«Problems of economics and management of oil and gas complex»

Systemic crisis of hydrocarbon reserve reproduction: trends and ways to overcome it

UDC: 338.31:553.04
DOI: -

Authors:

¹ National University of Oil and Gas Gubkin University", Moscow, Russia
² Gazprom VNIIGAZ, Saint-Petersburg, Russia

Keywords: geological exploration, fields, offshore, hydrocarbon reserves, reserves reproduction, reserves growth cost

Annotation:

Since 2014, the global oil and gas industry has been experiencing a systemic crisis. Hydrocarbon price surges, geopolitical instability, many companies shifting toward the widespread use of "green technologies" and the resulting reassessment of hydrocarbons role in the energy balance, and perhaps most important – the deterioration of the hydrocarbon resource base, have led to a declining rate of reserve growth during geological exploration. The area of prospecting, appraisal, and exploration activities is shrinking, the amount of funds allocated for exploration is declining, the unit cost of reserves growth is increasing and discoveries are shifting toward offshore areas. The Russian oil and gas industry appears relatively stable compared to the global average, with the growth rate of gas and liquid hydrocarbon reserves exceeding production volumes. However, systemic problems such as the depletion of existing fields, the declining share of reserves in the unallocated fund (less than 3,0 % for gas and less than 1,2 % for liquid hydrocarbons), and the extremely weak involvement of new regions in exploration require a systematic review of global geological exploration experience to more fully understand and make the most informed management decisions. The authors of the article provide a systematic analysis of trends and tendencies of the global and Russian oil and gas industry in hydrocarbon exploration, their critical understanding and analysis.

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