Conventional Discoveries Outside North America Continue Their Decline; 2015 Marked Lowest Year for Discovered Oil and Gas Volumes Since 1952, IHS Says

IHS   Conventional Oil Volumes Found Annully Outside North America   May 2016

Volumes for conventional oil and gas discoveries made outside of North America have continued their multi-year decline, and the results are dramatic – just 12 billion barrels of oil equivalent (BOE, includes natural gas) estimated recoverable resources were discovered in 2015, a record low since 1952, when discoveries reached just 7.8 BOE, according to new analysis from IHS (NYSE: IHS), the leading global source of critical information and insight. The volume of oil alone discovered in 2015 was only 2.8 billion barrels, a record low since the significant ramp-up of oil and gas exploration began following World War II. In terms of conventional global gas discoveries, IHS said more than 9 billion BOE of natural gas was discovered globally in 2015, marking the fifth straight year in which gas volumes discovered exceeded oil volumes discovered. “The fall in discovered volumes for conventional oil outside North America, in particular, has been steady and dramatic during the last few years,” said Leta Smith, Ph.D., director, IHS Energy, Upstream Industry Future Service and lead author of the IHS Energy Conventional Exploration and Discovery Trends analysis. “Oil and gas volumes discovered in 2015 were the lowest in 64 years,” she said. “We’ve seen four consecutive years of declining oil volumes, which has never happened before. The bottom has completely fallen out for conventional exploration, and the result portends a supply gap in the future that is going to be challenging to overcome. In the current cost-cutting environment, the outlook for 2016 discovery volumes is not likely to be better, either.”

Source: Conventional Discoveries Outside North America Continue Their Decline; 2015 Marked Lowest Year for Discovered Oil and Gas Volumes Since 1952, IHS Says | IHS Online Newsroom

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s