Exploration still key for NOCs despite budget cuts

National oil companies are slashing exploration spend by more than 25% this year but Wood Mackenzie does not see it as a long-term measure

Exploration still on the cards: NOCs are slashing budgets but some will likely push ahead with domestic exploration, according to Wood Mackenzie — Exploration still on the cards: NOCs are slashing budgets but some will likely push ahead with domestic exploration, according to Wood MackenziePhoto: REUTERS/SCANPIX

Josh Lewis

Perth

Exploration Financial Coronavirus Wood Mackenzie PTT Exploration & Production

Published 20 May 2020, 03:14Updated 20 May 2020, 19:22