The rapid pace of discoveries this year has rekindled hopes in the global oil industry. However, it is feared in some sections of the industry that low oil prices may jeopardize the exploration drive.

Despite the falling oil prices and the sorry state of global economy, the world oil industry has been drilling deep this year with a string of major discoveries which have revived hopes in the industry. Though it is not quite unnatural to discover billions of barrels of new oil every year, interestingly this year, the industry is witnessing record oil discoveries. So far this year, the count has been more than 200 across the continents. And importantly, progress has been made on the discovery front by global giants such as ExxonMobil and British Petroleum (BP) as well as by industry minnows such as Heritage Oil and Ireland-based Tullow Oil. According to a research report by IHS Cambridge Energy Research Associates, new oil discoveries have totaled about 10 billion barrels in the first half of this calendar year. And now it is expected by many industry pundits that if discoveries continue at this pace through year-end, it will reach the highest level since 2000. These are indeed good signs which are of supreme importance to the mankind, and quite naturally, the industry is rejoicing at the recent discoveries. But many experts are apprehensive about the near future of the industry. They are cautioning that low oil prices may hamper the highly sophisticated and hugely expensive exploration drive of oil companies, not to mention the oil discoveries.

The Analyst Magazine, Global Economy, Global Giants, British Petroleum, BP, Organization of Petroleum Exporting Countries, OPEC, Global Oil Exploration, Capital Resources, Global Energy, Unconventional Sources, Ccorporate Profits, Economic Viability.