27 January 2020
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    The world’s oil and gas explorers discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. The replacement ratio was at about 19%. It is improving with respect to 2018 (15%), but it is still far from the 50% level of 2012, and from 100% in 2006, the last

     

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    Shale gas and tight oil have provided a new lease on life for U.S. oil and gas production. But how sustainable is shale production in the long term given optimistic forecasts of robust production through 2050 and beyond?

     

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    Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) of conventional oil and gas year-to-date, according to Rystad Energy’s latest global discoveries report. The so-called resource replacement ratio for conventional resources now stands around 16%, meaning that only one barrel out of every six consumed is being replaced by new sources. See press release in pdf.

     

Peak Oil News by Tom Whipple

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Forecast of Oil Production ASPO France 2017

ASPO France members and external experts participated in an inquiry about future oil supply and world energy mix. Future oil productions are dominated by conventional oil, with a plateau or decline likely after 2020 ; only one person estimated that global oil production will stay over 100 Mb/d in 2030.

Discoveries of conventional oil and gas in 2018 according to Rystad Energies

The consulting company Rystad Energy estimates that 9.4 billion boe in conventional oil and gas were discovered in the world in 2018, which gives a replacement ratio of only 15% of world reserves.

9.4 Goe of conventional oil and gas discovered in 2018.

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