The search for oil is no longer so interesting

The strategy of the oil companies is changing since low oil prices arrived in 2014. The priority now is to contain costs to cope with lower profits, even if it means cutting back on prospections: according to data from the US consulting firm IHS Energy, in 2015, with conventional techniques, 12.600 million barrels of oil equivalent (BEP) were detected, the worst result since 1952.

In 2015 the Anglo-Dutch Shell company sold more oil than that it was able to replace in its stores. The company stayed with a deficit of 20%, the worst result in at least a decade. Shell is not the only oil company that experiences this fall. Last year, the BP reserve replacement rate was 61% and the ExxonMobil 69%, the worst performance in five years.

Source: http://expreso.ec/economia/la-busqueda-de-petroleo-ya-no-resulta-tan-interesante-LD225368