Executive viewpoint: Investing in existing oil & gas fields is key to energy security and net-zero goals

CLARE MISZEWSKA-HALL, CO-CEO & ADAM MISZEWSKI, CO-CEO, ANTECH   

A new report from the International Energy Agency (IEA) has delivered a stark reminder to the energy industry: even maintaining today’s oil and gas production levels will require substantial new investment. The findings highlight that global decline rates in existing oil and gas fields are accelerating, and unless companies reinvest and adopt technologies to extend field life, supply shortages could emerge far sooner than many expect. 

It is a warning that the transition to net-zero, while critical, is not a simple linear journey, but rather a complex one in need of collaboration between various factions. The world still relies heavily on oil and gas, and even in the most ambitious decarbonisation scenarios, a meaningful level of supply will be needed for decades to come. Around 20% of today’s oil and gas output will still be required by 2050 to meet global energy demand, even alongside rapid growth in renewables and efficiency gains. 

That’s a delicate balancing act. The challenge now facing the industry is how to responsibly manage existing resources, avoid disruptive supply gaps, and continue accelerating toward a cleaner energy future.  

Decline rates are rising and investment needs are growing. One of the most notable insights from the IEA report is the updated outlook on decline rates. Conventional oil fields are now declining by an average of 5.6% per year after reaching peak production. This is higher than previous estimates and reflects the natural geological limits of maturing reservoirs. 

Meanwhile, unconventional resources, such as shale, tend to decline even faster. Without intervention, this means a significant portion of global supply could drop off at a pace faster than replacement capacity can be built. 

However, the solution is not as simple as drilling more wells or opening new fields. Just as important is maximising output from existing assets. 

Net-Zero doesn’t mean abandoning existing supplies. It’s important to address the elephant in the room. Some commentators initially interpreted the IEA’s net-zero roadmap as a call to halt all investment in oil and gas. However, it is much more nuanced than that out. 

We believe that the IEA has been clear. Previous reports have said that if the world is serious about achieving net-zero, no new oil and gas fields should be developed. However, it has also highlighted the fact that existing fields must continue to be invested in to ensure secure energy supply. 

That’s not a contradiction but a strategy that reflects the continuing struggle between the oil and gas industry and those who are looking to stop the use of fossil fuels entirely. 

Abandoning current fields prematurely would trigger avoidable energy shortages, price instability, and risks to economic and energy security. Instead, the most sustainable path forward lies in extending the productive life of existing wells and using proven technologies to extract resources more efficiently, all while minimising environmental impact. 

This approach supports emissions reductions, protects energy supply, and avoids the environmental footprint associated with opening new greenfield sites. 

The technology already exists and it works. Meeting this challenge does not require an overnight revolution in energy technology, nor does it need a huge uptick in investment. Instead, continuous improvement and smart deployment of existing tools can make a huge impact. 

One technology highlighted in the discussion is Coiled Tubing Drilling (CTD). This technique allows operators to re-enter existing wells and drill new horizontal or directional sidetracks without mobilising a full-scale drilling rig. 

This is important for a number of reasons, including: 

• Increased recovery: CTD allows access to bypassed or depleted zones that would otherwise remain unreachable. 
• Reduced cost: ROI for CTD sidetracks is improved, compared to traditional methods. 
• Lower environmental impact: Re-utilising existing wellbores minimises disturbance to land and infrastructure. 
• Lower carbon footprint: Operations are faster, lighter, and less resource-intensive. 

In essence, CTD helps operators squeeze more value out of every existing asset, prolonging field life, boosting supply, and reducing the need for drilling new wells.  

Climate goals and energy security don’t have to be opposites. Public discourse often frames the energy transition as an ideological tug-of-war: traditional fossil fuels versus renewable energy. Such binary thinking misses the practical reality of the global energy system. Transitioning to clean energy is essential, but transitions take time, infrastructure, innovation and investment. 

A smarter path forward acknowledges that oil and gas companies are not barriers to net-zero; they are critical partners. Many have the engineering expertise, global infrastructure, and capital necessary to accelerate low-carbon solutions, while also ensuring energy supply during the shift. 

However, for cooperation to succeed, communication between policymakers, environmental advocates, and industry stakeholders must improve. Building alignment around shared goals, secure supply, lower emissions, and responsible resource management, is the only path to a stable, sustainable future. 

The clock is ticking. There’s no denying the urgency. The 2050 net-zero deadline feels far away, but in industrial timelines, it's tomorrow. Yet global energy consumption continues to grow, especially in developing markets. Balancing these pressures requires thoughtful investment, not ideological extremes.  

As the IEA points out, capital budgets are not unlimited. That means prioritising investments that provide maximum economic and environmental efficiency, and that often means focusing on existing fields first. 

Fully exploiting current resources before opening new ones is not just a compromise. It's more efficient, less carbon-intensive, and more financially responsible. 

Looking ahead. The message from the latest IEA report is nuanced but clear. Oil and gas production is declining faster than expected, and there is a real risk of supply gaps without a continued level of investment. However, net-zero goals remain entirely non-negotiable and so existing fields, not new developments are the bridge between the two.  

Proven, existing, technologies, such as CTD, can play a critical role in ensuring the bridge is strong enough to help both sides 

Energy transitions are rarely smooth, but progress doesn’t require choosing between fossil fuels and renewables. It requires using every available tool responsibly, innovating where necessary, and collaborating across sectors and ideologies. 

The demand for energy is not going to go away. But the technology already exists and has to be utilised. The future belongs not to the fastest ideological narrative, but to those committed to practical, balanced, and sustainable energy realities. 

Editor’s note: The opinions expressed in this column are strictly those of the authors and do not necessarily reflect the beliefs of World Oil and its parent, Gulf Energy Information. 

CLARE MISZEWSKA-HALL is Co-CEO and the Head of Global Sales & Marketing and leads AnTech’s business development activity, sales strategy, and the creative direction of the business. She has been instrumental in establishing AnTech's Coiled Tubing Drilling services, enabling oil companies to economically extract more value from their existing assets. Before joining AnTech, she worked in the FMCG sector, in a variety of engineering and marketing roles. Ms. Miszewska-Hall’s expertise has been key to strengthening the AnTech brand and the launch and expansion of CTD services in the ME and USA. She holds a First Class degree in mechanical engineering from Cardiff University. 

ADAM MISZEWSKI is Co-CEO and, as Operations manager, his role is to deliver AnTech’s services safely and efficiently. He is committed to working with customers and service partners to ensure that the promised value is realized. Before joining AnTech, he worked as a drilling engineer for BP in Aberdeen. And, as lead engineer, demonstrated his ability to bring projects in on time and on budget without incident. Mr. Miszewski is chairman of the SPE Dorset Section and previously served on the SPE Aberdeen YP Committee. Prior to that, he worked for a short period with Halliburton. He graduated from Imperial College London with a First Class Master’s degree in mechanical engineering.