Asset Report
Future exploration outlook
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Future Exploration Outlook focuses on a near-term outlook until 2030 and the sector’s longer-term prospects to 2050. We expect the exploration sector’s near-term future to remain stable, with demand for oil and gas forecast to peak in 2032. Longer term, we anticipate global gas demand to remain robust, whilst liquids demand is more closely tied to the pace and execution of the energy transition. Proven developed supply, falls far short of our base case demand with an oil supply gap of around 600 bnboe and 400 bnboe of gas. Continued investment in exploration is essential if the industry is to find new advantaged barrels, but exploration alone may only cover as much as 20% of the supply-demand gap. Operators will need to improve oil field recovery for existing onstream assets and find routes to commercialising contingent assets to unlock over 1 trillion boe of untapped potential.
Table of contents
-
The industry must add 1 trillion boe beyond current plans on existing fields to plug the supply-demand gap to 2050
- Near-term exploration outlook (2025-2030)
- Further analysis and data
Tables and charts
This report includes the following images and tables:
What's included
This report contains:
Other reports you may be interested in
Asset Report
Peon
Peon is a gas field located in the Norwegian Northern North Sea, 60 kilometres north west of Gjøa and 30 kilometres north east of Knarr
$3,720
Asset Report
Utgard UK
Utgard (originally known as Alfa Sentral) is a gas and condensate field straddling the UK and Norway boundary. Equinor operates the ...
$3,720
Asset Report
Utgard Norway
Utgard is a small condensate, NGL and gas field, straddling the UK/Norway median line.
$3,720
