Continental Europe upstream: 2024 in review Report

Insight 27 January 2025

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Report summary

Our Continental Europe review looks back to the key upstream events, trends and statistics in 2024 across production, investment, exploration, M&A and decarbonisation across the region. Production increased year-on-year for the first time in over a decade, driven by growth in southern and eastern Europe. Investment continues on an upward trend as Black Sea development ramps-up. Romania’s Neptun Deep commenced platform construction, while Türkiye’s Sakarya started drilling for Phase 2A. But there were no key FIDs in the region in 2024 as Cyprus struggled to agree on gas development plans with the Majors.