Driving the looming increase is tailwinds from attractive exploration economics, the need for energy security and the emergence of new frontiers.
oil and gas exploration
Given that energy policy now goes hand in hand with ideology - in certain places anyway – a change of government can often mean a radical change of tack, particularly on oil and gas.
Last year was a bumper one for the global oil and gas exploration sector as it enjoyed its strongest 12 months in more than a decade.
Depending on your point of view, the Scottish Government’s new energy strategy is either a “breathtaking betrayal”, or “welcome” and “correct” – or maybe you’re somewhere in the middle.
Westwood Global Energy reports that there was one exploration well programme active as of May 27, plus one development programme with an exploration sidetrack planned. One exploration well programme was completed and one exploration well programme spudded in May.