Petroleum Africa
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Thursday, April 27, 2017
Crude discoveries were down in 2016 according to the IEA. Global discoveries hit a record low and the number of projects sanctioned on the conventional projects was the lowest level seen in more than 70 years. The IEA says these trends will continue into 2017.
Globally crude discoveries were down in 2016 by almost three-quarters over the average for the past 15 years, coming in at only 2.4 billion barrels. The drop reflects reduced investment spending driven by low oil prices.
“Every new piece of evidence points to a two-speed oil market, with new activity at a historic low on the conventional side contrasted by remarkable growth in US shale production,” said Dr Fatih Birol, the IEA’s executive director. “The key question for the future of the oil market is for how long can a surge in US shale supplies make up for the slow pace of growth elsewhere in the oil sector.”
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