Summary: Even though oil is harder to find nowadays, it is possible thanks to the technology that keeps on improving. This year, more than 200 oil discoveries have been made by big and small oil companies. This brings excitement for the industry as well as anxiety because of the fear that lower prices might injure the exploration. Companies are trying to keep up with the exploration while trying to reduce the costs. Thanks to this exploration drive companies have also found natural gas reserves and one of them could be Venezuela’s largest natural gas field.
Comment: We know that we need oil and people believe that there’s still a lot in the ground but it’s very expensive to explore and extract. It is reasonable that companies will explore more when the prices are high and that they won’t when the exploration is not worth the price. So, maybe there’s more oil left than we think, and the day when the price is high enough to explore the most difficult places will come.