COP27: Global oil and gas exit

At COP27, Urgewald and 50 NGO partners released the first update of the Global Oil & Gas Exit List (GOGEL) showing that 655 out of 685 upstream companies on GOGEL (96 per cent) have expansion plans.

GOGEL is a public company-level database that covers 901 oil and gas companies, which account for 95 per cent of global oil and gas production. Besides providing detailed information on companies’ conventional and unconventional hydrocarbon production, GOGEL allows users to look at companies’ upstream and midstream expansion plans.

Oil and gas companies are on a massive expansion course and since 2021, the industry’s short-term expansion plans have increased by 20 per cent. Currently, 512 oil and gas companies are taking active steps to bring 230 billion barrels of oil equivalent (bboe) of untapped resources into production before 2030.

GOGEL is the first tool that makes it possible to systematically assess whether a company’s activities are in line with the IEA NZE scenario. The companies with the highest absolute IEA NZE overshoot are Saudi Aramco (11.4 bboe), QatarEnergy (7.6 bboe) and Abu Dhabi National Oil Company (6.8 bboe), followed by three majors: Exxon Mobil Corporation (3.7 bboe), TotalEnergies (3.3 bboe) and Chevron Corporation (2.8 bboe).

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