Europe Development | The next 4 bnboe – key upstream developments to 2030

February 27, 2026

This analysis reviews the next wave of development projects across Europe. It maps 20 plus material fields across Norway, the UK, continental Europe and Cyprus. The analysis highlights shifting capital towards gas-dominated basins that support European energy security. It also shows where oil projects still clear fiscal and cost hurdles.

The report benchmarks operators, project economics and emissions intensity to show which assets look most competitive. It contrasts majors and specialist independents, assesses different project types, and tests returns under evolving fiscal terms. Case studies include Black Sea gas, Baltic oil and large North Sea gas projects that in some areas could reshape regional supply and decarbonisation pathways.