We are excited to announce that as of February 1, Wood Mackenzie is a portfolio company of Veritas Capital, a leading investor at the intersection of technology and government. Our focus remains on providing you with the best intelligence, analytics, data and tools to ensure you are making the best data-driven business decisions with confidence.  

Read more in our news release here. 


Global upstream: 5 things to look for in 2023

This report is currently unavailable

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

08 December 2022

Global upstream: 5 things to look for in 2023

Report summary

Upstream oil and gas got its mojo back in 2022, but what does 2023 hold for the sector? Serious questions will be asked about the sector’s future. At all levels, the upstream industry needs to capture and broaden the energy narrative. Decarbonising and developing resources responsibly needs to be the top priority. Some will find a renewed sense of purpose to provide secure and affordable energy, aided by healthy balance sheets. Others remain unprepared for the fiscal, regulatory and social challenges that lay ahead. Our key themes for 2023 include windfalls and incentives; restrained investment growth; cost inflation; execution risk; decarbonisation; and the emergence of gas business models.

Table of contents

    • Russia is a global wildcard
  • 1. Windfalls and incentives
  • 2. A year of restrained investment growth
  • 3. Cost inflation will continue, execution risks will rise
  • 4. Decarbonisation will be at the core of Upstream 2.0
  • 5. Gas business models will start to change

Tables and charts

This report includes 5 images and tables including:

  • Recent fiscal changes and proposals
  • Near term investment trends
  • Global upstream reinvestment rates
  • Methane emissions by peer group
  • Methane emissions by super-region

What's included

This report contains:

  • Document

    Global upstream: 5 things to look for in 2023

    PDF 929.44 KB