Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) of conventional oil and gas year-to-date, according to Rystad Energy’s latest global discoveries report.
The so-called resource replacement ratio for conventional resources now stands around 16%, meaning that only one barrel out of every six consumed is being replaced by new sources.
See press release in pdf.
Rystad Energy concluded this week that 2017 was yet another record low year for discovered conventional volumes globally. Less than seven billion barrels of oil equivalent has been discovered YTD. “We haven’t seen anything like this since the 1940s,” says Sonia Mladá Passos, Senior Analyst at Rystad Energy. “The discovered volumes averaged at ~550 million barrels of oil equivalent per […]
Guyana, Russia and the United States top the list with major discoveries. Rystad Energy expects 9.4 billion boe in conventional oil and gas for the year 2018, which constitute a replacement ratio of 15%. This ratio is low but is an improvement with respect to the 11% obtained in 2017. Read original document Pdf of the press release.
The world’s oil and gas explorers discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. The replacement ratio was at about 19%. It is improving with respect to 2018 (15%), but it is still far from the 50% level of 2012, and from 100% in 2006, the last […]
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