Big Oil Revives Offshore Exploration ...Middle East

Spending on exploration is growing as oil majors are now putting the security of oil and gas supply and higher upstream profits ahead of investment in lower-return low-carbon energy solutions.  While the U.S. supermajors haven’t ventured into wind and solar, Europe’s biggest oil companies spent three years convincing investors that they would not grow oil and gas production further and invest more in renewables. Until last year’s energy crisis and skyrocketing commodity prices shifted the focus back to oil and gas supply. …

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