Oil companies finding reserves hard to come by

According to Provident Energy Trust, based in Canada, high crude oil prices mean there are many reasons to keep finding oil and gas for their company to produce.

However, the problem is there are fewer reserves to locate and the fees in developing them haven’t stopped increasing. The company commented that research and development costs have increased significantly over the last few years but the rewards are getting smaller.

Searching for reserves in Western Canada is becoming more demanding and is a struggle for the whole basin to stay competitive in a global market.