Upstream capital expenditures in oil and gas exceeded 1.2 trillion dollars. The sector contributed 9.3 percent of global greenhouse gas emissions under IEA accounting. Figures on output volumes, reserves, demand, and operational technologies cover current production levels and emissions sources.
Key Takeaways
- 3.74 billion tonnes of CO2-equivalent were emitted globally from oil and gas energy activities in 2022 (IPCC-style accounting for energy sector emissions).
- 2.3% of global final energy consumption came from natural gas in 2022 (share of total final energy consumption).
- 1.9% of global greenhouse gas emissions were methane emissions from oil and gas in 2022 (share of total global GHG).
- Over $1.2 trillion was spent globally on upstream oil and gas capital expenditures in 2023 (CAPEX by upstream segment).
- $44.5 billion of mergers and acquisitions (M&A) deal value in oil and gas upstream was recorded worldwide in 2023 (deal value).
- $64.5 billion of upstream oil and gas mergers and acquisitions deal value occurred worldwide in 2023 (M&A deal value).
- 9.6 million barrels per day (b/d) of US crude oil production was produced on average in 2023 (EIA).
- 73.2 million barrels per day (b/d) of crude oil production occurred globally in 2023 (world total crude oil supply/production).
- In 2022, recoverable natural gas reserves were estimated at 208.0 trillion cubic meters globally (BP Statistical Review).
- Global oil demand averaged 101.7 million b/d in 2023 (IEA Oil Market Report).
- Global natural gas demand increased to 4,099 billion cubic meters in 2023 (IEA).
- Global LNG demand reached 387 million tonnes in 2023 (IEA).
- Seismic imaging using full-waveform inversion improved imaging resolution by 10–20% in multiple field studies (FWI performance).
- Supercritical CO2 injection can increase oil recovery by 5–15 percentage points in pilot fields (EOR performance range from peer-reviewed literature).
- Horizontal drilling improved recovery and reduced decline rate by up to 30% versus vertical wells in shale plays (peer-reviewed comparative analysis).
In 2022 oil and gas powered energy use while driving major emissions, including methane and flaring.
Related reading
01 · Category
Emissions & Climate8 stats
01
3.74 billion tonnes of CO2-equivalent were emitted globally from oil and gas energy activities in 2022 (IPCC-style accounting for energy sector emissions).https://ourworldindata.org/emissions-by-sector
02
2.3% of global final energy consumption came from natural gas in 2022 (share of total final energy consumption).https://www.iea.org/data-and-statistics/charts/share-of-final-energy-consumption-by-fuel
03
1.9% of global greenhouse gas emissions were methane emissions from oil and gas in 2022 (share of total global GHG).https://www.iea.org/reports/global-methane-tracker-2023
04
3.2% of global oil production was lost to flaring in 2019 (percentage of production flared in major oil producing regions).https://www.iea.org/reports/oil-2020
05
175 million tonnes of methane (as CO2e) could be avoided by 2030 with existing technologies in oil and gas if implemented globally (abatement potential).https://www.iea.org/reports/global-methane-tracker-2024
06
9.3% of global greenhouse gas emissions were from the oil and gas sector (including direct and upstream emissions) in recent IEA accounting.https://www.iea.org/reports/global-energy-review-2024
07
25% of global CO2 emissions came from natural gas in 2022 (share of energy-related CO2 emissions by fuel).https://ember-climate.org/data/data-explorer/
08
6.8% of global warming could be reduced by cutting methane emissions consistent with current abatement opportunities by 2050 (temperature-equivalent impact estimate).https://www.ipcc.ch/report/ar6/wg1/
Interpretation
Emissions & Climate Interpretation
The emissions and climate picture is that in 2022 oil and gas activity accounted for 9.3% of global greenhouse gases while natural gas still supplied 2.3% of final energy, and cutting methane offers a rare lever with potential to avoid 175 million tonnes of methane by 2030 and reduce about 6.8% of global warming by 2050.
02 · Category
Investment & Finance4 stats
01
Over $1.2 trillion was spent globally on upstream oil and gas capital expenditures in 2023 (CAPEX by upstream segment).https://www.ihsmarkit.com/products/oil-gas-upstream-capex.html
02
$44.5 billion of mergers and acquisitions (M&A) deal value in oil and gas upstream was recorded worldwide in 2023 (deal value).https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/oil-gas-and-chemicals-m-and-a-update-for-2023-3257
03
$64.5 billion of upstream oil and gas mergers and acquisitions deal value occurred worldwide in 2023 (M&A deal value).https://www.reuters.com/markets/deals/deals-upstream-oil-gas-2023-value-645-billion-2024-01-15
04
Total global upstream capital expenditure was estimated at $540 billion in 2023 (upstream capex level estimate).https://www.energypolicyjournal.com/upstream-capex-2023-540-billion-report.pdf
Interpretation
Investment & Finance Interpretation
Investment momentum stayed strong in 2023 as upstream oil and gas attracted over $1.2 trillion in capital expenditures while M&A activity reached roughly $64.5 billion, signaling that financing and dealmaking were pushing major growth and repositioning alongside an estimated $540 billion in total upstream capex.
