Global energy companies are intensifying efforts to discover new oil and gas reserves amid a slower-than-anticipated transition to renewable energy sources. According to Wood Mackenzie, this delayed transition could result in the world requiring approximately 5% more oil annually from the mid-2030s than previously forecast, translating into a need for over 100 billion additional barrels of oil and gas from exploration. Major oil producers are responding by increasing exploration activities and focusing on low-cost production, particularly in the U.S. shale sector. ExxonMobil aims to expand production in the Permian Basin, while Chevron is prioritizing cash flow management in the same region. The U.S. shale industry is enhancing efficiency by boosting output while reducing costs. Refining capacity globally has increased by 15% over the past 20 years, with growth concentrated in Asia and the Middle East through mega-refineries, even as Europe and the U.S. retire older facilities. However, environmental concerns persist, notably in Texas, where the production of toxic wastewater from Permian crude extraction presents challenges for disposal and could impact both oil output and state funding. Despite rhetoric around managed decline and diversification, renewables remain a secondary focus for many oil majors, who continue to treat them as diversification rather than core business operations.