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Geophysicists urged to innovate amid tough times for exploration

Creamer Media Correspondent
The state of exploration for oil and gas as well as mining is in a fix, with exploration spending having decreased by 69% in the last four years, delegates attending the South African Geophysical Association (Saga) 2017 conference have heard. Lockheed Martin business development manager Dan Di Francesco said there was scope for adopting better technologies as discovery costs had tripled in the last decade. Low commodity prices, the global economic situation and a rise in the cost of exploration had helped to push exploration into a steep decline since 2012.

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