Oil & Gas Investment

These Companies Are Still Betting On Fossil Fuels

Despite the strides made by renewable energy around the world in recent years, oil and gas companies are still planning trillions of dollars worth of fossil fuel exploration and production projects over the coming decade. An analysis published by website global witness claims that the world's ten biggest oil and gas giants will spend $4.9 trillion on new oil and gas fields up to 2029, plans that are "poles apart" from the goals of the Paris climate deal to curb rising temperatures.

Future production and capital expenditure (capex) has fallen by more than a third since 2014, primarily due to a slump in oil prices, though it is forecast to rise over 85 percent over the next 10 years. Which companies are still betting the most on fossil fuels? The analysis found that ExxonMobil will be investing some $149 billion into new oil fields during that period, along with $18 billion for gas projects. Shell's capex is expected to be the second-highest at $149 billion while Gazprom's is set to reach $132 billion, the vast majority of which will be spent on gas fields.

Description

This chart shows the top-10 companies by forecast capital expenditure in new fields from 2020 to 2029.

Download Chart
Premium statistics
Survey on expected changes to capital spending by oil and gas companies in the United States in 2025 compared to 2024
Premium statistics
Total and low-carbon capital expenditure of largest oil and gas companies worldwide in 2024 (in billion U.S. dollars)
Premium statistics
Amount invested in clean energy by major oil and gas companies worldwide from 2015 to 2021, by type of energy (in billion U.S. dollars)
Premium statistics
Capital expenditure of ExxonMobil from 2010 to 20234(in million U.S. dollars)
Premium statistics
Estimated share of investments aimed at traditional oil and gas business by oil supermajors as of 2023
Premium statistics
Percentage of global oil supermajors' capital expenditure on oil and natural gas versus renewables in 2021 and 2022

Any more questions?

Get in touch with us quickly and easily.
We are happy to help!

Do you still have questions?

Feel free to contact us anytime using our contact form or visit our FAQ page.

Statista Content & Design

Need infographics, animated videos, presentations, data research or social media charts?

More Information