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.
This report examines 32 Air Service Agreements concluded between COFFIS member states to determine the necessary steps before implementing a tax on the uptake of aviation fuel.
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.
Last month, governments across five countries granted 55 new oil and gas exploration licences, locking in reserves whose eventual combustion would unleash roughly 382.4 MtCO2.
In May 2025, countries awarded oil and gas exploration licences with an estimated 143.4 million tonnes of embodied carbon dioxide emissions, corresponding to 109,000 km2 of new acreage.