• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 39 mins Shale Oil will it self destruct?
  • 2 days NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 13 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 7 hours Migration From Eastern Europe Raises German Population To Record High
  • 8 hours Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
  • 19 hours Germany exits coal: A model for Asia?
  • 1 day Carrot And Stick: North Korea Suggests It Might Lift Weapons Test moratorium
  • 1 min Washington Post hit piece attacking oil, Christians and Trump
  • 1 day South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 15 hours Starlink Internet Courtesy of Tesla
  • 19 hours A Silence is heard
  • 2 days U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Alt Text

Another Beneficiary Of The OPEC Deal Emerges

North Sea oil producers could…

Alt Text

Oil Markets Not Impressed By Small Crude Draw

Oil prices fell slightly on…

Alt Text

Oil Jumps On Hefty Crude Draw

Oil prices rocketed on Wednesday…

Rystad Energy

Rystad Energy

Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy consulting and research products. Rystad Energy’s…

More Info

Premium Content

These Countries Found The Most Oil In 2018

2018 stands already as the best year for global oil and gas exploration since 2015. Guyana, Russia and the United States top the list with major discoveries.

Discovered resources have already surpassed 8.8 billion barrels of oil equivalent (boe) for 2018. Rystad Energy, the independent energy research and consulting firm headquartered in Norway with offices around the world, expects the number to grow to 9.4 billion boe by year-end.

(Click to enlarge)

“We at Rystad expect this discovery trend to continue into 2019 with many promising high-impact wells targeting vast potential,” says Palzor Shenga, senior analyst on Rystad Energy’s Upstream team.

Offshore discoveries represent around 82% of total volumes. 2018 has also seen a significant uptick in the reserve replacement ratio to around 15% from 11% in 2017.

“Global exploration activity and discoveries have halted their year-after-year decline and look set to rise in the next year. This as an exciting recovery which runs contrary to a decline in global exploration spending from 2014 to 2017,” Shenga adds. Related: China Aims To Boost Ethanol Production

(Click to enlarge)

Guyana, Russia and the United States top the discovery countries ranking.

**Offshore Guyana, ExxonMobil registered its tenth discovery in the prolific Stabroek block, boosting its recoverable resources from the block to about 5 billion barrels of oil equivalent.

**Offshore Russia, Novatek drilled its first exploratory well in the North Obskoye block in the shallow waters of Ob Bay. This is the largest discovery to date this year and is estimated to hold recoverable resources of around 960 million barrels of oil equivalent.

**In the US Gulf of Mexico, Chevron and Shell registered oil discoveries in the Ballymore and Dover prospects. Rystad Energy estimates combined recoverable resources of around 728 million boe from these two discoveries.

**Other relevant discoveries included Eni’s Calypso gas discovery offshore Cyprus, Petroleum Development Oman’s Mabrouk North East gas/condensate discovery in Oman and Quadrant Energy’s Dorado oil discovery in Australia. The Calypso discovery confirmed the extension of a play in the Cyprus Exclusive Economic Zone that resembles the giant Zohr field to the south in Egyptian waters, and Dorado was one of the largest discoveries ever in Australia’s North West Shelf. Rystad Energy estimates that these fields hold cumulative recoverable resources of around 1.6 billion boe.

(Click to enlarge)

Exploration spending decreased by nearly 61% from 2014 to 2018. Exploration investments halted their fall in 2018 and are expected to rise in 2019.

“This not only proves that E&P companies are once again willing to invest in exploration, but also highlights their idea of ’smart investments’ to de-risk expenditures as much as possible”, Shenga adds.

The decrease in overall exploration costs combined with an improved success ratio have led to tremendous improvement in the discovery cost per boe.

By Rystad Energy

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Paulo on December 17 2018 said:
    The earth's core is made of iron carbide. Diffusion to the surface never ends.
  • Art McTeagle on December 17 2018 said:
    9.4 billion boe is a large quantity, but we have to bear in mind it only represents 4-5 months supply of the World's annual requirements (currently at 100 million barrels/day).
    Despite the fact that the world has only a limited carbon budget left to achieve the Paris Accords, we are making no effort to stop the pell mell race to extract every last drop of hydrocarbons. The EROEI is also barely mentioned and is becoming an increasing problem.
    Instead of using what remains of our carbon budget to expedite the needed massive energy transition, we carry on business as usual.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play