As the U.S. shale oil boom matures, Big Oil is doing something it hasn’t done in years: increasing global exploration outside of the Americas. In the most notable recent move, Chevron announced on Feb. 11 its return to Libya, after 15 years away.
Following two decades of depressed global searching for oil and gas, frontier exploration is bouncing back. The industry’s biggest producers had cut spending on costly global efforts as they leaned into West Texas’ Permian Basin and the rest of the onshore U.S., as well as proven offshore basins, including the Gulf of Mexico.
