Oil and Gas Discoveries Resilient In 2020 Despite Pandemic

There have been delays in drilling campaigns and reduced exploration budgets due to COVID-19. With that, the volume of oil and gas discoveries globally is set to reach 10 billion barrels of oil equivalent (boe) this year. This will avoid a repeat of the multi-decade low during the previous crisis in 2016. This is what 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. This is the combination of resources exceeding 8 billion boe, the energy research company said.

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

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

The leader in total discovered volumes this year is Russia. This is where gas discoveries prevail. Also, this is by Suriname with mostly oil discoveries. 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.

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Source: Oil Price