Tipping the exploration balance

摘要

Low prices and a dearth of discoveries are not looking promising for the long-term health of the industry. The years 2015 and 2016 have seen some remarkable discoveries - Zohr in Egypt, Teranga offshore Senegal and, just recently, Apache's massive oil discovery in the Permian Basin. But these significant announcements belie a deeper problem. The industry just isn't exploring as much as it used to, and when it does, its success rate is dismal.