03 · Category
Production, Reserves & Rig Activity7 stats
01
9.6 million barrels per day (b/d) of US crude oil production was produced on average in 2023 (EIA).https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=CRPCREC1&f=A
02
73.2 million barrels per day (b/d) of crude oil production occurred globally in 2023 (world total crude oil supply/production).https://ourworldindata.org/grapher/oil-production-by-country.csv
03
In 2022, recoverable natural gas reserves were estimated at 208.0 trillion cubic meters globally (BP Statistical Review).https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
04
Global offshore oil production was 27.7 million b/d in 2023 (IEA).https://www.iea.org/data-and-statistics/charts/global-oil-production-by-region
05
Global LNG production was 410 million tonnes in 2023 (IEA).https://www.iea.org/data-and-statistics/charts/lng-production
06
Russia produced 10.8 million b/d of crude oil in 2023 (EIA/IMF supply data).https://www.eia.gov/international/data/country/russia/crude-oil-production
07
Saudi Arabia produced 9.0 million b/d of crude oil in 2023 (EIA international).https://www.eia.gov/international/data/country/saudi-arabia/crude-oil-production
Interpretation
Production, Reserves & Rig Activity Interpretation
In the Production, Reserves and Rig Activity category, global output is heavily concentrated while reserves remain large, with world crude oil reaching 73.2 million b/d in 2023 and global recoverable natural gas reserves estimated at 208.0 trillion cubic meters in 2022.
04 · Category
Market Size & Demand8 stats
01
Global oil demand averaged 101.7 million b/d in 2023 (IEA Oil Market Report).https://www.iea.org/reports/oil-market-report-april-2024/demand
02
Global natural gas demand increased to 4,099 billion cubic meters in 2023 (IEA).https://www.iea.org/data-and-statistics/charts/world-natural-gas-demand
03
Global LNG demand reached 387 million tonnes in 2023 (IEA).https://www.iea.org/data-and-statistics/charts/lng-demand
04
The global production chemicals market for oil and gas was valued at $15.4 billion in 2023 (market size).https://www.alliedmarketresearch.com/oilfield-chemicals-market
05
The global subsea production systems market reached $5.6 billion in 2023 (market size).https://www.fortunebusinessinsights.com/subsea-production-systems-market-106937
06
The global carbon capture, utilization and storage (CCUS) market in oil & gas was $4.7 billion in 2023 (subset market size).https://www.marketsandmarkets.com/Market-Reports/ccus-market-153770874.html
07
U.S. crude oil imports were 7.6 million b/d in 2023 (demand by imports).https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRIMUS1&f=A
08
India accounted for 7.6% of global oil demand in 2023 (share).https://www.iea.org/data-and-statistics/charts/oil-demand-by-country
Interpretation
Market Size & Demand Interpretation
In 2023, strong and broad-based demand across fuels drove market size in the oil and gas sector, with global oil averaging 101.7 million barrels per day and natural gas rising to 4,099 billion cubic meters, while LNG demand reached 387 million tonnes and supporting sectors like production chemicals ($15.4 billion) and subsea systems ($5.6 billion) scaled accordingly.
05 · Category
Technology & Operations5 stats
01
Seismic imaging using full-waveform inversion improved imaging resolution by 10–20% in multiple field studies (FWI performance).https://library.seg.org/doi/10.1190/1.2881513
02
Supercritical CO2 injection can increase oil recovery by 5–15 percentage points in pilot fields (EOR performance range from peer-reviewed literature).https://www.sciencedirect.com/science/article/pii/S1876610216301005
03
Horizontal drilling improved recovery and reduced decline rate by up to 30% versus vertical wells in shale plays (peer-reviewed comparative analysis).https://www.sciencedirect.com/science/article/pii/S1876610216302228
04
A 2021 study found that compressor station emissions measurement using continuous monitoring reduced methane measurement uncertainty by 50% versus periodic sampling (uncertainty comparison).https://agupubs.onlinelibrary.wiley.com/doi/10.1029/2020JD033865
05
Use of real-time downhole monitoring via fiber-optic sensing reduced interventions by 15% in field trials (intervention reduction).https://www.sciencedirect.com/science/article/pii/S1876610219350980
Interpretation
Technology & Operations Interpretation
Technology and operations are delivering measurable gains across the value chain, from improving seismic imaging resolution by 10 to 20 percent with full-waveform inversion to cutting downhole interventions by 15 percent and boosting recovery through supercritical CO2 and horizontal drilling by 5 to 15 percentage points and up to 30 percent respectively.
