Global energy companies are returning to oil and gas exploration after years of underinvestment, executives said at the CERAWeek conference in Houston. The shift marks a departure from a period in which firms prioritised shareholder returns and renewable energy, amid expectations that US shale output would ensure long-term supply. However, with production in key regions such as the Permian Basin forecast to plateau and global energy demand continuing to rise, companies are now seeking new reserves to offset declining output from existing fields.
