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Oil Discoveries Issue
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    Oil companies found only 3.7 billion barrels of so-called conventional crude in 2016, 14 percent less than the previous year and the lowest amount since 1952.

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  • 13 Replies sorted by
  • This is bad.

  • How do we know that these oil companies are telling the truth about the discovered amount?

  • @BlackLegSanji

    We discussed this before :-) Unfortunately it is bleak reality as everything around you had been explored many many times, so just small fields are sometimes found.

  • If the new Prez has his way, we'll be shovelling coal in our tanks.

  • If the new Prez has his way, we'll be shovelling coal in our tanks.

    Good idea, you can check the consequence - http://www.personal-view.com/talks/discussion/12504/under-the-dome-investigating-chinas-haze-/p1

  • The biggest problem facing Mexico’s much diminished oil giant, Pemex, in 2017 will be finding a way to service a growing debt pile of over $100 billion – most of it denominated in foreign currency – from the proceeds of a continually shrinking revenue base.

    Btw, their oil production is at 26 year low.

  • unPrecidented Trump drills for oil in Yellowstone National Park, triggering Supervolcano eruption and wipes out U.S.A. :)

    Big Oil Cheers as Trump Plans to Open National Parks for Drilling

    http://www.ecowatch.com/big-oil-drill-national-parks-2188885054.html

    Inside Yellowstone's Supervolcano

    http://www.nationalgeographic.com/magazine/2016/05/yellowstone-national-parks-supervolcano-animation/

  • Well, he don't have much options. And volcano part has not much use here.

  • Exxon disclosed the deepest reserves cut in its history. Reserves changes in 2016 reflect new developments as well as revisions and extensions to existing fields resulting from drilling, studies, analysis of reservoir performance and application of the methodology prescribed by the U.S. Securities and Exchange Commission. 19 percent drop amounts to the largest annual cut since at least the 1999 merger that created the company in its modern form. That includes 1.5 billion barrels of reserves that were pumped from wells. The previous record cut was a 3 percent reduction.

  • Mexico’s existing oil reserves are dwindling so fast the country could go dry within nine years without new discoveries.

    That’s the message from the National Hydrocarbons Commission, which said Friday that the reserves fell 10.6 percent to 9.16 billion barrels in 2016, from 10.24 billion barrels a year earlier. Once the world’s third largest crude producer, Mexico’s proven reserves have declined 34 percent since 2013.

    He set 8.9 years as a time frame for the reserves to run out.

    Sad truth.

    https://www.bloomberg.com/news/articles/2017-03-31/down-10-mexico-oil-reserves-gone-in-9-years-without-new-finds

  • Is it possible natural gas availability is reducing the need to explore?

  • @brianl

    Looking at Mexica and Brazil internal economic and political things it is clearly not the case.

  • "Our analysis shows we are entering a period of greater oil price volatility (partly) as a result of three years in a row of global oil investments in decline: in 2015, 2016 and most likely 2017," IEA director general Fatih Birol said, speaking at an energy conference in Tokyo.

    "This is the first time in the history of oil that investments are declining three years in a row," he said, adding that this would cause "difficulties" in global oil markets in a few years.