According to Wood Mackenzie’s eleventh yearly oil and gas exploration survey, in which 259 senior energy leaders took part, the exploration industry optimism is back, profits have returned and the prospects look good.
Dr. Andrew Latham, Wood Mackenzie’s vice president, exploration said: “We’re seeing a continued recovery in the exploration sector, and this borne out by the drilling plans and new licenses we’re seeing.
He said that, according to the survey, conventional exploration is still viewed as the primary resource replacement option. The survey also showed that lower costs, both for exploration and development, are key to exploration’s return to value creation.
Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.