Shell, Exxon renew hunt for crude in Asia

Oil majors are stepping up exploration in ageing or neglected areas of Asia, potentially helping lift output a decade after shunning the region to hunt for giant oilfields in more prospective patches.

Asia’s relative political and fiscal stability, untapped deep-water reserves and proximity to fast-growing markets has revived the appeal of wildcat drilling, seen in the appearance of majors such as Royal Dutch Shell and Exxon Mobil in places off the radar a few years ago.

busrep