The oil industry is expected to spend $40 billion per year on exploration and appraisal between 2016 and 2018, compared to the $80 billion spent annually between 2012 and 2014. With discovery volumes the lowest in the past 60 years, the industry could face a major shortage of supply in the next few decades, driving interest in improved and novel exploration technologies. We analyze startups developing technologies for exploration of new oil and gas reserves and assessment of existing ones using the Lux Innovation Grid and highlight several companies that have distinguished themselves.
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