Apart from the massive deal for Occidental Petroleum to acquire Anadarko Petroleum, both of the Houston area, for $38 billion, mergers and acquisitions have largely comes to a halt this year, especially in the United States, with the exception of a few mergers-of-equals-type deals. That’s largely because Wall Street has soured on the U.S. energy sector, especially on its alleged overspending, including on acquisitions.

And many of the recent deals that have occurred include sales of assets in Asia, Australia and Europe’s North Sea from some of the largest U.S. companies, including Chevron, ConocoPhillips, Exxon Mobil and more in order to allocate more dollars to U.S. assets or to cut down on costs.

As for exploration, most of the new finds globally over the past decade have focused on natural gas, including investments on liquefied natural gas terminals to move the LNG around the world.

But, now, gas prices have plunged so exploration has focused back on crude oil, including the North Sea, Brazil and especially among a slate of smaller South American countries such as Suriname and Guyana, where Exxon Mobil has invested billions of dollars.

The report also noted that technological advancements could lead to new discoveries and more recoverable resources within existing developments and finds.