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
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
9 December 2025
The group’s oil production declined in November, our latest analysis finds, amid divided sentiment over market balances and geopolitical jitters
