Morgan Stanley’s hydrocarbon exploration outlook report suggests the world may see an additional 23 billion barrels of oil equivalent come online next year thanks to offshore discoveries.
Here’s their maths:
- Companies will drill a total of 301 offshore wells next year that if fully realised would yield about 91 billion barrels
- Even if just one-quarter of the wells yield something, that will still yield about 23 billion barrels of oil equivalent
The chart they provide also reveals that the world’s been doing pretty well for itself when it comes to disproving peak oilers.
Photo: Morgan Stanley
Since 2000, we’ve added about 18 billion barrels of oil equivalent a year in new offshore discoveries, or about 216 billion for the full 12 years.
To put that in perspective, the U.S. produced a total of 2 billion barrels of crude last year.
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