Big Oil Returns To Exploration With A Bang

Core Insights - Energy security and affordability have become more important than concerns about stranded assets, leading major oil and gas companies to refocus on exploration after years of prioritizing clean energy solutions [1] - Major oil companies have reduced investments in renewable energy due to poor returns and challenges related to demand, costs, and regulations [2] Exploration and Production Focus - European majors BP and Shell have reversed their earlier commitments to reduce oil and gas production, now focusing on increasing production and exploration in key regions [3] - Significant oil discoveries have been made in Guyana, Suriname, Namibia, and Brazil, indicating a resurgence in exploration efforts [3] U.S. Supermajors' Strategies - U.S. supermajors Exxon and Chevron are investing heavily in Guyana's Stabroek offshore block, with Exxon operating the block and Chevron acquiring a minority stake through a multi-billion-dollar deal [4] - TotalEnergies is also developing resources in Suriname and plans to advance projects in Namibia [4] Regional Developments - Shell has reported exploration success in Namibia and is planning drilling activities in South Africa's Orange Basin, although these efforts face environmental challenges [5] - BP has made a significant oil and gas discovery in Brazil's Santos Basin, marking its largest find in 25 years [6] BP's Recent Discoveries - BP's exploration well in the Bumerangue block has identified a gross hydrocarbon column of approximately 500 meters in a high-quality pre-salt carbonate reservoir, covering over 300 square kilometers [7] - BP's executive vice president highlighted the discovery as part of a successful year for the exploration team, reaffirming the company's commitment to upstream growth [8]