Operators replace reserves through acquisitions

摘要

Major operators will rely on acquisitions for about half their reserve replacement in the future after slashing exploration budgets to weather the crude price collapse, according to Wood Mackenzie. Big oil companies are no longer trying to replace all of their production through conventional exploration. "Now their reserves replacement will also require inorganic, brownfield or shale investments," Andrew Latham, vice president of exploration at the Edinburgh based consultants, said. "Exploration has become incremental." Among seven oil majors, only three added more oil than they pumped last year. Shell had the worst reserve-replacement ratio last year at -20%, the lowest in 12 years.