Drilling Deeper

The report finds that since the 2021 IEA Net Zero roadmap, at least 20.3 billion barrels of oil equivalent (boe) of new oil and gas discoveries have been announced. In 2023 alone, 20 fields were approved for development, sanctioning 8 billion boe. The analysis highlights a significant disconnect between the industry's push for new reserves—particularly in South America and Africa—and climate goals, noting that current production pathways are significantly higher than 1.5 degree compatible scenarios. It specifically criticizes the use of scope one and two emissions claims to justify projects while ignoring scope three emissions.

• Since the publication of the IEA Net Zero by 2050 roadmap in 2021, oil and gas companies have announced 50 new projects totaling at least 20.3 billion barrels of oil equivalent (boe).
• In 2023, 20 fields were approved for development, sanctioning 8 billion boe. Companies aim to sanction an additional 31.2 billion boe across 64 fields by the end of the decade.
• National oil companies and oil majors dominate both discoveries and sanctionings; they are responsible for 33% and 26% of approved resources, respectively.
• South America and Africa are identified as global hotspots for new conventional oil and gas projects, with countries like Guyana, Namibia, Cyprus, and Zimbabwe accounting for approximately 37% of total discovered volumes in 2022 and 2023.
• The report argues that current oil and gas production projections are inconsistent with 1.5°C warming limits, with producers targeting production 29% higher for oil and 82% higher for gas than climate-compatible levels.
• Companies often use 'net zero' claims based on scope one and two emissions to justify new projects while ignoring scope three emissions from the combustion of the fuels.

APA

Zimmerman, S. (2024). Drilling Deeper. Global Energy Monitor. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-global-oil-and-gas-extraction-tracker-March-2024_35.pdf

Chicago

Zimmerman, Scott. Drilling Deeper. Global Energy Monitor, 2024. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-global-oil-and-gas-extraction-tracker-March-2024_35.pdf.

Wikipedia

{{cite report |last1=Zimmerman |first1=Scott |title=Drilling Deeper |publisher=Global Energy Monitor |date=March 2024 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-global-oil-and-gas-extraction-tracker-March-2024_35.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{zimmerman2024drilling, author = {Zimmerman, Scott}, title = {{Drilling Deeper}}, institution = {Global Energy Monitor}, year = {2024}, month = mar, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-global-oil-and-gas-extraction-tracker-March-2024_35.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }