Oil, Gas Discoveries in 2019 See 35 Percent Increase

In the first half of 2019 alone, the world has uncovered 6.7 billion barrels of oil equivalent (boe) with deepwater leading the way, according to energy research firm Rystad Energy.

With a monthly average of 1,123 million barrels of oil equivalent, 2019 discoveries have seen a 35 percent increase from 2018. And most of it has come in the form of gas discoveries, which hold a majority share (63 percent) compared to liquids.

“Offshore discoveries in Russia, Guyana, Cyprus, South Africa and Malaysia are propelling what is already a very successful year for international E&P companies, Rystad senior analyst Rohit Patel said in a statement emailed to Rigzone. “With deepwater finds contributing half of the discovered volumes, it can be inferred that high-risk frontier plays in the deepwater are back on the map for explorers.”

Rystad also finds that majors and integrated national oil companies have dominated in the conventional exploration space, accounting for more than an 80 percent share of 2019 discovered volumes. Thirty of the 56 identified global conventional discoveries in 2019 have been located offshore.