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.