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The E&P business-II: Signs of revival
Feb 05: In the immediate time frame, new data shows that E&P discoveries were at 6.7 billion boe in 2017, the lowest since 1947
8Reserve Replacement Ratio and Reserve Life Ratio among integrated oil companies are down to unsustainably low levels
8Increased exploration activity is needed to reverse this trend
8The bright side of the story in 2018 and 2019 will come from the fact that Integrated oil companies have become cash flow positive after capex and dividend in 2017
8The point to note is that seismic spending went up by 9% in 2017 compared to 2016, while offshore spending declined by14%
8Historically however seismic has been an early cycle indicator of how investment will pan out in the future.
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