10142019Mon
Last updateFri, 11 Oct 2019 2pm

End-User News

Conventional Oil & Gas Discoveries at 70-Year Low

Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected, according to a new report by IHS Markit. The low levels in discoveries come as a result of a pullback during the past 10 years in the wildcat drilling that targets conventional oil and gas plays—most drastically after oil prices collapsed in 2014. These trends have far-reaching implications that could limit future conventional reserves additions.

The decline in conventional discoveries was not only driven by low oil prices, but by competition from short cycle-time unconventional projects, and by financial investors who question long-term, high-cost, frontier projects, the report said. These factors, in turn, shifted drilling away from areas where potential discoveries could be larger, and reduced upstream exploration investment due to concerns about long-term oil demand.

Subscribe SUM19

FREE SUBSCRIPTION*

• Print magazine
Digital magazine
• VALVE eNews
Read the latest issue

*to qualified valve professionals in the U.S./Canada

Looking for a career in the Valve Industry?

ValveCareers Horiz

To learn more, visit the Valve Careers YouTube channel to watch the videos below or visit ValveCareers.com a special initiative of the Valve Manufacturers Association

  • Latest Post

  • Popular

  • Links

  • Events

New Products