The global exploration scene has undergone a profound and painful change over the past two years. It is indisputably becoming a smaller industry but one that is striving toward being leaner, more efficient and eventually more profitable.
It is also an industry whose players have more alternatives at their disposal than in previous eras. According to analyst Andrew Latham, vice president of global exploration research at Wood Mackenzie, this slimmed-down sector will not rely, for example, upon conventional exploration as much as before. “There are now plenty of alternatives out there in tight and unconventional plays as well as greater recovery from existing assets negotiating for discovered resource opportunities and even in the mergers and acquisitions market. So for some companies those alternatives will play a greater role,” he said.
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