More Investments in Oil and Gas Exploration Are Expected in the Coming Years

Written by Paulo Nogueira

Published on 17/08/2023 at 11:22

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Oil And Gas Exploration Spending Is Recovering, Driven By Favorable Economic Winds And The Need For Energy Security.

According to a report by Wood Mackenzie, exploration spending is recovering from the historical lows reached during the pandemic. Investments in the sector are expected to grow to an average of US$ 22 billion per year in real terms over the next five years.

Favorable economic winds, the need for energy security, and the emergence of new frontiers will drive oil and gas companies.

Julie Wilson, Wood Mackenzie’s global exploration research director, states that explorers will become bolder in the coming years. While spending will increase, it will not return to past peak levels due to the lack of high-quality prospects that meet current economic and ESG metrics.

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New Frontiers Will Drive The Sector

Deep and ultra-deep waters are the main growth opportunities for long-term exploration. Africa’s Atlantic Margin and Eastern Mediterranean regions will experience the largest growth, with spending also in some unspecified new frontiers.

Highlighted areas with potential include Uruguay, southern Argentina, and deep waters off Malaysia. Other regions that may attract investments are Namibia, Greece, and the Nile Delta in Egypt.

Source: Wood Mackenzie

More Investments in Oil and Gas Exploration Are Expected in the Coming Years

Oil And Gas Exploration Spending Is Recovering, Driven By Favorable Economic Winds And The Need For Energy Security.

New Frontiers Will Drive The Sector

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More Investments in Oil and Gas Exploration Are Expected in the Coming Years

Oil And Gas Exploration Spending Is Recovering, Driven By Favorable Economic Winds And The Need For Energy Security.

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On the Greek island of Ithaca, archaeologists have found what may be a sanctuary dedicated to the legendary Odysseus, with inscriptions bearing his name and votive offerings that span from the Mycenaean to the Hellenistic era.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

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