- outside of North American in 2015: just 12 billion boe recoverable resources were discovered from conventional wells
- lowest level since 1952 (about the time I was born)
- wow: the volume of oil alone discovered in 2015 totaled just 2.8 billion bbl -- also a record on the downside -- since the ramp-up of oil and gas exploration following WWII
- 9 million boe of conventional gas discovered: fifth straight year that gas discoveries have exceeded oil discoveries
- the fall in discovered volumes for conventional oil outside North America has been stead and dramatic during the past few years
- four consecutive years of declining oil volumes, which has never happened before
- the bottom has completely fallen out of conventional exploration
- the supply gap in the future is going to be challenging to overcome
Oil Production Won't Meet Demand In Five (5) Years -- Former Shell CEO
CNBC is reporting:
"We cannot ever produce enough oil, in my opinion, to satisfy global demand five or 10 years out. We have to start using natural gas and more biofuels as a source of transportation fuel," former Shell Oil CEO John Hofmeister said in an interview with CNBC.
On Thursday, the American Petroleum Institute reported petroleum deliveries rose by 3.6 percent from a year ago to 19.7 million barrels a day, making it the highest April deliveries in eight years.This is not an investment site. Do not make any investment, financial, travel, work, or relationship decisions based on what you read here, but as for me, I'm looking around.