How a decade of underinvestment is reshaping the global hunt for oil, with APA Corporation's Tracey Henderson

Let’s Talk Energy and look at the growing resurgence in oil and gas exploration. Starting in the 20-teens, many oil companies began cutting exploration budgets and letting go or reassigning the people behind that work. The shift was driven by efficiency gains and the rise of vast US shale fields, but also pressure from investors and the uncertainty over the long-term demand for oil. Now, however, oil demand is expected to remain resilient, shale fields are showing their limits and investors are asking companies whether they are finding enough barrels to maintain their cash returns, exploration is back in vogue. But rebuilding an exploration portfolio doesn’t happen overnight and the industry as a whole is finding less oil and making fewer large discoveries than it used to each year.   How has the exploration business evolved over Tracey’s career and what defines a successful wildcat today? How is APA Corporation, which kept exploring when others did not, looking at its prospects in places as diverse as Suriname, Uruguay, Egypt, and the Permian? Can new technology and new ideas help the industry break out of its discovery drought?  Related Analysis: Global Discoveries Report – June 2026 (clients only) BP's UK exit looks credible as exploration strategy takes shape (available to non-clients) Technical evaluation agreements are reshaping global exploration entry (clients only) Newfoundland's new bid round hinges on policy reform to attract new explorers (available to non-clients) Discovered volumes in 1Q26 sinks to lowest first-quarter level in two decades (clients only) High-impact wells: Africa will continue to drive global drilling activity in 2026 (available to non-clients) South America’s next frontier: Wells that could reshape the Atlantic Margin (clients only) Related Episodes: Non-OPEC+ oil growth finds its engine in South America, with Radhika Bansal The next US shale hotspot: Western Haynesville, with Matthew Bernstein The looming oil supply challenge with Artem Abramov How Malaysia is looking to seize its upstream opportunity  Let’s Talk Energy is a Rystad Energy Production.    Produced by Elliot Busby & Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X