Oil and gas explorers were off to a good start this year making discoveries until market conditions forced activity cutbacks. The future could hold more uncertainty as factors such as emissions targets come into play, analysts say.

“In an ideal world, the future should look rosy for explorers and developers around the world; however, the world is not quite that simple,” Graeme Bagley, head of exploration and appraisal for Westwood Global Energy Group, said on a recent webinar. “We’re seeing a number of different factors coming into play now.”

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