Discovery size decreasing but revisions, start-ups buoy reserves

No field with 1 billion boe recoverable is confirmed to have been discovered in 2005, but the world’s operators more than replaced the year’s production by bringing previously discovered fields on production and revising reserves upward in existing fields, IHS Energy reported.The average world new field discovery size appears to have declined again in 2005, said Sandy Rushworth, IHS senior global data advisor. Potentially producible volumes from world discoveries in 2004 and 2005 were the lowest since World War II, Rushworth said.More than 300 elephant sized prospects, each of which could hold 250 million bbl of oil equivalent or more, are on the books of the major oil and gas...

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