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

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.

New Frontiers Will Drive The Sector

In the cold desert of Ladakh, where it hardly rains, engineer Sonam Wangchuk created the ice stupa, a tower that freezes winter water and stores it for irrigating crops in the spring, a simple engineering feat that mimics nature.

Almost 6,000 residents live concentrated along a single street nearly 9 km long in the interior of Poland. Houses form a continuous row, and behind them, narrow agricultural strips emerge, creating one of the most unusual rural patterns in Europe.

Júlia Pimentel, an 11-year-old from Minas Gerais, independently invented a new formula to calculate the square root using simple addition and multiplication, and her method was published in one of the most important mathematical scientific journals in Brazil.

They planted a sea of eucalyptus to produce cellulose, but the monoculture turned into a green desert, dried up springs and rivers, and pushed families out of regions in Minas Gerais and Bahia.

Chinese woman planted trees for decades while sand buried part of her house, received $5,000 from an American in 1999, and helped transform the desert into a forest of 8 million trees in China.

Heir bought 23,000 degraded acres in the Scottish Highlands, fenced the area, planted nearly 1 million native trees, and transformed empty mountains into a forest officially recognized after meeting 15 evaluation criteria over 20 years.

The Atacama Desert, the driest place on Earth, was covered in flowers and turned into a colorful carpet with more than 200 species in the phenomenon called “desert bloom,” when atypical rains awaken seeds that had remained dormant in the soil for many years.

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