New data on oil and gas exploration from May 2026 finds that five countries awarded 39 new licences. If fully burned these could release an estimated 251 MtCO2.
For the second month in a row, the United States has dominated new licensing activity, awarding 74 new exploration licences in April alone. If fully combusted this could emit 35.5 MtCO2.
In March 2026, 91 oil and gas exploration licences were awarded across three countries, giving companies access to resources that would emit an estimated 93.1 MtCO2 if burned.
In February 2026, governments across three countries awarded six new oil and gas exploration licences, unlocking an estimated 43.3 MtCO₂ of potential end-use emissions.
61 new oil and gas exploration licences were granted in January 2026, containing an estimated 96.3 MtCO₂. Norway led the expansion, awarding licences containing roughly 40.3 million barrels of oil and 1,031.1 billion cubic feet of gas.
Global markets are expected to be oversupplied in the coming years, yet production is set to expand again in 2026, with the United States and Brazil leading the charge.
As of August 2025, the oil and gas volumes in licences issued so far this year are the highest seen at this point in the year over the past 5 years. Nearly half of these licences went to national oil companies.
Last month, governments awarded 14 new oil and gas exploration licences across four countries, unlocking reserves that—if burned—would emit roughly 48.3 MtCO2.
This report examines the economic and wider risks of continued oil and gas expansion in the Colombian Amazon, a region of immense ecological and cultural significance.