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.

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Source: Oil Price