Major oil and gas companies are planning to “increase their upstream oil and gas production” according to new research published by the TPI Global Climate Transition Centre (TPI Centre) at the London School of Economics and Political Science (LSE). The report analyses 22 leading global companies in two sectors critical to the low-carbon transition: 16 in oil and gas and six in diversified mining.

These companies have a combined market capitalisation of over $2.8tr as of March 2026 and represent some of the world’s largest extractive and key polluting companies.

Total oil and gas production across the 11 companies that disclose production guidance is set to reach 26.16m barrels of oil-equivalent per day by 2030, representing a 14% increase from the 2024 level of 22.90m barrels of oil-equivalent per day. This planned growth stands in contrast to the production decreases required to limit the rise in global average temperature in 1.5°C or below 2°C scenarios. It even exceeds the 5.9% global oil and gas demand increase projected for 2024-2030 under the Current Policies Scenario modelled by the International Energy Agency World Energy Outlook 2025, which is consistent with a 2.9°C global mean temperature rise by 2100.

‘The Transition Planning 2026: Decarbonisation strategies in oil and gas, and diversified mining report’ applies the TPI Centre’s Net Zero Strategies (NZS) assessment frameworks to evaluate how companies plan to deliver emissions reductions, and assess the robustness of their transition plans. The NZS assessment data and methodologies can be used to better understand companies’ transition plans in hard-to-abate sectors.