• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 11 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 11 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 11 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days The Federal Reserve and Money...Aspects which are not widely known
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 8 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 11 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 12 days Goldman Betting on Cryptocurrencies
  • 15 days Сryptocurrency predictions

Oil & Gas Discoveries Resilient In 2020 Despite Pandemic

Despite delays in drilling campaigns and reduced exploration budgets due to COVID-19, the volume of oil and gas discoveries globally is set to reach 10 billion barrels of oil equivalent (boe) this year, avoiding a repeat of the multi-decade low during the previous crisis in 2016, Rystad Energy said in a new analysis on Monday.

In 2016, just 7.7 billion boe were discovered globally.

Between January and October this year, a total of 73 discoveries of oil and gas resources were announced, with the combined resources already exceeding 8 billion boe, the energy research company said.

Wildcats planned for the final two months of 2020 could yield more resources and raise this year’s total discovered volumes to around 10 billion boe, Palzor Shenga, senior upstream analyst at Rystad Energy, said.

Of the discoveries announced through October, 36 were onshore and 37 were offshore, with gas accounting for 46 percent of the total discovered resources.

The leader in total discovered volumes this year is Russia, where gas discoveries prevail, followed by Suriname with mostly oil discoveries, and the United Arab Emirates (UAE) with all discoveries consisting of gas.

Among the companies with the highest resources discovered, Russia’s gas giant Gazprom leads, followed by Total and Apache, which found around 960 million boe and 700 million boe, respectively, mainly thanks to three major discoveries in Block 58 offshore Suriname, Rystad Energy said.

In 2019, oil and gas explorers discovered 12.2 billion boe, the highest volume since 2015, Rystad said earlier this year.

Going forward, the research firm said that it expects discoveries to settle in a new normal of around 10 billion boe due to streamlined exploration strategies with fewer wells to be drilled, and growing aversion for drilling in high-risk environmentally sensitive areas such as the Alaskan Arctic, Foz do Amazonas in Brazil, and the Barents Sea off Norway.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News