Oil and gas producers will quadruple their investments – Last Minute Economic News

The report titled “Deeper Drilling”, the 2024 update of the annual Global Oil and Gas Extraction Tracker of the international non-governmental organization Global Energy Monitor (GEM), has been published.

INVESTMENT DECISION FOR 20 FIELDS

Accordingly, although 2023 will be the hottest year on record due to global warming caused by emissions from fossil fuels, the final investment decision has been made for at least 20 oil and gas fields.

While the amount of oil and gas planned to be extracted from these fields is estimated to be 8 billion barrels of oil equivalent, this amount is equivalent to all known oil reserves in Europe.

Additionally, 19 new fields containing approximately 7.7 billion barrels of oil equivalent were discovered last year.

According to GEM’s data, by the end of 2030, oil and gas companies in the world plan to give final approval for the development of 64 new fields containing 31.2 billion barrels of oil equivalent. This means that the amount of field for which final investment decisions were made last year will quadruple by 2030.

20.3 BILLION BARRELS OF OIL WERE DISCOVERED

Since the International Energy Agency warned that new oil and gas fields were not needed to achieve its goal of limiting global temperature rise to 1.5 degrees by 2021, oil and gas producers have approved 45 projects with a capacity of 16 billion barrels of oil equivalent and 50 projects It discovered at least 20.3 billion barrels of oil equivalent.

While South America and Africa are a global center of attraction for new oil and natural gas projects, the Greek Cypriot Administration of Southern Cyprus, Guyana, Namibia and Zimbabwe, whose previous production was almost non-existent, account for more than 1/3 of the planned new field increases.

Global Oil and Gas Extraction Tracking Project Manager Scott Zimmerman, in his evaluation of the analysis, stated that oil and gas producers put forward every reason to continue exploring and developing new fields and said, “However, none of these are valid. The science is clear. New oil and gas fields cannot be opened.” , otherwise the planet would be pushed beyond what it can handle (in terms of climate conditions).” he warned.