The upstream atlas: Three regions, one view
Publication
02 September 2026
This whitepaper maps upstream activity across three regions: the UK Continental Shelf, the Gulf of America and Southeast Asia. Each section covers exploration, discoveries, production, investment and M&A, closing with the global oil price backdrop.
Exploration at a standstill: Zero UK exploration wells since 2024, the weakest in a decade.
Output up, drilling down: Gulf of America hit 2.12 million bpd in April on the fewest spuds since 2021.
Southeast Asia's run: 800 million barrels of oil and four trillion cubic feet of gas since 2025.
Where capital goes: UK investment fell 19%. Southeast Asia plans over $100 billion of approvals.
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