Panorama 2017 - New conventional oil and gas discoveries

In 2016, spending on exploration is expected to decline by approximately 35% for the second consecutive year (total exploration-production is down 24%). However, volumes discovered through conventional exploration should only fall by 25% due to several significant discoveries, particularly in Alaska and West Africa. The largest discovery in 2016 was an unconventional Permian shale basin in the United States, which could alone contain as many hydrocarbons as all of the year's conventional discoveries combined