Geopolitical uncertainty will drive more exploration as countries look to shore up energy security in the face of potential supply interruptions, energy executives heard on Tuesday, upstream Online reported.
Supermajors BP and TotalEnergies remain focused on exploration despite market volatility, the operators told delegates at the EAGE conference in Toulouse, France on Monday.
“Turmoil has been a part of this industry as long as it's been in existence and so, as a company, we expect volatility, we prepare ourselves for downturns and we have long-term strategies,” Kevin McLachlan, senior vice president of exploration at TotalEnergies, said on Monday.
Speaking at the EAGE conference in Toulouse, France, Shell’s executive vice president of exploration strategy and portfolio Eugene Okpere told delegates: “What we are seeing now, certainly with the dynamics around geopolitics, energy security and resource security, is that governments are a lot more open and allowing more access.
He added: “As these things come together, we might see an uptick in exploration.”