Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2016-05-24 20:00:00

OIL DISCOVERIES DOWN BY TWICE

OIL DISCOVERIES DOWN BY TWICE

Oil discoveries in 2015 fell to their lowest since 1952 as energy companies slashed exploration budgets in the wake of the oil price fall, creating a gap for meeting future demand, analysts at Morgan Stanley said on Monday.

The oil and gas industry discovered 2.8 billion barrels of oil outside the United States last year, the equivalent of one month of global consumption, the U.S. bank said, quoting data from consultancy Rystad Energy.

Including the United States, where the rapid expansion of the onshore shale industry unlocked major resources over the past decade, global discoveries rose to 12.1 billion figure - but still the lowest since 1952, when the oil industry was one-seventh of its current size.

Oil discoveries are vital to replace resources, meet still-growing demand and offset the depletion of existing fields.

The sharp drop in oil prices over the past two years has led companies including Exxon Mobil and Royal Dutch Shell to sharply reduce budgets, particularly for exploration, where spending fell in 2015 to around 95 billion from $168 billion two years earlier, according to Morgan Stanley.

Despite a big increase in exploration spending since the start of the decade, when oil demand rapidly rose, there have been few major hydrocarbon discoveries, such as Statoil's Johan Sverdrup field off Norway's coast or Eni's giant Zohr gas field off Egypt.

BP last week announced the surprise departure of its exploration boss, and a shift in its oil search strategy that is focusing mainly on expanding existing fields rather than venturing expensively into the unknown.

SHORTAGE

A big increase in new oil fields in recent years and the ramp up of Iran's production following the lifting of international sanctions mean that in the short term, the impact of the low exploration record will be limited.

But even under the most modest demand forecasts, driven by a drive to limit global warming to 2 degrees Celsius, where consumption will decline to around 86 million barrels per day in 2030, only around two thirds of the demand can be met by currently producing fields or resources under development, Morgan Stanley said.

"Building this capacity over the next 25 years will require ongoing investment. Our strong suspicion is that this will be higher than what companies are currently spending, even relative to the 2 Degrees scenario under which demand is falling."

The outlook for exploration remains challenged, the bank said.

"The return on exploration dollars spent has clearly deteriorated in recent years. On top of this, oil companies increasingly need to consider scenarios for oil demand in which there may not be much need for further exploration."

www.reuters.com

-----

Earlier: 

THE NEW NORWEGIAN LICENSES 

OIL COMPANIES RESTRUCTURING 

ROSNEFT AND PETROVIETNAM COLLABORATION 

GAZPROM AND PETROVIETNAM COLLABORATION 

MAJORS RELINQUISHED $2.5 BLN 

OIL MAJORS: THE WORST 

MEXICO'S RESERVES DOWN 21% 

OIL RESERVES DOWN 

ROSNEFT WILL DRILL 

UK INVESTMENT DOWN 90% 

U.S. INVESTMENT DOWN 35%

 

 

 

 

 

Tags: OIL, PRODUCTION, EXPLORATION

Chronicle:

OIL DISCOVERIES DOWN BY TWICE
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OIL DISCOVERIES DOWN BY TWICE
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OIL DISCOVERIES DOWN BY TWICE
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OIL DISCOVERIES DOWN BY TWICE
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

All Publications »