Due to the closure of the Strait of Hormuz, major oil companies have begun searching for new deposits in Africa and South America. This was reported on April 19 by
The Wall Street Journal (WSJ).
"Exxon Mobil XOM, Chevron CVX and other energy companies are accelerating the search for new oil and gas fields far from the war zone in the Middle East," the publication says.
It is noted that at the moment, the search for deposits has begun in Namibia and Venezuela. One of the companies has signed an exploration agreement with Turkey. According to the newspaper, the largest oil companies can make a profit of $120 billion from new locations in the coming years.
Given the situation with the control of the Strait of Hormuz, companies are looking for places that would not only fill the current shortage of energy resources, but would also make a profit in the future.
