Underinvestment in oil and gas exploration has been a scarecrow for energy security for several years now. Various industry executives, most notably perhaps those from the Middle East oil kingdoms, have warned that unless investment in new exploration rebounds, energy security will be compromised on a global scale. Wood Mackenzie recently had some good news for these executives: investment in new oil and gas exploration is recovering and is set to average $22 billion annually over the next four years. Despite the billions being channeled…
