Global conventional oil discoveries fell to a record low in 2016 as companies continued to cut spending. Also, the number of conventional resources sanctioned for development last year reached their lowest level in more than 70 years, the International Energy Agency, IEA said. It warned that both trends could continue this year.
According to the IEA, conventional oil discoveries declined to 2.4 billion barrels, bbl, in 2016 from an average of 9.0bbl/year over the past 15 years. Meanwhile, the volume of conventional resources sanctioned for development last year dropped to 4.7bbl, 30 percent lower than the previous year, as the number of projects that received a final investment decision dropped to the lowest level since the 1940s.
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