SHARP DECLINE IN OFFSHORE LIQUIDS DISCOVERIES
Oil and gas consulting services and business intelligence data firm Rystad Energy concludes that the 2016 total offshore discovered liquids resources reached only slightly below 2.3 billion bbl, 90% lower than in 2010. This drop is most significant to the overall decline in discovered volumes; in fact, total global discovered volumes (oil & gas combined) are at an all-time low since the 1940s.
In 2016, the average liquid content in the discovered resources was merely 40%. Even more tellingly, the replacement ratio* for liquids in 2016 was below 10%. For comparison, the replacement ratio for liquids in 2013 was as high as 30%. (Source: Rystad)