Oil majors to raise 2025 exploration investment by 60%

Global oil and gas producers are set to increase investment by 60% in 2024 compared to 2020, driven by slower-than-expected energy transitions.

Companies like Shell and BP are prioritizing fossil fuel exploration over renewables due to higher returns, with European majors reinvesting about 50% of their income.

Namibia has attracted significant interest from Shell and TotalEnergies after discoveries, while the U.S. Gulf of Mexico, South America, and West Africa are expected to dominate future exploration.

The high-risk, long-term nature of oil exploration contrasts with lower returns from renewable energy projects.