Rystad Energy says some of the world’s largest oil companies are once again turning to frontier basins in search of major discoveries, with recent acquisitions in less-explored, riskier areas.
In a LinkedIn post on September 22, Nishigandha, a senior Exploration Analyst at the firm, shared, “Over the past few months, majors such as ExxonMobil, Chevron and TotalEnergies have signaled a resurgence of frontier exploration, with acquisitions of blocks in relatively less explored and risky basins.”
ExxonMobil has returned to Trinidad & Tobago, securing the ultra-deepwater block TTUD-1. According to Rystad, the block spans more than 7,000 square kilometers east of Trinidad and north of Guyana’s Stabroek Block.
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Chevron has taken its operations to Europe, submitting bids for four ultra-deepwater blocks offshore Greece: A2, South of Peloponnese, South of Crete I, and South of Crete II. Together, they cover more than 45,000 square kilometers.
Rystad said that if awarded, these would make Chevron only the second major in Greece’s offshore sector, joining ExxonMobil. The bids reflect growing confidence in Greece’s “improved seismic data, clearer regulations and strategic location, as Europe accelerates gas diversification”.
Meanwhile, TotalEnergies is leading a fresh wave of interest in West Africa by signing production sharing contracts in Liberia. The four blocks – L-6, L-11, L-17 and L-29 – span about 12,700 square kilometers of deep and ultra-deep water.
Rystad noted that the deal highlights Liberia’s “shift to direct negotiation, stronger data packages and stricter pre-qualification reforms already drawing ExxonMobil back to pre-qualify for four other blocks.”
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The firm stated that, taken together, these moves indicate a broader shift by majors towards underexplored basins. It pointed out that the companies bring not only cutting-edge technology but also the financial capacity to undertake some of the “most complex and expensive exploration campaigns, with the hope of discovering substantial volumes”.
