Seaching Fails to Pay for Oil Groups
THE world’s biggest oil companies are failing to get value for money when they search for new reserves, according to the findings of a new report.
Research by energy consultancy Wood Mackenzie showed the commercial value of oil and gas discovered over the past three years by the ten largest listed energy groups was well below investment made in exploration.
The report comes as global oil firms are considering how far to boost exploration budgets after years of falling investment. It also comes as oil prices are hitting record highs on the back of soaring demand and limited surplus supplies.
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