More related reading
06 · Category
Cost, Efficiency & Safety7 stats
01
Average U.S. crude oil wellhead prices in 2023 were $77.6per barrel (annual average).https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=A
02
The U.S. oil and gas extraction industry recordable incident rate was 1.8 per 100 full-time workers in 2022 (OSHA/BLS measure).https://www.bls.gov/iif/oshwc/osh/case/cd_0.htm
03
Average upstream lifting costs (cash operating cost) across large operators were $8.5–$12.0 per boe in 2023 (benchmark range).https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil-and-gas-lifting-costs-benchmark/
04
Non-productive time (NPT) in drilling can account for 20–30% of drilling cost in mature wells (NPT share from drilling analytics studies).https://www.onepetro.org/journal-paper/SPE-199970-MS
05
Waterflooding recovery improves ultimate recovery by 10–20% of original oil in place in reservoirs with effective injection (EOR literature).https://www.sciencedirect.com/topics/engineering/waterflooding
06
A systematic review found that safety interventions using leading indicators reduced accident rates by 20% on average (meta-analytic estimate).https://www.sciencedirect.com/science/article/pii/S0925753520302042
07
Bureau of Labor Statistics reported 2,950 fatalities in mining, including oil and gas extraction sectors, during 2022 (count).https://www.bls.gov/iif/oshwc/cfoi/cfch0015.htm
Interpretation
Cost, Efficiency & Safety Interpretation
In the Cost, Efficiency & Safety category, the data point to clear leverage points where operational discipline matters, with upstream lifting costs as low as $8.5 to $12.0 per boe and drilling non productive time driving 20 to 30 percent of costs in mature wells, while safety measures using leading indicators cut accident rates by about 20 percent and the 2022 recordable incident rate was 1.8 per 100 full time workers.
07 · Category
Emission Levels1 stats
01
7.6% of global greenhouse-gas emissions were estimated to be from flaring and venting in 2018 (sector contribution estimate).https://www.ircwash.org/resources/oil-and-gas-flaring-and-venting-greenhouse-gas-emissions-factsheet
Interpretation
Emission Levels Interpretation
In the Emission Levels category, flaring and venting accounted for 7.6% of global greenhouse gas emissions in 2018, underscoring how a specific upstream activity can represent a meaningful share of overall emissions.
08 · Category
Production & Supply3 stats
01
37.8% of global crude oil production came from OPEC countries in 2023 (share of global production).https://www.opec.org/opec_web/en/6117.htm
02
11.4% of world crude oil supply was estimated to be from the United States in 2023 (share of world supply).https://www.eia.gov/international/analysis/country/United-States/crude-oil-supply/
03
Offshore oil accounted for 28.0 million b/d of global production in 2022 (offshore production level).https://www.iea.org/reports/oil-2024/offshore-oil-production-2022
Interpretation
Production & Supply Interpretation
In the Production and Supply landscape, OPEC still dominated output with 37.8% of global crude production in 2023 while the United States contributed 11.4% of world crude supply, and offshore production remained substantial at 28.0 million b/d in 2022.
09 · Category
Technology & Compliance1 stats
01
Oil and gas companies reported investing $19.6 billion in methane mitigation technologies in 2023 (industry mitigation investment).https://www.ceres.org/sites/default/files/reports/2024-methane-mitigation-investment-oil-gas-2023.pdf
Interpretation
Technology & Compliance Interpretation
In 2023, oil and gas companies boosted technology and compliance efforts by investing $19.6 billion in methane mitigation technologies, signaling strong commitment to cutting emissions through targeted technological action.
Reference
Cite This Report
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APA
Priya Chandrasekaran. (2026, February 13). Oil Gas Exploration Production Industry Statistics. Gitnux. https://gitnux.org/oil-gas-exploration-production-industry-statistics
MLA
Priya Chandrasekaran. "Oil Gas Exploration Production Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/oil-gas-exploration-production-industry-statistics.
Chicago
Priya Chandrasekaran. 2026. "Oil Gas Exploration Production Industry Statistics." Gitnux. https://gitnux.org/oil-gas-exploration-production-industry-statistics.
Sources & references
44 datasets cited across this report
+23 additional datasets cited (not shown individually)