Major oil companies are increasing drilling due to the slowdown in the transition to a "green" economy

London. Major oil corporations are increasing their exploration efforts. This is happening against the background of a slowdown in the transition to an environmentally friendly economy, which leads to a high level of demand for fossil fuels in the coming decades. This is reported by the Financial Times agency.

According to estimates by the analytical company Wood Mackenzie, starting in the mid-2030s, oil consumption may exceed previously made forecasts by about 5%. This requires the production of more than 100 billion additional barrels by 2050.

The heads of oil companies such as BP, Chevron, ExxonMobil, Shell and TotalEnergies record a clear shift in priorities in their reports. The focus is shifting from renewable energy sources to the exploration of new oil and gas fields. This is due to high inflation, rising interest rates and geopolitical instability, which slows down the development of green energy. In turn, governments are focused on ensuring energy security.

In particular, BP plans to drill 40 new exploration wells over the next three years. The company recently announced one of the largest discoveries in the last 25 years off the coast of Brazil. Chevron is also strengthening its exploration efforts, adding 11 million acres for exploration. ExxonMobil is returning to operations in Libya, Trinidad and Tobago. Similarly, TotalEnergies and Shell are stepping up their search operations.

Despite the growing interest in exploration, investments in this sector still remain below the levels seen in the period 2010-2015. Companies are introducing new technologies, such as seismic exploration and the use of artificial intelligence, which can speed up and optimize the search process.

Experts warn that the oil sector needs to update its portfolio of promising drilling sites. This is necessary to ensure sustainable development and meet future energy demand.

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