Middle East

World oil and gas discoveries hit lows for the first time in 75 years

Rystad Energy estimates that the world’s oil and gas discoveries in 2021 will reach the lowest full-year levels in 75 years if no substantive discoveries were obtained for the rest of December.

“As of the end of November, the total global discovery this year is calculated to be 4.7 billion barrels of oil equivalent (boe), and no major discoveries have been announced so far this month, so the industry is the worst discovery since 1946. We are heading towards the number of people. This will also represent a significant reduction from the 12.5 billion barrels excavated in 2020. “

According to the Norwegian energy intelligence company, liquids continue to dominate the hydrocarbon mixture, accounting for 66% of total discoveries. Seven new discoveries were announced in November 2021 and a new volume of about 219 million boe was unearthed. The monthly average of the volumes discovered this year is currently 424 million boe. The reduction in cumulative volume emphasizes the lack of large individual discoveries, as in the previous year, Rystad said.

“Some of the top prospects are expected to be drilled by the end of the year, but these wells may not be completed by the end of the year, so even substantive discoveries may not contribute to the 2021 discovery. Therefore, the cumulative discovery in 2021 will be the lowest in decades on the course, “said Palzor Shenga, Vice President of Upstream Research at Rystad Energy.

The biggest discovery in November 2021 was the Russian group West of Lukoil Yoti off the coast of Mexico, It is estimated to have about 75 million boe recoverable resources. This discovery enhances the cumulative amount of Lukoil found in North American countries.

“But these quantities are still inadequate for commercial development and require further discoveries of comparable scale before creating a development concept. However, these discoveries stop or slow the country’s decline in production. We look forward to Mexico doing what we can. Some wells will be drilled into blocks offered in various bidding rounds, many of which are offered by major international oil companies, “Ristad said. Says.

Nangka-1 off the coast of Malaysia was the second continuous exploration excavated within Block SK 417. Wildcat was excavated to a depth of 3,758 meters by Thai state operator PTTEP and found sweet gas in the detrital reservoir of Miocene to Late Miocene Cycle VI.

Norway continues to unearth small and medium-sized discoveries, offering the opportunity to make these discoveries possible with the available infrastructure, Rystad added.

https://www.oedigital.com/news/493083-global-oil-and-gas-finds-on-track-to-75-year-low World oil and gas discoveries hit lows for the first time in 75 years

Show More
Back to top button