Oil Industry Starts Revival as Project Approvals to Double
- More than 20 oil, gas fields to be approved in 2017: WoodMac
- Exploration spending to grow 3% this year led by U.S. shale
This article is for subscribers only.
The oil industry will shake off the effects of the biggest downturn in a generation this year as they more than double project approvals and increase exploration spending for the first time in three years, according to Wood Mackenzie Ltd.
Companies will green-light more than 20 oil and gas fields for development compared with nine in 2016, the Edinburgh-based industry consultant said in a report Wednesday. Drillers, led by U.S. shale operators, will also increase spending on exploring for new oil and developing existing projects by 3 percent to $450 billion following two years of cuts.