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Impact of exploration on global oil supply


Impact of exploration on global oil supply

Report summary

A second year of low oil prices has put further pressure on the upstream sector and exploration budgets have been slashed. Before the oil price crash the volume of conventional liquids being discovered was on a downward trend and this, combined with lower exploration budgets, will have a significant impact on long term supply.
We have conducted a comprehensive study of the impact of exploration on global oil supply by mining Wood Mackenzie’s database and analysing all conventional fields discovered since 2000. We have also assessed the potential effect the recent downward trend in discoveries will have on long term supply.


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Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Exploration in the last four years has been disappointing and gas prone
  • The price downturn has caused large reductions in exploration spend
  • Healthy discoveries during the 2000s with longer lead times mean that there is a strong potential for medium term developments. But tough project economics have led to many being deferred
  • These are also important for the longer term but unless exploration results improve continued supply growth will become unsustainable
  • There could be a 4.5 million b/d shortfall by 2035 if the recent downward trend in exploration results continues
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