EnergyCents Drill, Baby, Drill: Upstream players navigate changing tides (Ep. 218)
Oct 30, 2025
Dan Pratt, the Global Head of Upstream Solutions at S&P Global Commodity Insights, shares his insights on the evolving landscape of the upstream oil and gas industry. He discusses the impact of geopolitics on oil prices and the growing investment challenges in Africa, emphasizing the need for better conditions to attract capital. Pratt highlights a renewed sentiment for exploration, the rising importance of natural gas, and how technology, particularly AI, is shaping faster decision-making in the sector.
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Geopolitics Didn’t Drive Prices Higher
- Geopolitical turmoil hasn't driven oil prices as high as expected given recent conflicts.
- Lower prices force tougher company decisions and change exploration risk appetite into 2026.
Two Calls From Africa Energy Week
- At Africa Energy Week Dan heard two clear calls: attract investment and improve above-ground conditions.
- Countries must improve fiscal stability, ease of doing business, and speed to development to win capital.
Policy Support Meets Shareholder Returns
- US 'Drill Baby Drill' political support exists but lower oil prices reduce drilling incentives.
- Companies prioritize return of capital to shareholders over production growth.