After years of pandemic-induced downturn, the oil and gas industry is in the midst of a much needed exploration resurgence, industry executives said at the opening session of the IMAGE 2024 conference.
“We’re starting to see a bit of return to [exploration], I think, within the industry and it’s going to be needed,” said Tracey Henderson, executive vice president of exploration at Apache. “When we talk about 2050— some of the recent numbers I saw from WoodMac were that by 2034 we’re going to need 22 million barrels a day to meet demand and offset the decline [from] producing fields.”
The oil and gas industry’s resilience is being seen in investments and dealmaking.