Oil Discoveries At Lowest Point Since The 1940s -- Oilprice -- December 21, 2017

I told the reader who sent me this article:

I don't like posting these kinds of articles for the very reason you mention: not only does the author not understand the shale revolution, the author does not understand the oil industry -- at least that's what I get from this article.

But I am posting it because it will be great for the archives, something to look back on 10 years from now.

The story over at oilprice.com. 

The oil industry discovered the least amount of oil in 2017 in almost eight decades, breaking the previous record low set in 2016.

The global oil industry has discovered less than seven billion barrels of oil equivalent so far this year—a drop-off from the 8 billion boe discovered last year. Last year’s total was the lowest since the 1940s. The 2017 figure is down by more than half from the 15 billion boe discovered in 2014-2015, and down sharply from the 30 billion boe discovered in 2012.

The plunge is the result of a third consecutive year of relatively low upstream exploration budgets. So many oil companies slashed their spending on exploration when the market downturn began in 2014, and they have yet to restore that spending to anything close to pre-2014 levels.

So many story lines, but not worth the effort.

My only comment: I'm not worried. 

From an earlier post:

US Crude Oil Production Forecast

 
With all the talk about the Permian recently, let's see what the EIA forecasts. Today, via Twitter, from 
EIA:

In addition, the following graphic was posted by the EIA earlier this year, August 22, 2016:

Note the amount of dark blue (Bakken) vs the Wolfcamp (blue).