The Global Oil & Gas Exit List (GOGEL), compiled by Urgewald, is a public database that identifies the largest oil & gas expansionists and the companies responsible for the most controversial forms of oil & gas production. It includes 901 companies responsible for 95% of oil & gas production with data on companies’ expansion plans and IEA NZE overshoot.
GOGEL is the first tool that makes it possible to systematically assess whether a company’s activities are in line with the IEA NZE scenario. It analyzes oil and gas companies’ expansion plans and determines the exact share of resources that “overshoot” the IEA scenario. The companies with the highest absolute IEA NZE overshoot are Saudi Aramco (11.4 bboe), QatarEnergy (7.6 bboe) and Abu Dhabi National Oil Company (6.8 bboe), followed by three majors: Exxon Mobil Corporation (3.7 bboe), TotalEnergies (3.3 bboe) and Chevron Corporation (2.8 bboe).
Behind each company planning new oil & gas ventures, there are banks, investors and insurers without whom these projects could not be realized. GOGEL provides the information financial institutions need to stop enabling fossil fuel expansion and begin steering towards an oil & gas exit. Investors, insurers and banks need to adopt sound, data-based fossil fuel policies.
The oil and gas companies in GOGEL are on a massive expansion course:
- 96% of upstream companies have expansion plans
- 51.6% of oil and gas companies’ short-term expansion plans are incompatible with the IEA net zero emissions scenario
- 289 companies are locking the world into a fossil future by developing new midstream infrastructure
- 215 companies are involved in reputational risk projects.
“Since GOGEL was launched, over 20 European banks, insurers, and investors have published promising oil and gas policies. 8 of them publicly reference GOGEL. But hundreds of financial institutions have yet to adopt strict, science-based exclusion criteria for oil and gas companies whose expansion plans are not in line with 1.5°C. GOGEL was designed to help investors, insurers and banks adopt impactful fossil fuel policies.”
– Katrin Ganswindt, Fossil Fuel Finance Campaigner at Urgewald