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Posts on ‘April 13th, 2021’

Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

Tim TreadgoldAsia: Apr 12, 2021

Big oil has a big problem. It’s running out of oil.

Years of under-investment in exploration and a decline in project development has blown a hole in the reserves of the major international oil companies (IOCs), a group that includes ExxonMobil, Chevron and Royal Dutch Shell.

Since 2015 the average reserves of the oil majors has fallen by 25% to now stand at less than 10 years of annual production.

Reserves in the ground is a critical measure of an oil company with a decline seen as a negative by investors. read more

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