India, Feb. 21 -- For years, 'Big Oil,' or global oil MNCs, returned the huge amounts of cash that they spewed out to the shareholders. Instead of spending big bucks on new fossil fuel explorations, they turned their attention to downstream projects, and renewables. Now, the clock is turning back. Thanks to several trends, oil supermajors have begun to spend more on traditional exploration, and growth opportunities. National policies, energy security, geopolitics, industry trends, and experts' predictions are responsible for this strategic shift across the globe. Indeed, carbon-neutral plays have begun to take a back seat in boardrooms.

Let us start with national policies, and energy security. From America to Europe, China to Latin Ameri...