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Oil firms to cut spending on new exploration for fifth year in a row

Global investment in exploration will reach $37 billion in 2018, down 7% from a year earlier

Reuters  |  London 

Despite the strongest start for oil prices in four years, the world's top oil companies are hesitating to accelerate the search for new resources as a determination to retain capital discipline trumps the hope of making bonanza discoveries. Exxon Mobil, Royal Dutch Shell, Total and their peers are set to cut spending on oil and gas exploration for a fifth year in a row in 2018, according to consultancy Wood Mackenzie (WoodMac), despite a growing urgency to replenish reserves after years of reining back investment. Global investment in exploration, vital to increase output and ...

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First Published: Thu, January 04 2018. 15:52 IST