| The oil price slump will make major explorers more profitable as they are forced to focus on lower-cost, better-quality prospects, industry experts Wood Mackenzie have forecast.
Energy giants have ditched "high-cost, high-risk" exploration plays such as "elephant hunting in the Arctic" as the economics of lower oil prices make them concentrate on their best drilling prospects, Dr Andrew Latham, Wood Mackenzie's vice-president of exploration research, said. Oil majors’ profits have been hammered by the collapse in prices since summer 2014 amid global oversupply.............................................Full Article: Source
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