Business · Energy & Commodities · 3 hrs ago
Urgewald finds 96% of oil and gas producers still expanding
Urgewald found that 96% of upstream oil and gas companies are pursuing new reserves in its 2026 Global Oil and Gas Exit List.
The database draws on information about almost 2,000 companies.
The findings say this expansion is at odds with the pathway to limit warming to 1.5°C.
ExxonMobil has the largest reported overshoot of the IEA pathway among major international fossil fuel companies, while six named oil majors spent $39 billion on exploration since 2022.
The findings also point to Türkiye’s state oil company, TPAO, whose expansion plans have grown sevenfold since 2021 as the country prepares to co-host COP31.
Türkiye and Australia both face scrutiny over fossil fuel expansion ahead of the summit, despite its focus on climate action and Türkiye’s electrification target.
The findings warn that new oil and gas projects could deepen climate risks and expose investors to stranded infrastructure, while the summit’s negotiations are still to come.
Urgewald’s 2026 Global Oil and Gas Exit List found that 96% of upstream oil and gas companies are exploring or developing new hydrocarbon reserves.
The database is based on data from almost 2,000 companies.
Urgewald said continued expansion moves the world further from a 1.5C pathway.
ExxonMobil had the largest reported overshoot of the IEA pathway among major international fossil fuel companies, at 10.8 bboe in 2026.
The research also highlighted the expansion plans of Türkiye’s national oil company, TPAO, which have grown sevenfold since 2021.
- Who
- Urgewald, a non-profit, published the findings on oil and gas companies.
- What
- Its 2026 Global Oil and Gas Exit List found that 96% of upstream companies are exploring or developing new hydrocarbon reserves.
- When
- The list was published on 10 November 2026.
- Where
- The research covers companies worldwide. It also highlights Türkiye and Australia as COP31 co-hosts.
- Why
- Urgewald said continued expansion pushes the world further from a 1.5C pathway.
This story does not have two clearly opposing sides.
TPAO’s expansion plans grew sevenfold, while its exploration spending doubled.
ExxonMobil’s overshoot of the IEA pathway increased by 195%.
76 coal projects were shelved or cancelled, while 257 new ones were planned.
Urgewald published the 2026 edition of its Global Oil and Gas Exit List.
- Companies covered
- Almost 2,000
- Upstream companies expanding
- 96%
- ExxonMobil overshoot
- 10.8 bboe in 2026
- TPAO production
- 1.98 billion bboe
- TPAO global rank
- 11th-largest state-owned oil and gas developer
What people are saying
These companies are betting on decades of oil and gas sales that are far from guaranteed
Their expansion plans deepen the climate crisis, harm local communities and leave investors exposed to the risk of stranded fossil fuel infrastructure as the energy transition accelerates.
You can’t build a clean energy future on a dirty foundation.