The Exploration Crisis: Why Oil & Gas Companies Are Finding Less While Demand Keeps Growing (Video)

In this episode of The Next Imperative, A&M experts Andy Zagoren and John Norton join host Geoff Angulo to unpack the forces behind the decline and outline practical ways the industry can recover. The conversation revolves around the current state of oil and gas exploration, examining how the industry has seen a dramatic decline in reserve replacement rates over the past 15 years. Our experts discuss the financial pressures that led to reduced exploration spending after 2015, the skills gap created by underinvestment, and why global proven reserves have declined by 35% despite growing energy demand. They also share strategic advice for companies looking to revitalize their exploration programs, including lessons learned from the pharmaceutical industry's approach to drug development and the critical role of AI in modernizing exploration processes.

To learn more, read our recent whitepaper, Tackling Challenges in Exploration: Driving Fundamental Change in Strategy and Execution.

Originally published 16 October 2025

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