Frontier CEO Brief: Why Upstream Must Benchmark Globally, Not Regionally

The upstream sector has always been global in nature, this is what makes it so exciting to be a part of - capital moves across borders, technology is shared across basins, and discoveries and changes in policy in one part of the world can shift sentiment everywhere else as illustrated by Trump's policies. And yet, when it comes to attracting investment, too many countries still benchmark themselves only against their regional peers.

It’s not enough.

A licensing round in Africa does not just compete with another African round. It competes with opportunities in South America, in Asia, in the Eastern Mediterranean. An operator weighing acreage in Namibia is also evaluating Suriname, Bangladesh and Kazakstan. An investor deciding whether to deploy capital in the Latin America is comparing fiscal terms with prospects in Southeast Asia.

The market is global. Our thinking must be too.

Why This Matters Now

The industry faces a paradox. On the one hand, global energy demand continues to rise, and hydrocarbons remain essential to security of supply. On the other, capital discipline has never been tighter, and investors are scrutinising above-ground risk more than ever. Times are tough at least in the short-term I hear, as companies pull back on spending on exploration.

Governments that structure terms, licensing and fiscal regimes with only their neighbours or continent in mind are missing the real competition. Investors don’t compare “Namibia versus Angola” or “Suriname versus Guyana” in isolation - they ask whether these opportunities are globally competitive against prospects from Newfoundland to Timor-Leste.

Failing to benchmark globally risks policies that appear attractive on paper but fail to capture actual investment.

Breaking Down Barriers

This is why bringing leaders together across continents is critical. Governments need to hear directly from other nations, operators and investors about what drives decisions. Operators need to learn from regulators who are pioneering new approaches. Investors need to test assumptions against a broad set of jurisdictions.

The most valuable conversations happen when these groups meet openly, on equal footing, in one room. Reports, webinars and regional conferences can inform, but only dialogue across borders can build the trust and clarity required for real deal-making.

A Global Marketplace for Leadership

In October, London will host the World Energies Summit | The World’s Premier Global Upstream Conference | 29th - 30th September 2026 - a forum designed not as an expo, but as a marketplace for upstream leadership. Ministers from Africa, the Middle East, the Americas and Asia-Pacific will be joined by senior executives from ExxonMobil, Chevron, Shell, Equinor, Woodside Energy and more. Investors, advisors and independent analysts will sit alongside them, benchmarking opportunities not continent by continent, but globally.

This matters because upstream success in the next decade will depend less on geology alone and more on how effectively governments and companies can compete for - and unlock - scarce investment capital.

Looking Beyond Borders

The upstream world cannot afford silos. Every licensing round, every fiscal regime, every regulatory framework is judged on a global scale. The faster we recognise this reality - and build the forums where these comparisons can be made openly - the stronger the sector will be. Upstream doesn’t need more noise. It needs clarity, context and collaboration across continents.

That is what we will work towards in London this October. Join me to turn the dial on upstream investment and move things forward in our sector.

About Frontier

Frontier connects energy leaders worldwide through the Frontier Energy Network, our Global Summits, and bespoke services for governments worldwide. We provide a trusted platform for collaboration, investment, and deal-making. Through our network and membership community, we link industry decision-makers across the globe; through our summits, we convene C-Suite leaders to spark progress and partnerships; and through our government services, we deliver global reach, profile, and strategic support built on deep industry expertise on licensing round marketing and promotion.

Connecting energy leaders from around the world, promoting energy resources to a global market. Join us to connect, collaborate and get deals done!

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