Subsurface: 5 things to look for in 2026

What are the key themes that will shape exploration for, and development of, oil and gas in 2026 and will next generation technologies prove viable? In this report, we draw on insight from Wood Mackenzie Lens Subsurface to set our view of the year ahead.

This includes: 

• Breaking new ground: large/giant and play-opening prospects will account for about a third of exploration wells planned to spud in 2026. 
• New alliances, new access: can NOC-Major partnerships and cultural diplomacy outcompete traditional basin entry models in frontier markets?
• Giant field redevelopments: will Majors secure more partnerships with NOCs to unlock billions of barrels in Iraq, Libya, and Kuwait?
• Technology-driven exploration: how will ocean bottom node (OBN) campaigns transform imaging and AI-powered workflows compress seismic interpretation cycle times?
• Commercial reckoning for next-generation geothermal: can Fervo and Eavor prove scalability and attract the capital needed to power AI's insatiable energy demand? 

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