The world is still making huge oil discoveries. There’s just nothing conventional about them. Conventional oil and gas discoveries have fallen by the wayside since the shale boom and the subsequent oil price collapse. In fact, they’ve fallen to their lowest in 70 years . But there are still some amazing discoveries in the mysterious deep. All in all, this year has seen new discoveries of nearly 8 billion barrels of oil equivalent, compared to 10 billion barrels of oil equivalent discovered last year. But what’s most striking is that new discoveries aren’t even close to keeping pace with the loss of conventional resources. According to Rystad, the current resource replacement ratio for conventional resources is only 16 percent. In other words, only one barrel out of every six consumed is being replaced with new resources. So not only has our pace of discovery declined, but discoveries are also […]