You don't know what you're talking about. Even if you did, you don't have the writing skills to articulate. Stick to clicking the smiley's and listen up.
The majority of federal land is highly speculative. It's mostly what the oil patch refers to as goat pasture- low entry cost, low probability of success, a small chance of a big reward. Companies will purchase large leases (you don't get to circle up a small area you like, it's typically all or nothing) for a small price/acre, hold and evaluate, then make decisions whether or not to test concepts when the time is right, usually during a growth cycle. $100 oil sounds like the time to test and grow, right? Not so fast. Drilling, completion and new infrastructure costs have doubled alongside the price of oil. $100 oil is essentially the old $50 for new projects in new areas. Existing development projects, to a degree, have existing infrastructure with rig and materials contracts in place that allow for very low break evens in the short term, but those contracts will eventually roll off.
Then a minority of federal leases are in more proven areas that would carry a high chance of commercial success under ordinary circumstances. But you're still dealing with federal government and Joe Biden is the new sheriff in town. You have to get trucks and equipment to your drilling pads, so you need roads. You have to get electricity to your pads to run equipment. You can't flare gas, so you have to move it by pipeline. Everything is going to need a permit, from the federal government. You have to wait for approval of said permits. Then you have build the infrastructure. You're dealing with the same federal government that just upped their royalty interests by 50%, led by an administration that campaigned on ending fossil fuels and signed an executive order killing an in-progress project. Any permit offers the government an easy avenue to halt your activities and they likely will pull the rug out from under you, once inflation stabilizes and they can afford to go back to the "end fossil fuels" narrative. Still sound like a good place to commit your capital?
Anyways that is just federal leases. Wall Street and investors don't like the risk associated with committing capital to any long-term projects right now. And they'd be stupid if they did. Rising operating costs against falling price decks (see backwardated commodity strips) coupled with heavy legislative risks doesn't promote a healthy "growth" environment.
You see operating costs stabilize, contango futures, a more oil-friendly political environment and the fundamentals will once again promote a growth environment. But don't hold your breath.