The year 2015 was a global all-time low in terms of conventional oil and gas discoveries, says Nils-Henrik Bjurstrøm in Rystad Energy.
Rystad Energy estimates that only 9 Billion boe were discovered during 2015. This is 30% down from 2014 which was an all-time low.
For comparison, world oil production is in the order of 30+ billion barrels each year.
– As a result, only 19% of the produced conventional resources were replaced by new discovered volumes last year, says Nils-Henrik Bjurstrøm, Senior Project Manager, in Rystad Energy, to geo365.no.
Regrattably, the negative trend continues. In January 2016, only 250 million boe were discovered (in comparison, the Goliat field in the Barents Sea has reserves of approximately 200 MMbo), indicating a possibility for an even lower exploration result in 2016, says Bjurstrøm.
The data is available on Rystad Energy ECube.