Oil & Gas Reserves Fall Despite Record Spending in 2009

The worldwide upstream investment of 232 oil and gas companies increased 21 percent to $492 billion in 2008, according to the 2009 Global Upstream Performance Review, released by oil and gas research firm IHS Herold Inc. and upstream corporate advisor Harrison Lovegrove & Co. Ltd., a Standard Chartered group company. Despite record development spending, up 23 percent from 2008, worldwide oil and gas reserve replacement rates fell in 2008 to 88 percent of production, the first year since 2004 in which production was not replaced. Total worldwide oil and gas reserves were 0.4 percent lower at year end 2008 as a 3 percent increase in gas reserves was more than offset by a 4.4 billion barrel decline in oil reserves.

Help! They Can't Find Any More Oil! - reports The Business Insider on the IHS Herold Study.