Global oil exploration spend to drop further in 2018. Big wells mainly in deepwater

 

stena-carron-image-exxon-lnkdn-768x402Global oil exploration investments in 2018 are expected to be lower than in 2018, despite the rise in oil prices. Energy intelligence group Wood Mackenzie expects most oil companies will stay cautious and “well counts will remain stubbornly low.“

“Competition for the best opportunities will be fierce. However, the industry’s focus on reducing costs in the last few years is paying off and we should see better returns in 2018,“ Wood Mackenzie said.

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