A slower‐than-expected shift to renewable energy is prompting large oil companies to resume aggressive exploration campaigns. Consultancy Wood Mackenzie estimates that, if the transition continues to lag, global crude demand could run about 5 percent higher a year from the mid-2030s than previously forecast, exposing a potential supply shortfall after years of under-investment. TotalEnergies SE is among the first movers. The French major plans to drill as many as seven exploration wells in South Africa’s Orange Basin by 2026, subject to environmental clearance, building on its giant Venus find just over the border in Namibian waters. Chief Executive Patrick Pouyanné told analysts the company is still negotiating development terms with Namibia but wants to extend its footprint across the basin. Governments are also opening new acreage. Norway said it is preparing its biggest frontier licensing round in several years, while other producers court explorers with low-cost prospects and liquefied natural-gas expansions. The combined moves underscore an industry consensus that oil and gas will remain central to the world’s energy mix for decades, even as companies keep renewable projects on the margins of their capital budgets.