream oil & gas regions 2025 outlook
Angus Rodger
Vice President, SME Upstream APAC & Middle East
Angus Rodger
Vice President, SME Upstream APAC & Middle East
Angus leads our benchmark analysis of global Pre-FID delays, and deep water developments.
Latest articles by Angus
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Featured
Upstream-oil-gas-2026-outlook
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Opinion
Can Andaman Sea resources avert Thailand’s gas crisis/crunch?
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The Edge
Why upstream companies might break their capital discipline rules
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Featured
Upstream oil & gas regions 2025 outlook
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Opinion
How to make upstream licensing work
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The Edge
What’s driving the upstream revival in Southeast Asia?
Global upstream: 5 things to look for in 2026
The expectation of near-term price weakness – but stronger for longer demand – in many ways defined the upstream industry in 2025. But what will be the defining features of 2026?
The gap between near and long-term oil price expectations will widen. Sub-US$60/bbl, the upstream sector will remain optimistic yet shackled by capital discipline and financial constraints.
How will operators create competitive edge in this environment? And if adversity breeds innovation, what form will that take? And how will it shape the future of upstream?
Our global team of experts have drawn on unique insight from Lens Upstream to put together our ever-popular annual round-up of predictions for the year ahead – plus a few wildcards to watch out for.
Key themes that will shape upstream in 2026 include:
- A second consecutive year of spending cuts paired with sharper efficiency focus
- Operators adding material growth opportunities for the 2030s
- Brownfield rejuvenation and recovery factors gain prominence
- New upstream business models and cross-border partnerships
- Key inflections that matter in the world’s "dominant" hotspot.
