What are the emerging trends in global oil and gas exploration and development?

Wood Mackenzie, an energy consulting firm, recently released a report forecasting new trends in global oil and gas exploration, development, and asset acquisitions. The number of frontier deepwater exploration wells will increase, with oil companies and resource-rich countries jointly striving to expand the area available for exploration. High-impact deepwater exploration wells in 2025 will see a modest increase compared to 2024. Strategic importance of conventional exploration is reviving—particularly along Africa’s Atlantic coast and in the Eastern Mediterranean. Along Africa’s Atlantic coast south of the Sahara, the Orange Basin in Namibia serves as the core area, while high-risk exploration wells are scattered across South Africa, West Africa, and Northwest Africa—including Ghana, Côte d’Ivoire, São Tomé and Príncipe, Angola, and Senegal. Since the discovery of the Zohr gas field in the Eastern Mediterranean in 2015, no major new discoveries have been made in Egypt or Cyprus. To accelerate commercialization, Chevron, ExxonMobil, and Shell plan to deploy new frontier exploration wells in the Herodotus Basin; Eni and BP will drill along the eastern and western margins of the Nile Delta. Additionally, new exploration wells will be drilled following recent oil discoveries in Guyana and Suriname, and gas discoveries in Indonesia. Through direct negotiations, joint study agreements, and traditional tendering processes, international oil companies (IOCs) are expected to secure additional exploration acreage—focusing on underexplored regions such as Equatorial Guinea, Gabon, Angola, and Liberia along Africa’s Atlantic coast, offshore areas in the Middle East, and the less-explored eastern basins of Indonesia. Meanwhile, resource-rich governments eager for oil and gas investment will pursue exploration funding through various means—including enhanced incentives, reduced tax rates, and more attractive fiscal terms. Governments in Indonesia, Malaysia, Nigeria, Angola, and Argentina are streamlining regulatory procedures to expedite seismic surveys and drilling permits, facilitating rapid exploration by oil companies. Namibia and Equatorial Guinea have directly invited exploration companies, offering more exploration blocks. Upstream operational efficiency among international companies continues to improve, driving efforts to acquire resources—including unconventional ones—to ensure sustainable development. Focus on efficiency is not new, but novel tools—such as artificial intelligence (AI)—are enabling fresh cost optimization. ExxonMobil has applied data science and AI in the Permian Basin, executing plans faster than anticipated and lowering the shale oil breakeven point by 20%. Costs for new unconventional wells in the U.S. will continue declining, resetting industry-wide efficiency expectations. Beyond conventional oil and gas exploration, oil companies will seek unconventional resources to achieve sustainability. Breakthrough progress in unconventional oil and gas development outside the U.S. is underway: Saudi Arabia’s Jafurah Field and Argentina’s Vaca Muerta shale formation are accelerating development; Algeria represents another promising shale gas opportunity, attracting strong investment interest from Chevron and ExxonMobil. Although current unconventional investment remains concentrated in the U.S., countries including Canada, Algeria, Argentina, China, and Saudi Arabia are projected to drive rapid growth in unconventional oil and gas production before 2030. Natural gas remains the dominant focus, with large-potential “energy super-basins” becoming key exploration targets. In 2025, over half of all appraisal wells drilled will target natural gas discoveries for reserve evaluation.

Latest ranking of petrochemical brands: Top 10 Petrochemical Brands (Maigoo)

1. ExxonMobil (U.S.) A world-renowned lubricant brand under U.S.-based ExxonMobil, founded in 1882. A Fortune Global 500 company, ExxonMobil is a leading non-governmental oil and gas producer globally, delivering exceptional lubricant solutions for passenger vehicles, commercial vehicles, industrial applications, and marine operations. Its lubricants are selected as original-equipment fill oils by numerous prominent automakers. Product lines include Mobil 1™, Mobil Super™, and Mobil Delvac™. 4. Shell Founded in 1907 through the merger of Royal Dutch Petroleum (Netherlands) and Shell Transport and Trading Company (UK), Shell is a global leader in energy and petrochemicals—and a major player in international energy markets—operating in over 70 countries and regions. Its business spans oil and gas exploration and production, refined products and petrochemicals, and gasification technologies. Shell Lubricants is a well-known product line serving passenger vehicles, commercial vehicles, industrial equipment, and marine applications, with brands including Shell Helix, Shell Rimula, and Shell Rotella. 5. TotalEnergies A diversified French energy group and Fortune Global 500 company, TotalEnergies is a globally recognized lubricant manufacturer formed through the merger of Total, FINA, and ELF. Its operations cover the entire energy value chain—including oil and gas exploration and production, as well as renewable energy development—across more than 130 countries and regions. The company is committed to providing safe, affordable, clean, and convenient high-quality energy. 6. Aramco (Saudi Aramco) Established in 1933, Saudi Aramco is one of the world’s largest petroleum producers and refiners, operating globally across multiple sectors—including oil exploration, development, production, refining, transportation, and marketing. It owns the world’s largest onshore and offshore oil fields. Its Asia regional headquarters is located in Beijing, and its domestic operations in China primarily involve investing in large-scale refining and petrochemical enterprises. 7. BP BP is one of the world’s leading oil and gas enterprises, headquartered in London, with production and operational activities in over 70 countries. In China, BP is a major foreign investor in the oil and gas sector, with primary business activities including oil and gas exploration and development, petrochemical production and sales, aviation fuel supply, retail fuel sales, lubricant operations, and oil and gas trading and supply. 8. Chevron Chevron is a world-renowned integrated energy enterprise. Its business covers oil exploration and production, fuel and additive sales, and lubricants. The company is committed to delivering renewable energy solutions and promoting efficient energy use, as well as developing future energy resources—including advanced bioenergy research. Chevron employs approximately 61,000 people worldwide and sells its products in 180 countries and regions.

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Chevron announced exploration for oil and gas south of Malta using existing data, further expanding its Mediterranean portfolio which includes stakes in Israel, Cyprus, Greece, and Egypt.

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