Exxon Mobil XOM 2.36%increase; green up pointing triangle, Chevron CVX 2.39%increase; green up pointing triangle and other energy companies are speeding up their searches for new oil-and-gas prospects—far away from the perils of the war in the Middle East.
Exxon recently outlined a potential plan to pump up to $24 billion into Nigeria’s deep-water oil fields, while Chevron expanded its footprint in Venezuela. BP bought stakes in oil blocks off the coast of Namibia, and TotalEnergies TTE 1.90%increase; green up pointing triangle signed an exploration deal with Turkey. Major oil companies could together create $120 billion in value from their exploration ventures in coming years, the energy research and consulting firm Wood Mackenzie estimated Thursday.
