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Oil Exploration Grows But Discovered Volumes Fall To New Lows
Oil Exploration Grows But Discovered Volumes Fall To New Lows Rystad: in the first half of 2023, explorers found 2.6 billion barrels of oil equivalent. The exploration and production (E&P) industry is in a transitionary period, with many companies exercising increased caution and shifting their strategies to target more profitable and geologically better-understood regions. In […]
Oil and gas discoveries are at the lowest level since 1946
Oil and gas discoveries are at the lowest level since 1946 US BUREAU OF SAFETY AND ENVIRONMENTAL ENFORCEMENT Offshore oil platforms are becoming a rarer sight. Oil and gas firms are having their worst year for new fossil fuel discoveries in decades and reserves are dwindling. The oil and gas industry is on track to […]
Global oil discoveries far from breaking even with consumption
Global oil discoveries far from breaking even with consumption Preface. According to Bloomberg (2016), oil discoveries in 2015 were the lowest since 1947, with just 2.7 billion barrels of conventional oil found globally (though Rystad calculated this differently at 5.6, nearly twice as much). Since the world burns 36.5 billion barrels of oil a year […]
Is It Too Late To Avoid An Oil Supply Crisis?
Is It Too Late To Avoid An Oil Supply Crisis? Wood Mackenzie isn’t pulling any punches. “The warning signs are there – the industry isn’t finding enough oil.” And its latest report continues in the same ‘spade is a spade’ vein: “A supply gap opens up in the mid-2020s, reaching 3 million b/d by 2030, […]
The Oil Industry Needs Large New Discoveries, Very Soon
The Oil Industry Needs Large New Discoveries, Very Soon Market participants and analysts are all focused on the imminent oil supply gap that is opening with the U.S. sanctions on Iran just five weeks away. But beyond the shortest term, a larger and more alarming gap in global oil supply is looming—experts forecast that unless […]
Our Latest Oil Predicament
Our Latest Oil Predicament It is impossible to tell the whole oil story, but perhaps I can offer a few insights regarding where we are today. [1] We already seem to be back to the falling oil prices and refilling storage tanks scenario. US crude oil stocks hit their low point on January 19, 2018 and have started […]
Norway Desperately Needs Large Oil Discoveries
Norway Desperately Needs Large Oil Discoveries Thanks to costs cuts and large oil discoveries made before the oil price crash, Norway will be able to sustain its oil and gas production over the next five years. But reduced exploration drilling and lack of big discoveries in the past two years spell trouble for Western Europe’s […]
U.S. Shale Can’t Offset Record-Low Oil Discoveries
U.S. Shale Can’t Offset Record-Low Oil Discoveries The U.S. shale resurgence has been one of the main themes in oil markets this year, while OPEC’s production cut deal to deplete the oil overhang and boost oil prices has been the other key development in 2017. U.S. shale production is expected to grow over the next […]
