Westwood: Energy transition strategies affecting drilling

Jack Burke Senior Editor, Compressor Tech2

June 07, 2024

High Impact exploration average discovery size declines, finding costs increase

Energy market research and consultancy firm Westwood Global Energy Group reports that, despite favorable oil prices in 2022, high impact exploration drilling in 2023 declined by 21%.

The decline was due in large part to energy transition strategies, industry consolidation, rising well costs and reduced activity in former hotspots,…

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