Oil And Gas Exploration Suffers Decline In 2022 [Infographic]

Oil And Gas Exploration Suffers Decline In 2022 [Infographic]

Share to Linkedin The Biden administration is finding itself between a rock and a hard place as its commitment to its climate agenda meets a reluctant oil industry and backlash from OPEC over the proposed Russian oil price cap. Around the globe and in the U. S., 2022 has been a dismal year for the opening up of new oil and gas project, further complicating plans to wean the world off the Russian oil supply it has grown so accustomed to. After the announcement of significant production cuts by OPEC last week, the price of a barrel of WTI crude rose again to a high of $92. 64 on Friday—the priciest since August. While oil and gas exploration are at odds with the Biden administration's climate agenda, a lack of interest by the industry is also holding back new projects. Norwegian oil and gas data provider Rystad sees both of these factors at play globally as reluctant governments are colliding with risk-averse companies that fear recession while still feeling the lingering effects of the Covid-19 pandemic that had oil prices plunge to never-before-seen lows. This chart shows the number of global oil and gas lease rounds, by year of award.