GESGB London Evening Lecture | New Fields are Better than Old: Why we Still Need Oil and Gas Exploration

GESGB members can register free of charge via the membership platform

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Speaker: Dr Andrew Latham, Senior Vice President, Energy Research – Wood Mackenzie

Topic: New Fields are Better than Old: Why we Still Need Oil and Gas Exploration

Date: Tuesday 25 November 2025

Timings: 17:30 – Doors open / 18:00-19:00 – Lecture / 19:00-20:00 – Networking drinks

Venue: The Linnean Society of London | Burlington House, Piccadilly, London W1J 0BF

The venue is located 5-minutes’ walk from Green Park and Piccadilly tube stations. The lecture will be held in the Meeting Room on the ground floor.

Networking Drinks: The Clarence – 4 Dover Street, W1S 4LB
Self-funded bar.

The presentation will be available to view via live stream on Zoom.
Login details will be sent to registered attendees one day prior to the event.

New Fields are Better than Old: Why we Still Need Oil and Gas Exploration

The case for investment in exploration around the world is clear. Oil and gas wildcatting generally adds value, cuts carbon intensity, improves security of supply and lowers the cost of energy for end consumers.

But the sector faces obstacles in many countries. Poor optics threaten everything from access to opportunity and social licence to operate, to talent attraction and retention. Add to this the risky nature of the business and it’s no surprise that investment in the sector has taken a deep cut. Many believe that existing fields have recovery upside that could satisfy demand for the foreseeable future, even under a delayed energy transition scenario.

And yet, high-impact exploration continues. We make the case that exploration success helps to decarbonise future supply because new fields are cleaner than old. Development of discoveries can address the industry’s chronic shortage of advantaged resources. These are the low cost, lower emissions resources needed to displace dirtier and higher cost alternatives. Many companies’ project investment hurdles now preclude development of anything else.

Explorers are generally making good returns too. Discoveries are collectively worth much more than they cost to find, as evidenced by the sector’s long track record of successful value creation. These exploration economics should continue to beat inorganic alternatives that are often priced at a premium.

Discovery trends and recent licensing imply plenty more yet-to-find advantaged barrels – offering a compelling opportunity for those with the requisite skills and appetite to achieve economic and decarbonisation goals. But for explorers to be successful, the stars must align on a myriad of factors including strategy, technical excellence, risk appetite, company culture and access to capital. Companies with all these strengths should use them.

Dr Andrew Latham, Senior Vice President, Energy Research – Wood Mackenzie

Andrew has over 30 years’ experience assisting companies in the development of their energy strategies. He
currently leads Wood Mackenzie’s subsurface research content across all aspects of the upstream oil and gas
and emerging geo-energy industries.

Andrew previously led the Exploration Strategy offering within the Upstream Consulting business. He worked
with clients to help optimise their investments in petroleum exploration and advised on strategy, process,
opportunity characterisation and evaluation. As part of this offering, Andrew directed Wood Mackenzie’s series of
multi-client projects on deepwater, Arctic and exploration themes.

Andrew has been with Wood Mackenzie’s energy team since 1995. Until the end of 2001, he managed the team
responsible for Sub-Saharan Africa research products and consultancy, undertaking a range of market analysis
and regional strategy projects.

He started his career in 1990 as an international new ventures geologist with Ranger Oil. Later, as Ranger
focused on West Africa, he became project geologist for Angola and Namibia.

Andrew graduated from Imperial College, London, with a BSc Honours degree in Geology, and holds a PhD in
Geology from University College, Cardiff.