Transforming inside out: opportunities for the upstream business

Andrea Stegher

Chapter 7 in European Gas Markets in Transition, 2026, pp 119-127 from Edward Elgar Publishing

Abstract: This chapter explores how the global natural gas upstream sector is evolving in response to shifting energy demand, geopolitical disruptions, financial constraints, and climate imperatives. It examines the decline of European gas production, the rise of US shale output, and the transformation of LNG into a global base-load solution. Against a backdrop of policy uncertainty and price volatility, the chapter highlights how investment cycles are being reshaped, with mergers, acquisitions, and shareholder returns playing a decisive role. The role of technology, such as deep-water drilling, seismic processing, and emissions reduction, is examined as a key enabler of efficiency and sustainability. The chapter also discusses how upstream gas assets may support future decarbonization via carbon capture and storage. Ultimately, it argues that natural gas, if responsibly developed and integrated with low-carbon solutions, will remain a foundational pillar of a secure and credible global energy transition.

Keywords: Natural gas upstream sector; Global LNG transformation; Energy investment trends; Oil and gas technology innovation; Energy transition and geopolitics (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035382958
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