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Oil & Gas

FT: Oil and gas discoveries dry up to lowest total for 60 years

Posted: February 13, 2017 at 12:54 pm   /   by   /   comments (0)

oil & gasOil and gas discoveries are at a 60-year low, with the Zohr gas field discovered off Egypt’s shore in 2015 being the most recent giant discovery, the Financial Times reports. As large fields have become more difficult to find, many companies are putting exploration on ice, pushing the number of oil and gas discoveries in 2016 to 174, down from a previous average of 400-500 per year. The downward trend “reflects both the cyclical cuts made by companies struggling to stay afloat after the drop in oil and gas prices since 2014, and the structural shift in the industry towards onshore shale and similar reserves, especially in North America.” However, this year could see exploration activity recovering slightly, as several wells planned around the world have high potentials for discovery.