Global oil and gas development situation, trends and enlightenment in 2023

Abstract

This paper presents an analysis of four aspects, including the distribution and production of global oil and gas fields, the distribution and changes of remaining recoverable reserves, the differences in oil and gas production between regions/countries, and the development potentials of oil and gas fields unproduced and to be produced in 2023. On this basis, the situation and characteristics of global oil and gas development are expounded, and the trend of global oil and gas development is summarized. In 2023, upstream oil and gas production landscape is expanding, and the number of oil and gas fields in production is increasing significantly; oil and gas recoverable reserves increased year-on-year, driven by significant contributions from new discoveries and reserve re-estimates; the overall oil and gas production grew continuously, with notable contributions from new projects coming online and capacity expansion efforts; and the oil and gas fields unproduced or to be produced, especially large onshore conventional oil fields and economically challenging offshore gas fields, host abundant recoverable reserves. From the perspectives of reshaping oil and gas production areas due to the pandemic and Russia-Ukraine conflicts, geopolitical crises, capital expenditure structures in petroleum exploration and development, and the proactive layout of oil and gas associated resources, the trend of global oil and gas development in 2023 was analyzed systematically. The enlightenment and suggestions in four aspects are proposed for Chinese oil companies to focus on core businesses and clarify development strategies in the post-pandemic era and the context of energy transition: The global oil and gas landscape is undergoing profound adjustments, and it is essential to grasp development trends, especially in core businesses; upstream business exhibits a strong potential, and emerging fields are considered as new growth poles; the prospects for tight/shale oil and gas are promising, and new pathways to ensure national energy security are explored; cutting-edge breakthroughs are achieved in emerging industries of strategic importance, and a comprehensive energy collaboration system for supply security is established.