Oil and gas companies continue to focus on exploration, despite climate concerns
Monday, July 10, 2023
Oil and gas companies continue to search for new deposits, reinvesting record profits that resulted from the fossil fuel price surge driven by the Ukraine war, according to Reuters.
The revival in oil and gas exploration reflects an industry shift toward recommitting to oil and gas and slowing plans to invest in renewables as part of the energy transition. It also responds to pressure from investors to maximize profits rather than invest in lower margin renewable energy.
The record profits driven by Russia’s invasion of Ukraine has translated to increased offshore exploration as it can deliver the highest rewards.
Learn more: Reuters > Focus: Oil giants drill deep as profits trump climate concerns
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Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.
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