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

Be the first to react!

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.

ARTICLE CONTINUES BELOW

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

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

Study solves great ancient mystery: remains of Philip II, father of Alexander the Great, are identified in Vergina and resolves the enigma of the Macedonian royal tombs that had lasted half a century.

Australia prepares to dredge 96.5 million m³ in Moreton Bay to deepen, widen, and realign channels of the Port of Brisbane, in a project of up to 25 years designed to accommodate larger ships and enhance maritime safety and regional port efficiency.

Larger than the Toyota Hilux and with a towing capacity of 3.5 tons, the new MG U9 2026 features a 2.5 turbodiesel engine, 520 Nm, 4×4 traction with three locks, and an almost full-size build.

Portugal installs two giant underwater sockets to draw water from the Atlantic and create a €107.9 million desalination plant in the Algarve capable of producing 43.2 million liters of potable water per day with ocean intake 2 km from the coast.

Brazilian company with 23,000 employees seeks humanoid robots in China and Japan to replace repetitive tasks in 1,400 restaurants, as the advancement of automation and the possible end of the 6×1 schedule transform the food sector.

Man confronts NASA astronauts and says the Artemis 2 mission was “staged” “Stop lying”: video shows accusations against crew that spent more than 10 days in space on a mission followed live by millions of people worldwide

Few people know, but using only the “D” gear in an automatic transmission on hills can accelerate transmission wear and increase risks on downhill slopes — are you driving the wrong way without realizing it?

First electric car in Brazil: with a French 4.3 hp motor, a range of up to 120 km, and 320 kg batteries, the Gurgel Itaipu was born in 1974, envisioned a public charging network, and became a symbol of national innovation before Tesla.

Brazilian city is a paradise for seniors and retirees: with the highest HDI in Brazil, above-average safety, and national prominence in longevity, the location attracts residents aged 60+ in search of health, tranquility, and exceptional quality of life.

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

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

Study solves great ancient mystery: remains of Philip II, father of Alexander the Great, are identified in Vergina and resolves the enigma of the Macedonian royal tombs that had lasted half a century.

Australia prepares to dredge 96.5 million m³ in Moreton Bay to deepen, widen, and realign channels of the Port of Brisbane, in a project of up to 25 years designed to accommodate larger ships and enhance maritime safety and regional port efficiency.

Larger than the Toyota Hilux and with a towing capacity of 3.5 tons, the new MG U9 2026 features a 2.5 turbodiesel engine, 520 Nm, 4×4 traction with three locks, and an almost full-size build.

Portugal installs two giant underwater sockets to draw water from the Atlantic and create a €107.9 million desalination plant in the Algarve capable of producing 43.2 million liters of potable water per day with ocean intake 2 km from the coast.

Farmer drills well in Ceará in search of water, accidentally finds crude oil and sees million-dollar discovery hindered by a rule that completely changes the future of the site.

Family finds oil on a 49-hectare site in Ceará, but exploration has no timeline or guarantee of happening

When drilling an artesian well, a farmer wanted water but found oil: ANP confirms that the dark liquid found by a farmer on a site in Ceará is crude oil.

European stocks rise with oil drop after Trump’s remarks on Iran as investors monitor global tension

While the Brazil-Peru rail has been under study for 11 years, China-Brazil unlock the $18.5 billion bi-oceanic corridor Manaus-Chancay to challenge the Panama Canal

Brazilian company with 23,000 employees seeks humanoid robots in China and Japan to replace repetitive tasks in 1,400 restaurants, as the advancement of automation and the possible end of the 6×1 schedule transform the food sector.

Man confronts NASA astronauts and says the Artemis 2 mission was “staged” “Stop lying”: video shows accusations against crew that spent more than 10 days in space on a mission followed live by millions of people worldwide

Few people know, but using only the “D” gear in an automatic transmission on hills can accelerate transmission wear and increase risks on downhill slopes — are you driving the wrong way without realizing it?

First electric car in Brazil: with a French 4.3 hp motor, a range of up to 120 km, and 320 kg batteries, the Gurgel Itaipu was born in 1974, envisioned a public charging network, and became a symbol of national innovation before Tesla.

Brazilian city is a paradise for seniors and retirees: with the highest HDI in Brazil, above-average safety, and national prominence in longevity, the location attracts residents aged 60+ in search of health, tranquility, and exceptional quality of life.