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Conventional Oil And Gas Discoveries Slump, But Opportunities Remain

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By Larry Prado, Hart Energy
June 13, 2014

DENVER -- IHS CERA Research director and advisor Stephen Trammel has a message that no one in the business really wants to hear.

He cited IHS statistics showing that the 2013 global oil discovery rate of 13 billion barrels (Bbbl) of oil was the lowest it has been since the 1952 rate of 8 Bbbl of oil. The numbers also show that 2014 discovery volumes should be 30% lower than the previous year.

“With drilling up and fewer discoveries, and success rates going down, the number of new field discoveries ...

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