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Energy companies report biggest decrease in oil reserves in six years

oil

The world's largest oil and gas groups shed over 1bn barrels of reserves in 2014, the sharpest decline in at least six years, according to figures that show their exploration record has worsened as big discoveries dwindle. The latest annual reports for the 'Big Five' energy majors – BP, Chevron, ExxonMobil, Royal Dutch Shell and Total – reveal that combined proved reserves declined to 78.6bn barrels of oil equivalent last year from just over 80bn boe in 2013, the steepest drop since at least 2008. Behind the fall is a significant decline in the number of barrels being added from recent discoveries and extensions to existing oil and gasfields, according to an analysis by Morgan Stanley.

 

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