New oil discoveries lowest in two decades

New oil discoveries lowest in two decades. Ed Crooks at the FT writes that discoveries of new oil and gas reserves have dropped to their lowest level in at least two decades last year, pointing to tighter world supplies as energy demand increases in the future. Preliminary figures suggest the volume of oil and gas found last year, excluding shale and other reserves onshore in North America, was the lowest since at least 1995. Depending on later revisions, 2014 may turn out to have been the worst year for finding oil and gas since 1952. (FT Subscribers link) (VIEW LINK)