Insight
Global Upstream Update: July 2026
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Global Upstream Update is a regular Insight produced for global clients. This edition includes: Conflict curtailed supply: the Middle East recovery has been halted by escalation, Russia's production struggles against Ukrainian drone attacks. Unlocking discovered resource: Argentina's Vaca Muerta attracts US$100+ billion of announced investment, over 30 bcfd of US gas growth is up for grabs, two major new crude egress projects mean upstream FIDs need to follow in Canada's oil sands, Searah sets off with a US$20 billion capex plan. Old basins and new tricks: Atlantic Cretaceous plays reinforce proven-basin appeal, drawing explorers to long-dormant conjugate-margins, GoA Jurassic Norphlet wells rival the 20 kpsi Paleogene at US$100 million lower cost, Chevron’s net Mediterranean acreage is up 800% since 2024, Greece will drill its first deepwater well and Malta has hooked its first Major, West African deepwater is set to reverse a decade of declines.
Table of contents
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Executive summary
- Key themes in this edition
- Conflict curtailed supply
- Unlocking discovered resource
- Old basins and new tricks
- Slide overview and summary notes
Tables and charts
This report includes the following images and tables:
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The Cretaceous plays of the Atlantic conjugate margins continue to heat upOld basins, fresh eyes: explorers return in search of bigger prospectsMiddle East storage inventories rebound as conflict disrupts exports again
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Gulf oil supply recovery was fast but renewed tensions have derailed progressIran’s exports surged during MoU window, but the blockade returns to squeezeEgypt fully settles receivables owed to upstream producersBut some producers will view zero receivables as a good time to cash outGrowing gap in US gas supply: who will lean into the opportunity?Could efficiency fill the gap? It’s improving, but the step change was last decadeTwo major new Western Canadian crude pipeline concepts emerge within a weekOil sands project announcements have followed egress promisesShell’s US$1.7 billion sale funds its next moves in the eastern Gulf of America
- 16 more item(s)...
What's included
This report contains:
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