Higher prices lure European IOCs back to exploration
The European majors are returning to exploration as higher prices make it more attractive, but new technology may mean fewer wells will need to be drilled The European majors are returning to exploration as higher prices make it more attractive, but new technology may mean fewer wells will need to be drilled.
30 April 2018
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An Eni offshore platform. (Eni)
Europe’s biggest oil companies are resuming exploration as oil prices rise, but this will not necessarily translate into more drilling activity as companies employ new technology and data analysis techniques to make drilling more accurate.
The 2014 collapse in the price of oil saw companies cut spending on exploration and divest acreage in frontier locations. Luca Bertelli, chief exploration officer at Eni, explained that lower budgets have forced his department to rethink its approach to exploration.
“We have come from three difficult years and...
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