Analysis of common demand models show that demand is far from flat. Even in BAU industry projections oil and gas demand falls.

Some 💭 on that IEA decline analysis:

Trump admin and 🛢️ pressure got their way, but its worth noting this is a different framing but not a difference in the underlying truths:

1) Flat supply is oversupply.
2) 1.5 demand is *still* met without new fields
3) lots of stranded asset risk incoming

picked up an x100v. The xpro-1 was my daily shooter when i was working as a photographer. I love(d) everything about it, but the modern conveniences of my sony had me reaching for it more often in the past few years. this is the best of both worlds, and it lives up to the hype.

Bonus: some additional data didn't make it into the lastest GOGET briefing.

Discoveries are trending further offshore, targeting extraction in deeper water. Some of the discoveries furtherest offshore include Bay du Nord (~500 km offshore) which is in international waters.

In addition to the direct ocean ecosystem risks, these fields run counter to the no new oil and gas fields for 1.5 consensus. Per CSER: no country can justly develop new oil and gas projects and some countries will need to close existing fields. An IISD graphic: www.iisd.org/system/files...

The trend toward offshore is a long time coming. Per GOGET - offshore discoveries have been growing in share of global discoveries per year, accounting for about 60% in the 2010s and then around 73% so far in the 2020s.

This is despite the grave risks offshore oil and gas projects pose to the oceans. To borrow at graphic from this great report: www.indeepwater.co.uk

And 24 projects began to sell hydrocarbons to market in 2024. Of those, 19 projects accounted for 71% of resource volumes.

These projects took about 15 years from discovery to first production, if that trend holds, any exploration done now might not produce hydrocarbons until nearly 2040.

All new 2024 FIDs tracked in GOGET were located offshore. These 12 projects indicated that project promoters are aiming to exploit an additional 3.8 bboe.

In total, these 12 projects account for at least $43 billion in investment in new oil and gas projects.

In 2024, at least 9.4 billion barrels of oil equivalent were discovered across 15 projects. 10 of those projects accounted for 8 billion boe (~86% of total volumes).

This is a increase in offshore's percent of discovered volumes from 2023.

promised my followers oil and gas extraction, photography, and running content. the rest of the week will be OG, so heres a quick nature palate cleanser:

GOGET, as the cool kids call it, tracks the status, location, owners, operator, production and reserves of oil and gas fields around the world! You can explore that data via our interactive map:

globalenergymonitor.org/projects/glo...