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Wood Mackenzie: Oil exploration spending may drop further next year

from Reuters

Global spending on oil and gas exploration in 2017 could fall below this year's $40 billion, but lower costs mean profitability will increase, consultancy Wood Mackenzie said in a report on Friday. Faced with a 30-month-long oil price downturn, oil companies including Exxon Mobil and Royal Dutch Shell have slashed spending budgets in recent years, with exploration bearing the brunt. According to Wood Mackenzie, the share of exploration in overall oil and gas production investment will dip to a new low of 8 percent in 2017. more

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