Given the transition away from oil and gas to cleaner fuels, upstream oil and gas players face a conundrum—which assets and what regions should they invest in to stay in business. Long-term investments such as oil and gas require clear market signals, with significant business risks to staying solely in oil and gas. So where are the next “advantaged” basins or regions for oil and gas investment? Where does wildcat exploration make sense, given the typical long-term payback? To what extent can a decarbonized portfolio be achieved by an upstream company?