Gas E&P enters the danger zone
Two consecutive years of sub-par hydrocarbon discoveries signal a precarious time for the energy world
A recent report by the Gas Exporting Countries Forum (GECF) put a matter-of-fact face on what was ultimately a brutal warning. The GECF noted that the total volume of discovered gas and liquids reached 5.7b boe in 2024—with gas representing 43% (420bcm) and oil making up 57% (3.2b boe). This marked an increase from the record low of 5b boe in 2023, when gas came to just 340bcm, but fell well short of anything resembling a recovery. The report highlighted the fact that the 2024 figures were well below the pre-COVID historical average and pointed to an absence of significant discoveries and underwhelming results from some high-impact exploration wells. The low levels of discovered volumes also
Also in this section
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
19 June 2025
The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
18 June 2025
Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse
