Total offshore drilling liquids resources in 2016 were 90 % lower than in 2010 , just below 2.3bn bbls , says Rystad Energy . Total global discovered volumes of oil and gas are at their lowest since the 1940s , thanks in part to a lack of capital to fund exploration after oil prices slumped . Key finds were in Russia , whose largest discovery of 2016 may hold over 2.3bn bbls , while Angola reported more significant discoveries in 2016 . offshore Energy expects exploration costs to slowly pick up from 2018 .
Total offshore discovered liquids resources in 2016 were 90% lower than in 2010, just below 2.3bn bbls, says Rystad Energy. Total global discovered volumes of oil and gas are at their lowest since the 1940s, thanks in part to a lack of capital to fund exploration after oil prices slumped. Key finds were in Russia, whose largest discovery of 2016 may hold over 2.3bn bbls, while Angola made three significant discoveries in 2016. Rystad Energy expects exploration activity to slowly pick up from 2018.