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Oil Industry Starts Revival as Project Approvals to Double

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The oil industry will shake off the effects of the biggest downturn in a generation this year as they more than double project approvals and increase exploration spending for the first time in three years, according to Wood Mackenzie Ltd.

Companies will green-light more than 20 oil and gas fields for development compared with nine in 2016, the Edinburgh-based industry consultant said in a report Wednesday. Drillers, led by U.S. shale operators, will also increase spending on exploring for new oil and developing existing projects by 3 percent to $450 billion following two years of cuts.

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