Exploration activities in the oil industry hit less than seven billion barrels of oil in 2017, the figure of which is unprecedented since 1940. Oil industry in the world explored less than seven billion barrels of oil in 2017, showing a considerable decline as compared to the same period of last year. According to the […]
Exploration activities in the oil industry hit less than seven billion barrels of oil in 2017, the figure of which is unprecedented since 1940.
Oil industry in the world explored less than seven billion barrels of oil in 2017, showing a considerable decline as compared to the same period of last year.
According to the statistics, oil exploration in 2014 and 2015 stood at 15 billion oil barrels while the oil exploration volume in 2012 has registered 30 billion oil barrels.
The declining trend of budget earmarked to the upstream oil exploration for the third consecutive year has been cited as the main aim behind reduced oil exploration. For this purpose, many oil companies were forced to reduce their exploration costs since 2014.
Accordingly, volume of reserves discovered in each oilfield in 2017 experienced a considerable decline. For example, the average offshore exploration in 2012 was equal to almost 150 million oil barrels per oilfield, the rate of which has reduced to 100 million oil barrels in 2017.
