The future for conventional oil projects is far from over despite the recent slump in large finds and an industrywide shift to developing tight oil, delegates at an upstream event in London heard last week. While fewer conventional exploration wells are being drilled as a result of the upstream spending collapse in the wake of the oil price slump, many in the industry have prematurely concluded that sources of conventional oil are running out, according to the head of exploration research at Wood Mackenzie Andrew Latham. “People do tend to look at the total volumes being added in recent years and conclude that we are running out of subsurface potential, I find that unlikely,” Latham told the PETEX conference. “It’s our view that conventional exploration is a perfectly […]