Despite worldwide pledges to cut carbon emissions and accelerate the energy transition, a new study by Urgewald reveals that many leading oil and gas companies are still expanding their upstream exploration and production projects.

The report highlights that over 96 percent of the world’s top fossil-fuel producers are investing in new drilling fields, offshore platforms, and extraction infrastructure—activities that could lock in decades of additional carbon output.

Urgewald’s findings come as global governments prepare for the next COP climate summit, underscoring the widening gap between climate promises and corporate practice. Analysts warn that without immediate policy reforms and strict emission controls, these expansion plans could make the 1.5 °C climate target virtually unattainable.

Key Findings:

• Major energy companies continue allocating billions of dollars toward new upstream projects.

• Many projects are located in sensitive ecological regions, including the Arctic and deep-sea zones.

• Only a handful of companies have announced binding commitments to phase out oil and gas exploration by 2030.

Expert Insight:

According to Urgewald’s lead researcher, “Every dollar invested in new fossil-fuel infrastructure is a dollar diverted from renewable energy and climate resilience.”

Evsud Oil and Gas Perspective:

At Evsud Oil and Gas, we recognize the importance of balancing energy security with sustainability. Our long-term strategy focuses on responsible exploration, advanced emission-reduction technology, and gradual diversification into cleaner energy streams.