Oil & gas extraction’s move offshore: Trends and risks

The briefing reports a significant industry shift toward offshore oil and gas extraction in 2024, with the vast majority of new discoveries, project approvals, and startups occurring in the oceans. It highlights that 85% of new discoveries by volume were concentrated in ten offshore fields, including major finds in Kuwait and Namibia. The document warns that these developments are incompatible with limiting global warming to 1.5°C and pose severe risks to marine ecosystems through noise pollution, habitat loss, and potential oil spills throughout the project lifecycle.

• In 2024, offshore activity dominated new oil and gas developments: at least 8 billion barrels of oil equivalent (bboe) were announced in new offshore discoveries, nearly 4 bboe of reserves were sanctioned for development offshore, and approximately 6.5 bboe began production as offshore projects started up.
• A small number of offshore fields accounted for the bulk of new discoveries by volume, with 85% located in ten fields. Notable examples include the Nokhatha field in Kuwait and the Mopane field in Namibia's Orange Basin.
• All twelve projects that reached a positive Final Investment Decision (FID) in 2024 were offshore. Significant activity occurred in the Americas, including Exxon's Whiptail development (targeting 1 bboe at a cost of US$12.7 billion) and TotalEnergies' GranMorgu development in Suriname.
• Nineteen offshore projects began production in 2024, representing 71% (6.5 bboe) of all reserves started up that year. China was a major contributor, starting six offshore projects, including CNOOC's Bozhong 19-6 (13-2) in the Bohai Sea.
• Offshore extraction poses environmental risks across its entire lifecycle: seismic studies cause noise pollution during exploration; production leads to underreported routine spills and high climate footprints; and decommissioning can result in leaky, abandoned wells.

APA

Global Energy Monitor (2025). Oil & gas extraction’s move offshore: Trends and risks. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-GOGET-March-2025_24.pdf

Chicago

Global Energy Monitor. Oil & gas extraction’s move offshore: Trends and risks. 2025. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-GOGET-March-2025_24.pdf.

Wikipedia

{{cite report |author=Global Energy Monitor |title=Oil & gas extraction’s move offshore: Trends and risks |date=March 2025 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-GOGET-March-2025_24.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{globalenergymonitor2025oil, author = {{Global Energy Monitor}}, title = {{Oil \& gas extraction’s move offshore: Trends and risks}}, institution = {Global Energy Monitor}, year = {2025}, month = mar, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-GOGET-March-2025_24.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }