Upstream oil & gas: region-by-region predictions for 2025

While all four of our global energy transition outlook scenarios remain possible, the potential for a delayed transition scenario is increasing. The upstream industry's confidence in longer-term demand resilience is therefore growing.

But while next year will present a host of opportunities for global upstream players, there are plenty of challenges to navigate too. Improving upstream sentiment comes at a time of high geopolitical tensions, and both supply and demand concerns. Near-term price weakness may belie longer-term market strength, setting 2025 up to be a year of mixed messages.

Our global team of experts have drawn on unique insight from Lens Upstream to put together our annual round-up of predictions for the year ahead – plus a few wildcards to watch out for.

Key themes include:

• Upstream will obsessively focus on efficiency
• Resource capture will be back in vogue
• M&A will be high on strategic agendas
• Americas liquids growth won’t just come from the Permian
• Will a new wave of LNG projects take shape?

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