Rystad Energy recently concluded that 2017 was yet another record low year for discovered conventional volumes globally. Less than seven billion barrels of oil equivalent (boe) has been discovered YTD. According to Rystad’s analysis, 2006 was the last year when reserve replacement ratio reached 100%; largely thanks to the giant onshore gas field Galkynysh in Turkmenistan.
Not only did the total volume of discovered resources decrease – so did the resources per discovered field. An average offshore discovery in 2017 held ~100 million boe, compared to 150 million boe in 2012.