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According to the website of Resta Energy, global oil and gas discoveries totaled 1.
2 billion barrels of oil equivalent in the first quarter of 2021, the lowest level in seven years.
According to Resta Energy analysis, if more commercial reserves cannot be discovered, the remaining reserves of major international oil companies will be exhausted within 15 years.
With the decrease in exploration investment and the decline in exploration success rate, the proven oil and gas reserves of major international oil companies in 2020 are rapidly declining.
ExxonMobil, bp, Shell, Chevron, Total and Eni have reduced their proven reserves by 13 billion barrels of oil equivalent.
ExxonMobil’s proven reserves in 2020 are 7 billion barrels of oil equivalent less than in 2019, or 30%.
This is mainly due to the decline in Canadian oil sands and the reduction in shale gas reserves in the United States.
The decline in proven reserves may pose a challenge to international oil companies to maintain stable oil and gas production in the next few years.
If the reserves are not enough to maintain production levels, major international oil companies will find it difficult to fund expensive energy transition projects, leading to a slowdown in their clean energy plans.
Transfer from: China Petroleum News
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