Oil Discoveries at Lowest Level Since 1947

The video discusses the current state of oil exploration and investment, highlighting a decline in investment and exploration activities due to economic factors and a significant drop in oil prices. It examines the focus on US shale, particularly the Permian Basin, as a promising area while more expensive projects are being abandoned. The video also addresses the selectivity in drilling activities, emphasizing the need for economically viable sites. Overall, it provides insights into the challenges and strategic decisions faced by the oil industry in the current economic climate.

What is the current focus of oil companies in terms of exploration?

• Middle Eastern oil fields

• Canadian oil sands

• US shale

• Deep sea projects

Why are some oil projects being abandoned according to the discussion?

• Lack of skilled labor

• Environmental regulations

• High costs and long-term returns

• Political instability

What has been a significant factor in the reduction of oil exploration?

• Government policies

• Technological advancements

• Sharp decline in oil prices

• Increase in renewable energy sources

How much new oil supply was discovered in 2015?

• 1.5 billion barrels

• 5 billion barrels

• 2.7 billion barrels

• 736 million barrels

Who is primarily involved in current drilling operations?

• Government agencies

• Only independent wildcatters

• Only major oil companies

• Both major companies and independent wildcatters