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  • World Discovered Oil and Gas Resources Are at a Low Point; Trump’s Offshore Leasing Plan Could Help Fix That

  • January 12, 2018

  • Global discoveries of new conventional oil and natural gas in 2017 totaled only 7 billion barrels of oil equivalence—a level last seen in the 1940s. (See chart below.) According to Rystad Energy, not only did the 2017 total volume of discovered resources decrease, but the resources per field also declined. In 2017, average offshore discoveries held 100 million barrels—down from 150 million barrels in 2012. The reserves replacement ratio reached just 11 percent for oil and natural gas in 2017—the eleventh stra...
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Global discoveries of new conventional oil and natural gas in 2017 totaled only 7 billion barrels of oil equivalence—a level last seen in the 1940s. (See chart below.) According to Rystad Energy, not only did the 2017 total volume of discovered resources decrease, but the resources per field also declined. In 2017, average offshore discoveries held 100 million barrels—down from 150 million barrels in 2012. The reserves replacement ratio reached just 11 percent for oil and natural gas in 2017—the eleventh stra... Read More
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