How Much Oil and Gas Has Been Found in 2020?
Global conventional oil and gas discoveries already exceed eight billion barrels of oil equivalent (boe) and are projected to settle at around ten billion boe by the end of the year, according to a new Rystad Energy analysis.
About 3.75 billion boe, or 46 percent of total discovered volumes, are gas while liquid volumes are estimated at 4.31 billion boe, Rystad Energy highlights. Yet-uncounted resources in finds like Sakarya in Turkey point to additional upside, according to the independent energy intelligence company.
Rystad Energy noted that 73 new discoveries have been announced this year through October and pointed out that these are evenly split between land and sea with 36 onshore and 37 offshore. Russia leads in terms of discovery volume, with 1.51 billion boe, while Suriname comes second with 1.39 billion boe and the UAE follows third with 1.1 billion boe, Rystad Energy revealed.
Global conventional discoveries came in at 15.6 billion boe in 2019, 9.5 billion boe in 2018, 11.2 billion boe in 2017, 7.7 billion boe in 2016, 20.3 billion boe in 2015 and 17.1 billion boe in 2014, according to Rystad Energy.
“Global oil and gas operators will chase plenty of additional volumes in wildcats planned for the final two months of 2020, although some may not be completed until early 2021 and will therefore add to next year’s tally,” Palzor Shenga, a senior upstream analyst at Rystad Energy, said in a company statement.
Rystad Energy predicts that, in the coming years, annual discovered volumes are likely to settle at a new normal of around 10 billion boe per year. The company said it sees two main reasons for this trend.
“First, oil and gas players are streamlining portfolios and exploration strategies and will scrutinize prospects more closely than before, thereby reducing the number of wells that will be drilled,” Rystad Energy said in a statement posted on its website.
“Second, companies will be less willing to drill high-risk wells in environmentally sensitive frontier areas, both for financial and environmental reasons,” the company added in the statement.
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