Passing reserves between balance sheets doesn’t create new supply. At some point, the upstream sector has to drill its way back.
Global oil demand continues to grow.
Oil and gas producers have chronically underinvested in exploration for the past 10 to 15 years.
And consolidation doesn’t create new supply.
Management teams are starting to speak up, making it clear that new reserves have to come from somewhere.
If upstream exploration capex does materialize, which region captures the largest share?
➔ North America (deepwater Gulf)
➔ Latin America (Guyana, Vaca Muerta, Brazil)
➔ Middle East (NOC-driven expansion)
➔ Africa (Namibia and East Africa)
Cast a vote in the poll, and I write up and publish the results as soon as it closes.
