Inside U.S. oil’s return to global wildcatting: ‘It’s like geo-porn’ | Fortune
The top U.S. shale oil drillers aim to find the next big boom abroad.
U.s. Oil Leaders Turn to Global Wildcatting
At a Hart Energy conference in Houston, William Yacob, chairman and chief executive of EOG Resources, said the company is embracing a new frontier in petroleum exploration. He explained that the prospect of opening fresh ground appealed to him and that EOG is now directing its frontier‑seeking efforts beyond U.S. borders, particularly to the United Arab Emirates and Bahrain.
International Projects Show Early Success
Yacob pointed out that the shale rock formations in Abu Dhabi resemble those of South Texas’s Eagle Ford shale. EOG has already brought a handful of wells online in the region, and the early production is exceeding the company’s internal forecasts. He added that the industry as a whole is eager to “unlock the next new thing” by applying U.S. shale and hydraulic‑fracturing expertise abroad.
Middle East Outlook Amid Iran Conflict
Despite the ongoing war in Iran, investors remain optimistic that the broader Middle East will recover. Nations across the region are increasingly seeking assistance from American shale specialists to tap untapped oil and gas reserves. The same demand for expertise is emerging in parts of South America, Africa, Australia and even domestically in Alaska. President Donald Trump has voiced support for extending similar cooperation to Greenland. According to analysts, the Iran war is prompting more countries to develop both clean‑energy projects and additional fossil‑fuel supplies.
Major Integrators Expand Overseas Budgets
Historically, oil giants such as ExxonMobil and Chevron have maintained a presence in international projects, but they trimmed exploration spending in recent years. Recently, both firms have begun to raise the overseas share of their capital budgets, targeting new projects in the Middle East and Africa. ExxonMobil has transformed Guyana into a major oil producer, while Chevron has driven growth in Kazakhstan and is positioned to lead any potential resurgence in Venezuela.
Shale Companies Re‑enter Global Hunt
After years of concentrating on domestic shale, several U.S. producers are again looking abroad. ConocoPhillips, Occidental Petroleum, APA Corp., Murphy Oil and others are scouting onshore and offshore opportunities worldwide. Harold Hamm’s Continental Resources, the nation’s largest privately held producer, is expanding operations in Argentina and negotiating deals in Venezuela. Bobby Tudor, founder and chief executive of Artemis Energy Partners, said international exploration “is back in the game” and that interest in assets outside the core U.S. conventional sector has risen markedly.
Industry Muscle Memory Needs Rebuilding
Tudor, whose firm Tudor, Pickering, Holt & Co. helped finance much of the earlier shale boom, cautioned that the U.S. sector is in a mature consolidation phase rather than a growth spurt. He noted that the domestic market cannot alone fill the global demand gap that may widen after the Iran conflict, and that the pull toward the Americas is “quite dramatic.” However, he warned that many workers have never drilled a dry hole or engaged in true wildcatting, leaving the industry’s exploration muscle memory “hollowed out” after two decades of reduced frontier activity.
Alaska Pioneer Sees New Opportunities
Bill Armstrong, 66, a geologist and chief executive of Armstrong Oil & Gas, embodies the wildcatter spirit. A veteran of Alaska’s North Slope, he discovered the Pikka field and likens the region’s potential to the historic East Texas oil boom. Armstrong described the seismic imagery of Alaska’s eastern Northern Slope as “gorgeous” and admitted it feels “like geo‑porn.” He emphasized that Alaska has seen virtually no fracking, leaving a vast, untapped reservoir of opportunity for future drilling.
Source: fortune.com · 2026-09-19