World oil resources. Problems and prospects of exploration
UDC: 334.012
DOI: 10.33285/1999-6942-2023-3(219)-18-24
Authors:
MILOVIDOV KONSTANTIN N.
1
1 National University of Oil and Gas "Gubkin University", Moscow, Russia
Keywords: energy transition, energy, upstream, reserves, exploration
Annotation:
World oil experts are expressing concern that the reduction of recoverable oil reserves could deal a serious blow to energy security. The energy transformation will have major implications for the future of oil and gas exploration. Exploration and evaluation costs are already less than a third of its 2014 peak figure; Exploration units are steadily shrinking; some are closed forever. Between 2014 and 2021, investments in the oil and gas industry more than halved, from $700 billion to just over $300 billion. Worries about future supplies are heightened by the fact that production from the world's oil fields is falling by an average of 6 %. Global spare capacity is only 1,5 % of total crude oil demand and this small margin will be completely exhausted.
Bibliography:
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2. 119 publicly traded global oil and natural gas companies added proved reserves in 2021. – EIA, 2022. – June 13. – URL: https://www.eia.gov/todayinenergy/detail.php?id=52738
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