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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ENERGY
Oil and gas upstream majors ExxonMobil, Shell, Chevron, BP, TotalEnergies and Eni will continue cautions exploration spending in 2024 although a busy year of drilling activity is expected according to Rystad Energy.
- The average spending for the major producers each year in 2020 to 2024 will be a combined $7bn compared to $10bn in the previous four-year period.
- Despite tightened budgets, optimism for a productive year is driven by frontier drilling, particularly deepwater projects in the Atlantic Margin, Eastern Mediterranean and Asia.
- Acreage awarded to major players increased last year by 20% y/y with a significant push toward deeper waters.
- Conventional discoveries from the majors fell in 2023 y/y to 1bn barrels of oil equivalent (boe) from the 3bn boe in 2022.
- Frontier and underexplored basins offer the promise of substantial untapped resources.
Source: Rystad Energy
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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