European Integrated Energy: The rise of exploration acreage

研报英文原文证据摘录

European Integrated Energy: The rise of exploration acreage

Equity Research

European Integrated Energy

13 May 2026

The rise of exploration acreage

First LookExploration is re-accelerating, driven by a renewed focus on

energy security and reserve replacement. Companies are re-

entering frontier basins and securing new acreage, marking European Integrated Energy POSITIVE

the early stages of a broader cycle shift towards rebuilding European Energy Services

long-term resource bases and diversifying supply. POSITIVE

Lydia Rainforth, CFAOver the past few months, we have seen a clear pick-up in exploration activity, with companies

+44 (0)20 3134 6669

refocusing on long-term resource capture as energy security and strategic autonomy move

lydia.rainforth@barclays.com

higher up the agenda. The need to replenish reserves and sustain production growth is Barclays, UK

increasingly driving capital allocation decisions.

Naisheng Cui, CFA

Recent exploration news: +44 (0)20 7773 0486

naisheng.cui@barclays.com

•• bp – Confirmed entry into a PSA covering six blocks in the North Ustyurt region (Uzbekistan), Barclays, UK

taking a 40% interest (20% from each of SOCAR and Uzbekneftegaz), marking a renewed push Ramachandra Kamath

into frontier exploration. +91 (0)22 61752308

ramchandra.kamath@barclays.com

•• TotalEnergies – Signed an MoU with Syrian Petroleum Company (alongside QatarEnergy and Barclays, UK

ConocoPhillips) to explore Block 3 offshore Syria, signalling willingness to re-engage in Thea Lacroix

higher-risk, underexplored basins. (press release) +44 (0)20 3555 3088

thea.lacroix@barclays.com

•• Shell – Entered Sierra Leone through a new offshore exploration agreement, expanding its Barclays, UK

West Africa footprint just months after peers moved into the country. (Reuters article)