(MENAFN) Some global oil firms plan to cut exploration spending as they were hit by a bad year of discovery, according to Gulf Daily News
Tim Dodson, the exploration chief of Statoil, the world's top conventional explorer last year, said: "It is becoming increasingly difficult to find new oil and gas, and in particular new oil.
Dodson said 2013 may have been the industry's worst year for oil exploration since 1995
He added: "The discoveries tend to be somewhat smaller, more complex, more remote, so it is very difficult to see a reversal of that trend. The industry at large will probably struggle going forward with reserve replacement.
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