Continental Europe upstream: 5 things to look for in 2026

Lewis Lawrence and Srestha Priya

Continental Europe's upstream sector faces a challenging 2026. Weakening prices test investment plans while energy security remains paramount as governments continue to reassess their domestic upstream sectors amid the EU's proposed ban of Russian gas and LNG. High-impact activity continues to focus on gas-led projects in the Black Sea and East Mediterranean.

Drawing on unique insight from Lens Upstream we share our take on the five key themes to watch in what could be a defining year for Continental Europe upstream. This includes: 

• Weak prices and lost Ukraine output will test supply security
• Russian companies set to finally exit Europe’s upstream?
• Investment crunch time in Europe's southeastern frontiers?
• Deepwater exploration intensifies: Bulgaria and Romania will target multi-tcf Black Sea prospects while the Majors expand in the East Med.
• And more. 

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