This year has proved to be a lean one for unearthing new oil and natural gas resources, although North America gained from Mexico discoveries, according to research by Rystad Energy.
Articles from Rystad
Operators already have pulled the trigger on more oil and natural gas projects worldwide to date this year than they did throughout 2016, according to an analysis by Rystad Energy.
U.S. onshore unconventional growth began to exhibit “material and persistent” monthly output growth in the first quarter after bottoming out in mid-2016, a trend likely to continue through 2017, according to an analysis by Rystad Energy.
Worldwide offshore oil and natural gas discoveries reached slightly below 2.3 billion boe last year, which was almost 90% lower than the resources uncovered in 2010, Rystad Energy said Wednesday.
The global oil and natural gas market today may be oversupplied, but as oilfield service (OFS) capacity is reduced, the lack of investment could turn the market upside down within a few years, according to research.