The world's biggest oil companies are failing to get value for money
when they explore for new reserves, according to research by Wood
Mackenzie, the energy consultant.

The report shows the commercial value of oil and gas discovered over the
past three years by the 10 largest listed energy groups is running well
below the amount they have spent on exploration.

snip

Wood Mackenzie says the top-10 oil groups spent about $8bn combined on
exploration last year, but this only led to commercial discoveries with
a net present value of slightly less than $4bn. The previous two years
show similar, though less dramatic, shortfalls.

http://nytimes.com/financialtimes/bu...35_200375.html

Jack Dingler