Global oil and gas discoveries fell to a record low of five billion barrels of oil equivalent last year, with exploration costs rising nearly twofold.
Oil and gas discoveries last year fell to a record low of 5 billion barrels of oil equivalent while exploration costs rose close to twofold. This is according to the Gas Exporting Countries Forum, which also said, as quoted by the Anadolu Agency, that 60% of the 5-billion-barrel total was new oil discoveries and the remaining was gas discoveries. This total compared with new discoveries of 10.
that the industry is not investing enough in new oil and gas supply despite rising demand. has blamed the trend on investment discouragement from pro-transition forecasters and governments. The cost problem also played a part in the lower investment rate, most likely. The GECF reported that the exploration cost per barrel of oil equivalent rose last year to $5.30 for natural gas, from $2.60 for the previous year. For oil, exploration costs also rose considerably, from $3.50 per barrel of oil equivalent in 2022 to as much as $8.80 per barrel, according to the GECF.
, of a looming structural deficit on oil markets while oil demand remains very much on a growth path. By Charles Kennedy for Oilprice.com
Natural Gas Exploration Discoveries Costs OPEC
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