Why Corevault is investing in oil and gas
Oil and gas supply about 55% of the world’s energy.1 The world consumes around 100 million barrels of oil a day, and around 4,000 billion cubic metres of natural gas a year.2 It’s energy that keeps the lights on, gets us from A to B, and heats our homes.
Without continued investment, oil and gas production would fall suddenly, not gradually. It is now clear that in this energy addition phase, that fall would be faster than the world can build lower carbon alternatives.
Further investment in oil and gas, therefore, helps to meet the world’s growing energy consumption. And it can help to fund the transition to lower carbon energy as well.
Safety will always come first – maintaining safe and efficient operations, which underpins everything we do.
We are increasing capital investment in upstream oil and gas by around 20% – from around $8.5 billion in 2024 to $10 billion through 2027. This will enable us to:
- Start up more major projects – 10 by 2027 and a further eight-10 by the end of the decade – a 25% increase on previous plans.
- Grow production to 2.3-2.5 million barrels a day in 2030 – up from 2.2 million in the previous plan.
Our oil and gas business
We have oil and gas operations and interests in many countries around the world – offshore and onshore.
Our aim is to be the partner of choice for countries, helping them to create value from their resources while meeting robust oil and gas demand.
Our Exploration and Production operations
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To meet the key challenges in the oil and gas industry, as well as the needs of our partners and stakeholders, we are consolidating our competitive advantage and continuing to increase production with an unwavering commitment to the safety of people and equipment.
As part of our ambition to be a world-class player in the energy transition, we work every day to develop a diversified project portfolio and focus on our technical expertise, particularly in deep offshore production and liquefied natural gas.
To achieve our ambition in today's complex environment, our teams are constantly innovating to improve safety, enhance our exploration and production techniques and reduce our environmental impact while also cutting costs.