Oil and gas exploration spending will recover from historic lows to average $22 billion a year over the next five years, according to Wood Mackenzie.
Attractive economics, greater emphasis on energy security and the discovery of new resources will incentivise NOCs (national oil companies) and energy majors to boost exploration activity, the consultancy said in a new report.
“Explorers will become bolder in the coming years,” said Julie Wilson, director of global exploration research at Wood Mackenzie.
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