1 MB - PGS
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1 MB - PGS
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Falling Reserve Replacement Ratio Triggers Seismic Spending<br />
Global Exploration Spending vs Offshore Discoveries<br />
# discoveries<br />
250<br />
200<br />
150<br />
100<br />
50<br />
# offshore discoveries Exploration spending $bn<br />
50<br />
45<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
Exploration spending, $ bn<br />
• Oil companies need<br />
to make more<br />
discoveries to stop<br />
the falling reserve<br />
replacement ratio<br />
5<br />
0<br />
2001 2002 2003 2004 2005 2006 2007<br />
0<br />
Source: ABG Sundal Collier, Offshore Research, Citigroup<br />
-8-
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