Oil and gas discoveries last year fell to a record low of 5 billion barrels of oil equivalent while exploration costs rose close to twofold. This is according to the Gas Exporting Countries Forum, which also said, as quoted by the Anadolu Agency, that 60% of the 5-billion-barrel total was new oil discoveries and the remaining was gas discoveries. This total compared with new discoveries of 10.5 billion barrels of oil equivalent the previous year, the report noted, in support of arguments from OPEC that the industry is not investing enough…
