Progress and Prospects of Oil and Gas Exploration and Development in the World

2017 has seen the recovery in the global oil and gas market. Both Brent and WTI were priced at over USD 50 per barrel. Oil companies have basically adapted to the relatively low oil price environment through a series of cos t-cutting and efficiency measures, and the number of projects making final investment decisions(FID) has increased for the second consecutive year. Global annual new conventional oil and gas reserves hit new lows in 2016 and 2017. However, gratifying progress has been made in the area of unconven tional oil and gas. Shale oil and gas in the US has become the biggest bright spot in the oil and gas industry in the past two years. There have also been new developments in the extraction of natural gas hydrates, which may lead to a greater role for natural gas in energy consumption. Recovery will be the main tone of the oil and gas market in 2018.