2018 Brings Oil Exploration, Development Uptick Post-Downturn

The market downturn that prompted a spending and activity slowdown left the oil and gas industry’s exploration sector bruised coming into 2018. But slashed budgets didn’t kill oil and gas exploration.

With spotlights consistently on record-setting production from U.S. shale plays, evolving completion recipes and emerging digital technologies in the oil patch, companies with eyes on future energy demand continued searching for hydrocarbons both onshore and offshore.

Hart Energy spoke with Stephen Beck, upstream senior director for Stratas Advisors, about how 2018 shaped up for oil and gas exploration and development in the U.S. and other parts of the world. Here are his thoughts, which have been edited for length and clarity, on 2018 and what the future could bring for the industry.