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A couple of years ago the majors invested massive capital sums into exploration.

I understand that this has declined significantly over the last couple of years.

Can anyone please point me in the direction of an accurate source for the amounts invested by the majors over the last five years. I realise I could probably look at annual reports, but would have thought the figures have already been recorded and analysed.

Whilst looking I found this as well which I found quite interesting:

https://dupress.deloitte.com/dup-us-en/industry/oil-and-gas/capital-investment-in-oil-and-gas-sector.html

Its misleading to look only at the exploration budgets of the oil majors. These-a-days the oil majors often acquire new oil reserves by buying out smaller oil companies and taking over their oil production. In fact, mergers and acquisitions may be even more important for replacing their oil reserves then their own exploration programs.

oil-majors-must-count-on-m-a-to-replenish-reserves-

Cheers!

Plant - As an example the year that ExxonMobil acquired XTO more then 75% of XOM proved reserve gain that year came from that single acquisition. Due to it huge size it's essentially impossible for XOM to replace produced reserves by drilling.

Due to it huge size it's essentially impossible for XOM to replace produced reserves by drilling.

HAHAHAHAHAHA...Sockman Clown doesn't have a clue! Fake billunaire investor and all! It cannot afford to find oil because it is too big...OMG what a load of bullshit.

Here is why the oil majors are collapsing....

The Pyramid of Ponzi is collapsing. In other words, everything denominated in US dollars is suffering a deflationary collapse as good collateral is non-existent. When this entire fake "wealth" engine was predicated upon exporting industry and importing poverty, what the fuck do these oil "experts" think is the inevitable outcome? The USA is a bankrupt 3rd world fake nation. Broke people cannot pay to explore and develop expensive oil. Its conventional oil peaked in the 70's and it replaced it with a fake money ponzi wealth scam. Now we have the Climate Change Scam that is trying to replace the collapsing tax base from an economy that no longer exists. They have to tax the air you breathe because the industry was exported away.

And how about the etp pseudoscience peddlar is desperate for cash trying to hock miracle energy scam devices (nGeni crapola). And morons believe this mindless shit?

You people are a bunch of dupes. Facebook is your economy and you actually believe its worth more than $0.

Something certainly doesn't seem to be working!

http://peakoil.com/forums/biggest-reserve-revision-in-history-of-oil-industry-t72955.html