Oil and gas resource replacement ratio lowest in decades

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Oil and gas companies have discovered 7.7 billion boe year-to-date, according to Rystad Energy’s latest global discoveries report.

 

 

 

“The industry is well on track to repeat the feat achieved in 2018 when around 10 billion boe of recoverable resources were discovered,” says Palzor Shenga, senior analyst on Rystad Energy’s upstream team.

Russia discovered most resources thus far this year, with the Dinkov and Nyarmeyskoye discovery announced earlier this year holding about 1.5 billion boe of recoverable resources

Guyana and Cyprus nab the other places on the podium.

The so-called resource replacement ratio for conventional resources now stands around 16%, which is the lowest seen in recent history.

“This means that only 1 bbl out of every six consumed is being replaced by new sources. This is the lowest replacement ratio we have witnessed in the last 2 decades,” Shenga added.