Key energy companies, including American Chevron and Exxon Mobil, are expanding oil production and investing in fields outside the Middle East due to the war in Iran, The Wall Street Journal (WSJ) reports.
The companies are taking similar steps due to shipping problems in the Strait of Hormuz and damage to the energy infrastructure of the Middle East during the military operations of the United States and Israel against Iran. Thus, the American Exxon Mobil intends to invest up to 24 billion USD in the development of deep-sea oil fields off the coast of Nigeria, Chevron expanded its presence in Venezuela, the British BP acquired shares in oil fields off the coast of Namibia, and the French TotalEnergies signed an agreement to explore reserves with Turkey.
It is noted that all five companies are exploring the possibility of developing fields not only in Africa and South America, but also in the Mediterranean Sea. Last week, Exxon Mobil started production off the coast of Greece. Chevron has already allocated 7 billion USD this year to develop offshore fields around the world.
The consulting firm Wood Mackenzie estimates that major oil companies can make a total of 120 billion USD in profits from their energy projects in the coming years. The sharp rise in oil prices allows them to obtain funds for exploration of reserves in previously inaccessible or uninteresting regions, despite financial losses due to the energy crisis. The interlocutors of the publication are confident that the companies are striving to increase oil production to the limit in order to get maximum profit from high oil prices.
Earlier, the International Monetary Fund published a report according to which oil and gas prices will increase in 2026-2027 by 100% and 200% if the US-Israeli operation against Iran drags on and leads to the most serious economic consequences.