Helping America Navigate a New Energy Reality

Head of analysis at Rystad Energy on new oil discoveries

By on 17 Apr 2017 in quotes with 0 Comments

“The shortcoming of oil replacement by the drill bit has been quite drastic … Discoveries are not keeping up with production.”

Per Magnus Nysveen, head of analysis, Rystad Energy.  Last year, 10 billion barrels of oil were discovered, around one third of global consumption, including well-appraisal activity, said Nysveen. He added that supply could fall short by up to 2 million barrels per day within seven to eight years.

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