Upstream companies are starting to adapt to an environment where oil prices will be higher for longer, one where OPEC+ production discipline and US shareholder returns are just as important a factor in drilling as the physical flow of oil. Whilst 2022 witnessed several huge discoveries, most notably the frontier-opening Venus find in offshore Namibia, the aggregate tally of new reserves is still a fraction of upstream activity back in 2014 and 2015. Crudely put, we are still in a period of low upstream commitments, even if it’s getting marginally…
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