Globally last year, oil and gas producers sanctioned and discovered the equivalent of all the proven oil reserves in Europe. They aim to quadruple the amount sanctioned by the end of the decade, despite scientific consensus that any new field developments are incompatible with scenarios to limit temperature increases to 1.5°C. Data in the Global Oil and Gas Extraction Tracker show at least 20 fields reached final investment decision in 2023, sanctioning the extraction of eight billion barrels of oil equivalent (boe). By the end of the decade, companies are aiming to sanction nearly four times that amount — 31.2 billion boe across 64 additional fields. In addition, 19 new fields containing roughly 7.7 boe were discovered in 2023.
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