Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.
The thing is that if oil burning starts to fall, more drilling results in lower profits. This has the real potential to drive oil companies into bankruptcy.
Drilling will continue until
moraleprofits improve.The thing is that if oil burning starts to fall, more drilling results in lower profits. This has the real potential to drive oil companies into bankruptcy.