Global public companies representing 60% of total non-OPEC liquid fuels production spent last year $244 billion on exploration and development, down by 28% compared to the pre-pandemic average, the Energy Information Administration said on Monday in an analysis of 119 U.S. and international listed firms. Those companies added 19.2 billion barrels of oil equivalent to proved reserves in 2021, after net purchases and production, the EIA said in its review based on the published financial reports provided to the SEC and that Evaluate Energy has collected. The EIA notes that the conclusions of its analysis is not representative of the global exploration and production sector as a whole because the analysis did not include private companies that do not publish financial reports. The companies in the analysis include the supermajors, many public U.S. shale firms, as well as Chinese and Russian firms, among others. Global proved reserves totaled 293 […]