The oil and gas sector’s hydrocarbon production reached its absolute record in 2023 and it invested an average of $61.1 billion over three years in the exploration of deposits, according to a report by the NGO Urgewald.
The report, published Tuesday, is unveiled as the world meets at COP29 in Baku, Azerbaijan (November 11-22) with a crucial issue: agreeing on a new financial aid objective that developed countries must provide to the developing world to ensure their ecological transition and adapt to climate change. The sector spent annually on average “61.1 billion dollars for exploration”, in gas and oil, a sum that the NGO chooses to put in parallel with financial aid to the most vulnerable countries affected by global warming: “world leaders have pledged to pay a paltry $702 million” to the fund for “loss and damage” in these countries. The amount of $61.1 billion in exploration spending corresponds to an annual average based on the last three years (2022-2024), specifies Urgewald, who publishes his public database (Global Oil & Gas Exit List 2024). Based on data from companies and specialized analysis firms, this “list” identifies 1,769 active companies in the oil and gas industry covering 95% of global hydrocarbon production, says Urgewald.
Exploit 239.3 billion barrels
“World leaders must make polluters pay and put that money toward a just transition for all,” said Tinaye Mabara of the Agape Earth coalition, quoted in the report. Created during COP28 in Dubai, the “Loss and Damage” fund is intended to support these countries in the face of devastation linked to floods and hurricanes which are increasing under the effect of global warming caused by the release of fossil fuels (coal, oil). , gas) Now almost operational, it is preparing to release its first funds in 2025, its officials announced Tuesday in Baku. It has so far received some $700 million in pledges from rich countries (Germany, France, United Arab Emirates, Denmark, etc.). While 2023 was the hottest year on record, Urgewald points out, these companies “produced 55.5 billion barrels of oil equivalent, the highest quantity since we started counting them” (2018, Editor’s note). The economic intelligence firm on energy Rystad Energy calculated for its part that oil and gas production had reached 60.8 billion barrels, “which, at the time, constituted an absolute record”, affirmed Tuesday at the AFP one of its spokespersons. According to Urgewald, 578 companies, such as Saudi Aramco, Qatar Energy, ExxonMobil, Petrobras and TotalEnergies, “have announced plans to exploit 239.3 billion barrels of oil equivalent of new resources over the next seven years.”
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