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
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