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Today: global oil discoveries see remarkable recovery in 2018. This goes back to that discussion some years ago that "we" were going to run out of oil because oil companies had cut back on exploration. I never accepted that premise.

Global discoveries of conventional oil and natural gas are seeing an exciting recovery with discovered resources already surpassing 4.5 billion boe in H1 2018, Rystad Energy analysis shows.

The average monthly discovered volumes YTD are estimated at 826 million boe, up approximately 30% compared to 625 million boe in 2017.

Re-posting, the original post:

Crude oil E&P: we've talked about this before -- folks worried that the oil industry has fallen behind in exploration -- I consider it a meme and a false narrative. I'm not worried, one way or the other.  Unfortunately, this article does not put "$37 billion" into perspective (except for past three years), from Rigzone, majors on pace to approve $37 billion in projects during this calendar year (2018).

... over 30 percent ($12 billion) of these had already been approved during the second quarter.

BP, Eni, Royal Dutch Shell, Total, ExxonMobil, and Chevron  approved over $77 billion worth of greenfield projects from 2015 to the first quarter of 2018.

Of this figure, BP approved the most at $27.6 billion, followed by Eni at $25.4 billion, and Shell at $11.1 billion.

So, $77 billion / 13 quarters = $6 billion quarter (from 2015 to 1Q18, inclusive = 13 quarters). This calendar year, $37 billion / 4 quarters = $9.25 billion / quarter.

Even this arithmetic doesn't do much for clarification or perspective -- but it is what it is.

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