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.
via CanadaFreePress.Com
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